Income Tax Slab for FY 2018-2019

Tax Planning for new financial year 2018-19 has already begun. Budget 2018 didn’t had much for the individual income tax saving apart from senior citizens and salaried employees. Let’s look at the new Income Tax Slab for financial year 2018-2019.

Income Tax Slab For FY 2018-19

For Individual Taxpayers Less Than 60 Years Old And HUF Assessee

Income Tax Rate

Upto 2,50,000 - NIL

2,50,000 – 5,00,000 - 5%

5,00,000 – 10,00,000 - 20%

Above 10,00,000 - 30%

For Individual Taxpayers Aged Between 60-80 Years Old

Annual Income Income Tax Rate

Upto 3,00,000 - NIL

3,00,000 – 5,00,000 - 5%

5,00,000 – 10,00,000 - 20%

Above 10,00,000 - 30%

Income Tax Rebate U/S 87A For FY 2018-19

This rebate is allowed to only resident individuals.

Income Tax Rebate

upto 3,50,000 - Rs. 2500

For Individual Taxpayers Aged Above 80 Years Old

Income Tax Rate

Upto 5,00,000 - NIL

5,00,000 – 10,00,000 - 20%

Above 10,00,000 - 30%

Annual Income Surcharge

50 Lakhs – 1 Crore : 10% of Income Tax

Above 1 Crore : 15% of Income Tax

There are other relief such as standard deduction, HRA exemption which can be claimed by salaried employees or pensioners.

Income Tax Rate for Partnership firms and LLP continues to be 30% as the government is trying to promote business to come in corporate tax regime by forming private limited companies.

Start planning your tax burden for the year and also remember to pay advance tax. Salaried employees shall also plan their salary structure and investments to save tax on their salary income.