Income Tax Slab Rates AY 2019-20

Income Tax Rate AY 2019-20 | FY 2018-19 – Individuals less than 60 years

Income Tax Rate AY 2019-20 | FY 2018-19 – Individuals betwen 60 years and 80 years

Income Tax Rate AY 2019-20 | FY 2018-19 – Individuals above 80 years

In addition to the Income Tax amount calculated, based on the above-mentioned tax slabs, individuals are required to pay Surcharge and Cess. Recommended Articles Health and Education Cess – 4%

Income Tax Slab for Expats

The tax slabs and rates for the Financial Year of 2018-19 are: Education cess and Surcharge payable (if any) – 3%

Income Tax Slab for Freelancers

The tax slabs and rates applicable to freelancers for the Financial Year of 2018-19 are:

Additional Components:

Income Tax Slab For Doctors

The tax slabs and rates applicable to doctors for the Financial Year of 2018-19 are: Surcharge:

If the total income is more than Rs.50 lakh – 10% of the tax If the total income is more than Rs.1 crore – 15% of the tax Health & Education cess at the rate of 4% of tax along with the surcharge

Income Tax slab for Pensioners

The tax slabs and rates applicable to pensioners for the Financial Year of 2018-19 are: Surcharge: *Exemption limit of Income Tax is up to Rs.3 lakh for Financial Year 2018-19.

Domestic Companies – Part (IV):

Additional rates which are applicable: Cess: 4% of the corporate tax Surcharge: When the taxable income is higher than Rs.1 crore but less than Rs.10 crore, the applicable surcharge will be 7%. Surcharge: When the taxable income is higher than Rs.10 crore, the applicable surcharge will be 12%.

Income Tax Slabs on Dividend

Depending on the source of the dividend earned, the dividend income received by an individual is taxed. Recently we also provide Special Article on What is Franking ? Why Documents Need to be Franking? and How to E-File Income Tax Return full guide and Procedure. Now you can Scroll Down Below and check complete details regarding all latest income tax slab rates for A.Y. 2019-2020 and All Past Years at One Place.

Due Date for Filing Income Tax Return for Salaried Individuals

The income tax return of a salaried individual is due on 31st July.

Which ITR Form should a salaried individual use?

Salaried Individuals may have to file ITR-1 or ITR-2 based on certain criteria as detailed below :

Form ITR-1

Form ITR-1 must be used when the source of income is limited to Salary/Pension, One House Property and other sources (Excluding winning from lottery and race horses). Form ITR-1 should not be filed for below cases :

Income that exceeds Rs. 50 LakhsAssessee has Taxable Capital GainsAssessee has any of the below sources of income : Income from foreign assets Agricultural income that exceeds Rs. 5000 Income from Business or Profession Income from more than one house property

Know more about ITR-1 return

Form ITR-2

Form ITR-2 must be filed by individuals who are not eligible to file ITR-1,  because of following reasons :

Income exceeding Rs. 50 LakhsHaving foreign assets / incomeHaving agricultural income which is more than Rs. 5,000Having taxable capital gainsHaving income from business or profession as a partnerHaving more than one house property