In India the income tax is revised for any individual according to a slab system. In this slab, different tax rates are given to people belonging to different slabs. The three common existing tax categories are -
Individual (below the age of 60 which includes residents and non-residents as well)Resident Senor Citizen (Person who is above the age of 60 but below 80)Resident Super Citizen (a person who is above 80)
Now there are different slabs within each of these categories and their tax payers. Let's get onto discussing the latest Income Tax Slabs.
Individual Tax Slab
|
Taxable income |
Tax Rate
(Existing Scheme) |
Tax Rate
(New Scheme) |
| Up to Rs. 2,50,000 | Nil | Nil |
| Rs. 2,50,001 to Rs. 5,00,000 | 5% | 5% |
| Rs. 5,00,001 to Rs. 7,50,000 | 20% | 10% |
| Rs. 7,50,001 to Rs. 10,00,000 | 20% | 15% |
| Rs. 10,00,001 to Rs. 12,50,000 | 30% | 20% |
| Rs. 12,50,001 to Rs. 15,00,000 | 30% | 25% |
| Above Rs. 15,00,000 | 30% | 30% |
Income Tax Slab for a senior citizen who is more than 60 but less than 80 years of age
|
Taxable income |
Tax Rate
(Existing Scheme) |
Tax Rate
(New Scheme) |
| Up to Rs. 2,50,000 | Nil | Nil |
| Rs. 2,50,001 to Rs. 3,00,000 | Nil | 5% |
| Rs. 3,00,001 to Rs. 5,00,000 | 5% | 5% |
| Rs. 5,00,001 to Rs. 7,50,000 | 20% | 10% |
| Rs. 7,50,001 to Rs. 10,00,000 | 20% | 15% |
| Rs. 10,00,001 to Rs. 12,50,000 | 30% | 20% |
| Rs. 12,50,001 to Rs. 15,00,000 | 30% | 25% |
| Above Rs. 15,00,000 | 30% | 30% |
Income Tax slab for super senior citizen (all those who are above 80 and are residents)
|
Taxable income |
Tax Rate
(Existing Scheme) |
Tax Rate
(New Scheme) |
| Up to Rs. 2,50,000 | Nil | Nil |
| Rs. 2,50,001 to Rs. 5,00,000 | Nil | 5% |
| Rs. 5,00,001 to Rs. 7,50,000 | 20% | 10% |
| Rs. 7,50,001 to Rs. 10,00,000 | 20% | 15% |
| Rs. 10,00,001 to Rs. 12,50,000 | 30% | 20% |
| Rs. 12,50,001 to Rs. 15,00,000 | 30% | 25% |
| Above Rs. 15,00,000 | 30% | 30% |
Surcharges:
- An extra 10% of Income Tax has to be paid when the salary exceeds Rs 50lakhs.
- Extra 15% of Income Tax when a salary exceeds 1 crore
- Extra 25% of income tax when a salary exceeds Rs 2 Crore
- Extra 37% of income tax when a salary exceeds 5 crores
The tax calculated is subjected to health and education cess of around 4%.
Any Partnership firm is taxable at 30%
Surcharge: 12% of the income tax if the salary exceeds 1 crore.
Tax Slab for a domestic Company
Any domestic company is taxable at 30%. However, it will be taxed at 25% if turnover or the gross receipt o the firm does not exceed 400 crores in the previous year before the tax is filed.
|
Particulars |
Tax Rate(%) |
| If the turnover or gross receipt of the company does not exceed Rs. 400 crores in the previous year 2018-19 | 25% |
| If the company opted section 115BA (Note 1) | 25% |
| If the company opted for section 115BAA (Note 2) | 22% |
| If the company opted for section 115BAB (Note 3) | 15% |
| Any other domestic company | 30% |
These sections could be checked in details on the slab website clearly for better understanding.
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