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(Applicable on income earned during 01.04.2018 to 31.03.2019)

• Individual resident aged below 60 years (i.e. born on or after 1st April 1959) or any NRI/ HUF/ AOP/ BOI/ AJP*

  Income Slabs		Tax Rates
  i.	Where the taxable income does not exceed Rs. 2,50,000/-.	NIL
  ii.	Where the taxable income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/-.	5% of amount by which the taxable income exceeds Rs. 2,50,000/-. Less ( in case of Resident Individuals only ) : Tax Credit u/s 87A -  upto a maximum of Rs. 2500/-.if Gross Income does not exceed Rs.3.5 Lakhs
  iii.	Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-.	Rs. 12,500/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.
  iv.	Where the taxable income exceeds Rs. 10,00,000/-.	Rs. 1,12,500/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.

  Surcharge :
  

  • 10% of the Income Tax, where taxable income is more than Rs. 50 Lakhs but Less than Rs. 1 crore.

  • 15% of the Income Tax, where taxable income is more than Rs. 1 crore.

     

    Education Cess : 3% of the total of Income Tax and Surcharge.

    * Abbreviations used :
    NRI - Non Resident Individual; HUF - Hindu Undivided Family; AOP - Association of Persons; BOI - Body of Individuals; AJP - Artificial Judicial Person

     

• Senior Citizen (Individual resident who is of the age of 60 years or more but below the age of 80 years at any time during the previous year i.e. born on or after 1st April 1939 but before 1st April 1959)

  Income Slabs		Tax Rates
  i.	Where the taxable income does not exceed Rs. 3,00,000/-.	NIL
  ii.	Where the taxable income exceeds Rs. 3,00,000/- but does not exceed Rs. 5,00,000/-	5% of the amount by which the taxable income exceeds Rs. 3,00,000/- Less : Tax Credit u/s 87A -  upto a maximum of Rs. 2500/-.if Gross Income does not exceed Rs.3.5 Lakhs
  iii.	Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-	Rs. 10,000/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.
  iv.	Where the taxable income exceeds Rs. 10,00,000/-	Rs. 1,10,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.

  • Surcharge :
    

    • 10% of the Income Tax, where taxable income is more than Rs. 50 Lakhs but Less than Rs. 1 crore.

    • 15% of the Income Tax, where taxable income is more than Rs. 1 crore.
      

  Education Cess : 3% of the total of Income Tax and Surcharge.

   

• Super Senior Citizen (Individual resident who is of the age of 80 years or more at any time during the previous year i.e. born before 1st April 1939)

  Income Slabs		Tax Rates
  i.	Where the taxable income does not exceed Rs. 5,00,000/-.	NIL
  ii.	Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-	20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.
  iii.	Where the taxable income exceeds Rs. 10,00,000/-	Rs. 100,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.

  • Surcharge :
    

    • 10% of the Income Tax, where taxable income is more than Rs. 50 Lakhs but Less than Rs. 1 crore.

    • 15% of the Income Tax, where taxable income is more than Rs. 1 crore.
      

  Education Cess : 3% of the total of Income Tax and Surcharge.

   

• Co-operative Society

  Income Tax :

  Income Slabs		Tax Rates
  i.	Where the taxable income does not exceed Rs. 10,000/-.	10% of the income.
  ii.	Where the taxable income exceeds Rs. 10,000/- but does not exceed Rs. 20,000/-.	Rs. 1,000/- + 20% of income in excess of Rs. 10,000/-.
  iii.	Where the taxable income exceeds Rs. 20,000/-	Rs. 3.000/- + 30% of the amount by which the taxable income exceeds Rs. 20,000/-.

  Surcharge : 12% of the Income Tax, where taxable income is more than Rs. 1 crore.

  Education Cess : 3% of the total of Income Tax and Surcharge.

   

• Firm

  Income Tax : 30% of taxable income.

  Surcharge : 12% of the Income Tax, where taxable income is more than Rs. 1 crore.

  Education Cess : 3% of the total of Income Tax and Surcharge.

   

• Local Authority

  Income Tax : 30% of taxable income.

  Surcharge : 12% of the Income Tax, where taxable income is more than Rs. 1 crore.

  Education Cess : 3% of the total of Income Tax and Surcharge.

   

• Domestic Company

  Income Tax : 25% of taxable income if the Annual Turnover of the Company does not exceed Rs.50 Crores, in all other cases the rate of Income Tax shall be 30%

  Surcharge : The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge

  • At the rate of 7% of such income tax, provided that the taxable income exceeds Rs. 1 crore.
  • At the rate of 12% of such income tax, provided that the taxable income exceeds Rs. 10 crores.

  Education Cess : 3% of the total of Income Tax and Surcharge.

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