Income tax slab for 2019-20 and FY 2018-19

Income tax slab for 2019-20 HUF & Individuals
Income	Individual (Age less than 60 Years)	Senior Citizen (Age above 60 Years)	Super Senior Citizen (Age above 80 Years)
Up to 2.5 Lakhs	Nil	Nil	Nil
2.5 to 3 Lahs	5%	Nil	Nil
3-5 lakhs	5%	5%	Nil
5-10 lakhs	20%	20%	20%
10 lakhs above	30%	30%	30%

 

Tax Rates* for Corporate Assessee for the A.Y. 2019-20
Status of Taxpayer	Rates of income-tax
Firms/Local Authority	30%
Domestic Company	30%/25% #
Foreign Company	40%
# Tax rate is 25% if turnover or gross receipts of the domestic company in the previous year 2016-17 doesn’t exceed Rs. 250 crore

Co-operatives Societies for the A.Y. 2019-20
Income	Rates of income-tax
Up to Rs. 10,000	10%
Rs.10,000 – Rs.20,000	20%
Above Rs. 20,000	30%

 

Surcharge for AY 2019-20
Particulars	Taxable Income
	50 Lacs to 1 Crore	1 Crore to 10 Crores	Exceeding 10 Crores
Individuals/HUF	10%	15%	15%
Firm/ Local Authority/ Co-operative Society	Nil	12%	12%
Domestic Company	Nil	7%	12%
Foreign Company	Nil	2%	5%
Co-operative Societies	Nil	12%	12%

 

 

1. The last date to file ITR Individual / LLP / partnership  (Non – Audit cases) July 31st.
2. Individual LLP PVT ltd ( Audit cases ) 30th September.

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Surcharge: 10% of income tax, where the total income exceeds Rs.50 lakh up to Rs.1 crore.

Surcharge: 15% of the income tax, where the total income exceeds Rs.1 crore.

 

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