Income Tax Rates Financial Year (FY) 2018-19-Assessment Year(AY)2019-20 as proposed in budget 2018.
No change in Tax rates and basic excemption limit.
Existing Education cess 3% to be replaced by "Health and Education Cess" at 4% of income tax including surcharge.
Proposed Income Tax Rates
(i)(Resident or Non-Resident) or HUF or Association of Person or Body of Individual or any other artificial juridical person
Upto Rs. 2,50,000 Nil.
Rs. 2,50,001 to Rs. 5,00,000 5%
Rs. 5,00,001 to Rs. 10,00,00020%
Above Rs. 10,00,00030%
(ii)Senior Citizens age 60 yrs to less than 80 yrs
Upto Rs. 3,00,000 Nil.
Rs. 3,00,001 to Rs. 5,00,0005%
Rs. 5,00,001 to Rs.10,00,00020%
Above Rs. 10,00,000 30%
(ii)Senior Citizens age 80 yrs and above.
Upto Rs. 5,00,000 Nil.
Rs. 5,00,001 to Rs. 10,00,00020%
Above Rs. 10,00,000 30%
Notes :