Income Tax Slab Rates AY 2019-20, FY 2018-19, tax Rate 2019 & All Past Years. tax Rate for people for AY 2019-20. All Assessees are required to file tax return annually if they need taxable income of quite Rs.2.5 lakhs. The tax rates AY 2019-20 or FY 2018-19 for salaried individuals is as follows
Income Tax Slab Rates AY 2019-20
Income Tax Rate AY 2019-20 | FY 2018-19 – Individuals less than 60 years
Taxable income
Tax Rate
Up to Rs. 2,50,000
Nil
Rs. 2,50,000 to Rs. 5,00,000
5 %
Rs. 5,00,000 to Rs. 10,00,000
20%
Above Rs. 10,00,000
30%
Income Tax Rate AY 2019-20 | FY 2018-19 – Individuals betwen 60 years and 80 years
| Taxable income | Tax Rate |
| Up to Rs. 3,00,000 | Nil |
| Rs. 3,00,000 to Rs. 5,00,000 | 5% |
| Rs. 5,00,000 to Rs. 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
Income Tax Rate AY 2019-20 | FY 2018-19 – Individuals above 80 years
| Taxable income | Tax Rate |
| Up to Rs. 5,00,000 | Nil |
| Rs. 5,00,000 – Rs. 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
In addition to the Income Tax amount calculated, based on the abov
In addition to the Income Tax amount calculated, based on the above-mentioned tax slabs, individuals are required to pay Surcharge and Cess.
- Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.
- Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.
- Health & Education Cess: 4% of Income Tax. (Newly introduced through 2018 Budget)
