Income tax slabs for the year of 2018-19

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Whats is an Income tax

Income tax is nothing but that the government impose on financial income on person whose income is more 3,00,00 lakhs or tax levied by a government directly on income, especially an annual tax on personal income. when coming to the India salary tax charge will be for the assessment year 2018-19 300,000, individuals earning an income up to 300,000 (4 654,77) US Dollars were exempt from Income Tax. About 1% of the national Population called the upper class, fall under the 30% slab. It grew 22% annually on average during 2000-2010 to 0.58 million income taxpayers.

Taxes are divided into two types
1) Direct tax
2) Indirect Tax

In India taxes are divided into two types one called Direct Tax and another one indirect tax apart from this they have sub categories. Direct Tax is nothing but Income tax Direct Taxes are taxes that are directly paid to the government by the taxpayer. Direct Tax is applied for Individuals and organizations directly by paid to the government example: income tax, corporation tax, wealth tax.and indirect tax is service Tax, VAT, Excise and Customs. Indirect Taxes are applied on the manufacture or sale of goods and services.

Here are the Income Tax Slabs & Rates for AY 2018-19

Below we have mentioned regarding the Income Tax Slabs and rates for the Assessment Year 2018-19 which is applicable on Income earned during the month of 01.04.2017 to 31.03.2018 for the below categories of Income Tax Payers of India.

For Individual Person below 60 years (born on after April 1st 1958)

Income Slabs
1.Taxable Income should not exceed of Rs 2,50,000/-
2.Taxable Income exceeds Rs 2,50,00/- but should not exceed Rs 5,00,000/-
3.Where the taxable Income surpasses Rs. 5,00,00 yet does not surpass Rs. 10,00,000/ –
4.Where the taxable Income surpasses Rs. 10,00,000/

Tax Rates for Individual

1.NIL

2.5% of sum by which the taxable income surpasses Rs. 2,50,000/ – .
3.Tax Relief – if there should be an occurrence of tax payers, having total income not expanding Rs. 3,50,000/ – , income tax chargeable on the income or Rs. 2,500/ – , whichever is less.
4.Rs. 12,500/ – + 20% of the sum by which the taxable income surpasses Rs. 5,00,000/ –
5.Rs. 112,500/ – + 30% of the sum by which the taxable income surpasses Rs. 10,00,000/ –

Extra charge / Surcharge :

10% of the Income Tax, where taxable Income is more than Rs. 50 lacs and upto Rs. 1 crore. Be that as it may, the Amount of Income Tax and Surcharge might not build the amount of income tax payable on an taxable income of Rs. 50 lacs by more than the measure of increment in taxable income.

15% of the Income Tax, where taxable Income is more than Rs. 1 crore. Notwithstanding, the measure of Income Tax and Surcharge might not expand the amount of income tax payable on an taxable taxable of Rs. 1 crore by more than the amount of increment in taxable Income.

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

Senior Citizen Individual who age is more than 60 years and below the age of 80 years born on April 1st 1938 before April 1st 1958

Income Slabs:

1.Where the taxable income does not surpass Rs. 3,00,000/ –
2.the taxable income surpasses Rs. 3,00,000/ – yet does not surpass Rs. 5,00,000/ –
3.Where the taxable income surpasses Rs. 5,00,000/ – however does not surpass Rs. 10,00,000/ –
4.Where the taxable income surpasses Rs. 10,00,000/ –

Tax Rates for Senior Citizen

1.NIL
2.5% of the sum by amount the taxable income surpasses Rs. 3,00,000/ – .
Tax Relief u/s 87A – if there should arise an occurrence of citizens, having total income not expanding Rs. 3,50,000/ – , income tax chargeable on the income or Rs. 2,500/ – , whichever is less.
3.Rs. 10,000/ – + 20% of the sum by which the taxable income surpasses Rs. 5,00,000/ –
4.Rs. 110,000/ – + 30% of the sum by which the taxable income surpasses Rs. 10,00,000/ – .

Additional charge or Surcharge :

10% of the Income Tax, where taxable income is more than Rs. 50 lacs and upto Rs. 1 crore. Be that as it may, the amount of Income Tax and Surcharge should not expand the amount of income tax payable on an taxable pay of Rs. 50 lacs by more than the measure of increment in taxable income.

15% of the Income Tax, where taxable income is more than Rs. 1 crore. Nonetheless, the amount of Income Tax and Surcharge might not expand the amount of salary income tax on an taxable income of Rs. 1 crore by more than the amount of increase in taxable income.

Education Cess : 3% of the aggregate of Income Tax and Surcharge

Super Senior Citizen Person age more than 80 years or more born before April 1st 1938

Income Slabs:

1.Where the taxable income does not surpass Rs. 5,00,000/ –
2.Where the taxable income surpasses Rs. 5,00,000/ – yet does not surpass Rs. 10,00,000/ –
3.Where the taxable income surpasses Rs. 10,00,000/ –

Tax Rates for Super Senior Citizen

1.NIL
2.20% of the sum by which the taxable income surpasses Rs. 5,00,000/ –
3.Rs. 100,000/ – + 30% of the sum by which the assessable pay surpasses Rs. 10,00,000/ 4.Rs. 100,000/ – + 30% of the sum by which the assessable pay surpasses Rs. 10,00,000/ –

Additional charge or Surcharge :

10% of the Income Tax, where taxable income is more than Rs. 50 lacs and upto Rs. 1 crore. Nonetheless, the amount of Income Tax and Surcharge should not expand the measure of wage expense payable on an taxable salary of Rs. 50 lacs by more than the measure of increment in taxable Income.

15% of the Income Tax, where taxable income is more than Rs. 1 crore. Be that as it may, the amount of Income Tax and Surcharge might not increase the amount of salary expense payable on an taxable income of Rs. 1 crore by more than the measure of increment in taxable income.

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

For NRI- Non Resident Individual or BOI-Body of Individual or AJP- Artificial Judicial Person, or HUF- Hindu Undivided Family or AOP- Association of Persons

Income slabs:

1.Where the taxable Income does not surpass Rs. 2,50,000/ –
2.Where the taxable income surpasses Rs. 2,50,000/ – yet does not surpass Rs. 5,00,000/ –
3.Where the taxable income surpasses Rs. 5,00,000/ – however does not surpass Rs. 10,00,000/ –
4.Where the taxable income surpasses Rs. 10,00,000/ –

Tax Rates For NRI- Non Resident Individual or BOI-Body of Individual or AJP- Artificial Judicial Person, or HUF- Hindu Undivided Family or AOP- Association of Persons

1-NIL

2-5% of sum by which the taxable income surpasses Rs. 2,50,000/ – .

3-Rs. 12,500/ – + 20% of the sum by which the taxable income surpasses Rs. 5,00,000/ – 4-Rs. 112,500/ – + 30% of the sum by which the taxable income surpasses Rs. 10,00,000/ – .

Surcharge :

10% of the Income Tax, where taxable income is more than Rs. 50 lacs and upto Rs. 1 crore. Notwithstanding, the amount of Income Tax and Surcharge might not expand the amount of income assess payable on an taxable salary of Rs. 50 lacs by more than the measure of increase in taxable income.

15% of the Income Tax, where taxable income is more than Rs. 1 crore. In any case, the amount of Income Tax and Surcharge should not increase the amount of income tax payable on an taxable income of Rs. 1 crore by more than the amount of increment in taxable income.

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

Co-operative Society

Income Tax :

Income Slabs

1-Where the taxable income does not surpass Rs. 10,000/ – .
2-Where the taxable income surpasses Rs. 10,000/ – however does not surpass Rs. 20,000/ – .
3-Where the taxable income surpasses Rs. 20,000/ –

Tax Rates

1-10% of the income.
2-Rs 1000/ – +20% of income in overabundance of Rs 10,000/ –
3-Rs. 3.000/ – + 30% of the sum by which the taxable income surpasses Rs. 20,000/ – .

Extra charge/ Surcharge : 12% of the Income Tax, where taxable salary is more than Rs. 1 crore. Be that as it may, the amount of Income Tax and Surcharge should not expand the amount of income assess payable on an taxable income of Rs. 1 crore by more than the amount of increment in taxable salary.

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

Firm

Income Tax : 30% of taxable income.

Extra charge/Surcharge : 12% of the Income Tax, where taxable income is more than Rs. 1 crore. Notwithstanding, the amount of Income Tax and Surcharge should not increase the amount of income tax payable on an taxable salary of Rs. 1 crore by more than the amount of increment in taxable salary.

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

Local Authority

Income Tax : 30% of taxable income.

Additional charge/Surcharge : 12% of the Income Tax, where taxable income is more than Rs. 1 crore. Nonetheless, the amount of Income Tax and Surcharge might not expand the amount of income tax payable on an taxable salary of Rs. 1 crore by more than the amount of increment in taxable salary.

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

Domestic Company – Turnover upto Rs. 50 crores

Income Tax : 25% of taxable income.

Extra charge / Surcharge : The amount of income tax as processed as per above rates, and in the wake of being reduced by the amount of tax rebate should be expanded by an surcharge

At the rate of 7% of such income tax, gave that the taxable income surpasses Rs. 1 crore. Be that as it may, the amount of Income Tax and Surcharge should not build the amount of income tax payable on an taxable income of Rs. 1 crore by more than the amount of increment in taxable income.

At the rate of 12% of such income tax, gave that the taxable income surpasses Rs. 10 crores. In any case, the measure of Income Tax and Surcharge should not increase the increase of income tax payable on an taxable income of Rs. 10 crores by more than the measure of increment in taxable income.

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

Domestic Company – Turnover surpassing Rs. 50 crores

Income Tax : 30% of taxable pay.

Extra charge/ Surcharge : The amount of income tax as registered as per above rates, and in the wake of being reduced by the amount of tax discount might be expanded by surcharge

At the rate of 7% of such income tax, gave that the taxable income pay surpasses Rs. 1 crore. Notwithstanding, the amount of Income Tax and Surcharge should not increase the amount of income tax payable on an taxable income of Rs. 1 crore by more than the measure of increment in taxable income.

At the rate of 12% of such income tax, gave that the taxable income surpasses Rs. 10 crores. In any case, the amount of Income Tax and Surcharge should not increase the amount of income tax payable on an taxable income of Rs. 10 crores by more than the measure of increment in taxable pay.

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

Company other than a Domestic Company

Income Tax :

@ 50% of on such an taxable amount the assessable pay as comprise of (a) royalties received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st day of March, 1961 however before the first day of April, 1976; or (b) fees for rendering technical services gotten from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 29th day of February, 1964 yet before the first day of April, 1976, and where such agreement has, in either case, been approved by the Central Government.

@ 40% of the balance

Additional charge / Surcharge :

The amount of income tax as figured as per above rates, and subsequent to being reduced by the amount of tax rebate should be expanded by an surcharge as under

At the rate of 2% of such income tax , gave that the taxable income surpasses Rs. 1 crore. In any case, the amount of Income Tax and Surcharge should not expand the amount of income tax payable on an taxable income of Rs. 1 crore by more than the amount of increase in taxable income.

At the rate of 5% of such income tax, provided that the taxable tax surpasses Rs. 10 crores. Be that as it may, the amount of Income Tax and Surcharge might not expand the amount of income tax payable on an taxable income of Rs. 10 crore by more than the amount of increment in taxable income.

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

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