The Budget 2018 has proposed no changes in the income tax rates and slabs for the FY 2018-19. However, Cess has been hiked to 4 per cent from 3 percent across the board for taxpayers.
| Income Tax Slab Rate for FY 2018-19 for Individuals |
| Income Tax Rates for HUF/AOP/BOI/Any other Artificial Juridical Person |
| Tax Rate For Partnership Firm |
| Income Tax Slab Rate for Local Authority |
| Tax Slab Rate for Domestic Company |
| Tax Rates for Foreign Company |
| Income Tax Slab for Co-operative Society |
Income Tax Slab Rate for FY 2018-19 for Individuals:
1. Individual (resident or non-resident), who is of the age of less than 60 years on the last day of the relevant previous year.
Taxable Income | Rate of Tax |
| Up to Rs. 2,50,000 | Nill |
| Rs. 2,50,001 to 5,00,000 | 5% |
| Rs. 5,00,001 to 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
2. Resident senior citizen, i.e., Every individual being a resident in India, Who is of the age 60 Years or more but less than 80 Years at any time during the Previous year.
Taxable Income | Rate of Tax |
| Up to Rs. 3,00,000 | Nill |
| Rs. 3,00,001 to 5,00,000 | 5% |
| Rs. 5,00,001 to 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
3. Resident super senior citizen, i.e., every individual, being a resident in India, who is of the age of 80 years or more at any time during the previous year.
Taxable Income | Rate of Tax |
| Up to Rs. 5,00,000 | Nill |
| Rs. 5,00,001 to 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
Surcharge: 10% of tax where total income exceeds Rs. 50 lakh | 15% of tax where total income exceeds Rs. 1 crore
Education cess: 4% of tax plus surcharge
Note: A resident individual is entitled for rebate u/s 87A if his total income does not exceed Rs. 3,50,000. The amount of rebate shall be 100% of income-tax or Rs. 2,500, whichever is less.
Income tax Rates for HUF/AOP/BOI/Any other artificial Juridical Person:
Taxable Income | Rate of Tax |
| Up to Rs. 2,50,000 | Nill |
| Rs. 2,50,001 to 5,00,000 | 5% |
| Rs. 5,00,001 to 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
Surcharge: 10% of tax where total income exceeds Rs. 50 lakh | 15% of tax where total income exceeds Rs. 1 crore
Education cess: 4% of tax plus surcharge.
3. Tax Rate For Partnership Firm:
A partnership firm (including LLP) is taxable at 30%.
Surcharge: 12% of tax where total income exceeds Rs. 1 crore
Education cess: 4% of tax plus surcharge
4. Income Tax Slab Rate for Local Authority:
A local authority is taxable at 30%.
Surcharge: 12% of tax where total income exceeds Rs. 1 crore
Education cess: 4% of tax plus surcharge
5. Tax Slab Rate for Domestic Company:
A domestic company is taxable at 30%. However, tax rate is 25% if turnover or gross receipt of the company does not exceed Rs. 50 crore.
Surcharge: 7% of tax where total income exceeds Rs. 1 crore | 12% of tax where total income exceeds Rs. 10 crore
Education cess: 4% of tax plus surcharge
6. Tax Rates for Foreign Company:
A foreign company is taxable at 40%
Surcharge: 2% of tax where total income exceeds Rs. 1 crore | 5% of tax where total income exceeds Rs. 10 crore
Education cess: 4% of tax plus surcharge
7. Income Tax Slab for Co-operative society:
Taxable Income | Rate of Tax |
| Up to Rs. 10,000 | Nill |
| Rs. 10,001 to 20,000 | 20% |
| Above Rs. 20,000 | 30% |
Surcharge: 12% of tax where total income exceeds Rs. 1 crore
Education cess: 4% of tax plus surcharge.