Income Tax Slab for FY 2018-19 vs FY 2017-18

Income Tax Slabs for individuals: FY 2017-18, AY 2018-19 and FY2018-19, AY 2019-20

Income tax slab for individual male and female tax payers of age less than 60 years and HUF FY 2018-19

Income range per annum Tax Rate FY 2018-19, AY 2019-20 Tax Rate FY 2017-18, AY 2018-19
Up to Rs. 2.5 lakhs No Tax No Tax
Above Rs. 2.5 lakhs to Rs. 5 lakhs 5% + 4% cess 5% + 3% cess
Above Rs. 5 lakhs to Rs. 10 lakhs 20% + 4% cess 20% + 3% cess
Above Rs. 10 lakhs to Rs. 50 lakhs 30% + 4% cess 30% + 3% cess
Above Rs. 50 lakhs to Rs. 1 crore 30% + 10% surcharge + 4% cess 30% + 10% surcharge + 3% cess
Above Rs. 1 crore 30% +15% surcharge + 4% cess 30% +15% surcharge + 3% cess
Rebate under section 87(A) 100% tax rebate subject to maximum of Rs. 2,500 available to resident individual whose total income does not exceed Rs. 3.5 lakhs 100% tax rebate subject to maximum of Rs. 2,500 available to resident individual whose total income does not exceed Rs. 3.5 lakhs
Budget 2018-19 : Tax Highlights
  • Income Tax Slabs remain unchanged for FY 2018-19 and AY 2019-20 for all citizens (including Senior Citizens).
  • Standard Deduction of Rs. 40,000 has been allowed for salaried taxpayers. Medical Allowance and Transport Allowances has been discontinued.
  • Education Cess on Income Tax increased from 3% to 4%.
  • Corporate tax rate has been reduced from 30% to 25% for domestic companies with turnover of up to Rs. 250 crore (earlier Rs. 50 crore).

Income tax slabs for senior citizens including both male and female taxpayers of age more than 60 years but less than 80 years FY 2018-19

Income range per annum Tax Rate FY2018-19, AY 2019-20 Tax Rate FY2017-18, AY 2018-19
Up to Rs. 3 lakhs No Tax No Tax
Above Rs. 3 lakh to Rs. 5 lakhs 5% + 4% cess 5% + 3% cess
Above Rs. 5 lakhs to Rs. 10 lakhs 20% + 4% cess 20% + 3% cess
Above Rs. 10 lakhs to Rs. 50 lakhs 30% + 4% cess 30% + 3% cess
Above Rs. 50 lakhs to Rs. 1 crore 30% + 10% surcharge + 4% cess 30% + 10% surcharge + 3% cess
Above Rs. 1 crore 30% +15% surcharge + 4% cess 30% +15% surcharge + 3% cess
Rebate under section 87(A) 100% tax rebate subject to maximum of Rs. 2,500 available to resident individual whose total income does not exceed Rs. 3.5 lakhs 100% tax rebate subject to maximum of Rs. 2,500 available to resident individual whose total income does not exceed Rs. 3.5 lakhs

Income tax slab for super senior citizen including both male and female taxpayers of age more than 80 years FY 2018-19

Income range per annum Tax Rate FY 2018-19, AY 2019-20 Tax Rate FY 2017-18, AY 2018-19
Up to Rs. 2.5 lakhs per annum No Tax No Tax
Up to Rs. 5 lakhs per annum No Tax No Tax
Above Rs. 5 lakhs to Rs. 10 lakhs 20% + 4% cess 20% + 3% cess
Above Rs. 10 lakhs to Rs. 50 lakhs 30% + 4% cess 30% + 3% cess
Above Rs. 50 lakhs to Rs. 1 crore 30% + 10% surcharge + 4% cess 30% + 10% surcharge + 3% cess
Above Rs. 1 crore 30% +15% surcharge + 4% cess 30% +15% surcharge + 3% cess

For tax rates on capital gains, refer to MyLoanCare Capital Gains tax Slabs Blog

Exempted income

Check if some of your income may be exempted from income tax. Read MyLoanCare exempted income guide.

Tax slabs for Firms and Domestic Companies FY 2018-19

Tax Head Firms Domestic Companies
Income Tax for turnover upto Rs. 250 crores 30% 25%
Income Tax for turnover above Rs. 250 crores 30% 30%
Surcharge as % of income tax 12% of tax in case the total income exceeds Rs. 1 crore
  • 5% of tax in case income is more than Rs. 1 crore but less than Rs. 10 crore.
  • 10% of tax in case income is more than Rs. 10 crore.
Cess as % of tax and surcharge 4% of tax plus surcharge 4% of tax plus surcharge

The above table highlights the latest tax slabs for the firms and domestic companies. The tax treatment in both the cases differs from the tax treatment of individuals and HUFs.

Our News - Apr 2018
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