Rates of income-tax in respect of income liable to tax for the financial year 2018-19 (assessment year 2019-20)

For All Individual, Hindu undivided family, association of persons, body of individuals, artificial juridical person the Normal Rates as follows

Upto Rs. 2,50,000  – Nil.

Rs. 2,50,001 to Rs. 5,00,000 – 5 per cent..

Rs. 5,00,001 to Rs. 10,00,000 –  20 per cent..

Above Rs. 10,00,000 – 30 per cent..

In the case of every individual, being a resident in India, who is of the age of sixty years or more but less than eighty years at any time during the previous year,—

Upto Rs.3,00,000 – Nil.

Rs. 3,00,001 to Rs. 5,00,000 –  5 per cent..

Rs. 5,00,001 to Rs. 10,00,000 – 20 per cent..

Above Rs. 10,00,000 –  30 per cent.

in the case of every individual, being a resident in India, who is of the age of eighty years or more at any time during the previous year,—

Upto Rs. 5,00,000 – Nil.

Rs. 5,00,001 to Rs. 10,00,000 – 20 per cent.

Above Rs. 10,00,000 – 30 per cent.

Surcharge at the rate of,—

(i) ten per cent. of such income-tax in case of a person having a total income exceeding fifty lakh rupees but not exceeding one crore rupees; and

(ii) fifteen per cent. of such income-tax in case of a person having a total income exceeding one crore rupees

New Education Cess called Health and Education Cess applicable—

“Education Cess on income-tax” and “Secondary and Higher Education Cess on income-tax” shall be discontinued. However, a new cess, by the name of “Health and Education Cess” shall be levied at the rate of four per cent. of income tax including surcharge wherever applicable, in the cases of persons not resident in India including company other than a domestic company.