Contact Us
For NRI Customers
(To Buy a Policy)
(If you're our existing customer)
For Online Policy Purchase
(New and Ongoing Applications)
Branch Locator
For Existing Customers
(Issued Policy)
Fund Performance Check
Login
Customers
Employees
Partner
Income Tax Slab for 2018-19
Table of Content
1. What is an Income Tax Slab?
2. Income Tax Slab For FY 2020-21
3.Income Tax Slab Rate for men below 60 Years of Age
4.Income Tax Slab Rate for Women below 60 Years of Age
5.Income Tax Slab Rate for Senior Citizens (Age 60 years or more but less than 80 years)
6.Income Tax Slab Rate for Senior Citizens (Age 80 years or more)
Latest Income Tax Slab 2020-21
What is an Income Tax Slab?
In a country like India, the range of income among its citizens is diverse. So it isn't fair to levy a single tax rate for every individual. Therefore, the government has categorized the taxpayers into different groups based on their income. These groups are referred to as Tax Slabs. Each group is charged tax at varying rates. Each year, the income tax slab rates are revised during the budget session. The provisions for income tax in India is governed by the laws of the Income Tax Act 1961. However, the budget proposals are required to be approved by the Parliament and requires presidential assent before becoming the law. Post that these will be applicable from April 1, 2018.
Income Tax Slab For FY 2020-21
The finance minister during his budget speech has announced that there will be no change in the structure of the income tax rates for individuals.
There is a proposal of 4% Heath and education cess in place of earlier 3% education cess on the Income tax
Here are the Proposed income tax slab rates in India for different categories of tax payers for FY 2018-19:
Income Tax Slab Rate for men below 60 Years of Age
Income Tax Slab |
Income Tax Rate |
Income upto Rs. 2,50,000 |
Nil |
Income between Rs. 2,50,001 - Rs. 500,000 |
5% of Income exceeding Rs. 2,50,000 |
Income between Rs. 500,001 - Rs. 10,00,000 |
20% of Income exceeding Rs. 5,00,000 |
Income above Rs. 10,00,000 |
30% of Income exceeding Rs. 10,00,000 |
Plus:
Surcharge: 10% of tax where total income exceeds Rs. 50 lakh
15% of tax where total income exceeds Rs. 1 crore
Health & Education cess: 4% of tax plus surcharge
Income Tax Slab Rate for Women below 60 Years of Age
Income Tax Slab |
Income Tax Rate |
Income up to Rs. 2,50,000 |
Nil |
Income between Rs. 2,50,001 - Rs. 500,000 |
5% of Income exceeding Rs. 2,50,000 |
Income between Rs. 500,001 - Rs. 10,00,000 |
20% of Income exceeding Rs. 5,00,000 |
Income above Rs. 10,00,000 |
30% of Income exceeding Rs. 10,00,000 |
Plus:
Surcharge: 10% of tax where total income exceeds Rs. 50 lakh
15% of tax where total income exceeds Rs. 1 crore
Health & Education cess: 4% of tax plus surcharge
Income Tax Slab Rate for Senior Citizens (Age 60 years or more but less than 80 years)
Income Tax Slab |
Income Tax Rate |
Income upto Rs. 3,00,000 |
Nil |
Income between Rs. 3,00,001 - Rs. 500,000 |
5% of Income exceeding Rs. 3,00,000 |
Income between Rs. 500,001 - Rs. 10,00,000 |
20% of Income exceeding Rs. 5,00,000 |
Income above Rs. 10,00,000 |
30% of Income exceeding Rs. 10,00,000 |
Plus:
Surcharge: 10% of tax where total income exceeds Rs. 50 lakh
15% of tax where total income exceeds Rs. 1 crore
Health & Education cess: 4% of tax plus surcharge
Income Tax Slab Rate for Senior Citizens (Age 80 years or more)
e Tax Slab |
Income Tax Rate |
Income upto Rs. 5,00,000 |
Nil |
Income between Rs. 500,001 - Rs. 10,00,000 |
20% of Income exceeding Rs. 5,00,000 |
Income above Rs. 10,00,000 |
30% of Income exceeding Rs. 10,00,000 |
Plus:
Surcharge: 10% of tax where total income exceeds Rs. 50 lakh
15% of tax where total income exceeds Rs. 1 crore
Health & Education cess: 4% of tax plus surcharge
Income Tax Slab Rate Hindu Undivided Families (HUF)
Income Tax Slab |
Income Tax Rate |
Income up to Rs. 2,50,000 |
Nil |
Income between Rs. 2,50,001 - Rs. 500,000 |
5% of Income exceeding Rs. 2,50,000 |
Income between Rs. 500,001 - Rs. 10,00,000 |
20% of Income exceeding Rs. 5,00,000 |
Income above Rs. 10,00,000 |
30% of Income exceeding Rs. 10,00,000 |
Plus:
Surcharge: 10% of tax where total income exceeds Rs. 50 lakh
15% of tax where total income exceeds Rs. 1 crore
Health & Education cess: 4% of tax plus surcharge
Partnership Firms
Partnership Firms and LLPs (Limited Liability Partnerships) are to be taxed at the rate of 30%.
Plus:
Surcharge: 12% of tax where total income exceeds Rs. 1 Crore
Health & Education cess: 4% of tax plus surcharge
Local Authorities
Local Authorities are to be taxed at the rate of 30%.
Plus:
Surcharge: 12% of tax where total income exceeds Rs. 1 Crore
Health & Education cess: 4% of tax plus surcharge
Domestic Companies
Domestic Companies are to be taxed at the rate of 30%. However, tax rate will be 25% if turnover or gross receipt of the company does not exceed Rs. 250 crores.
Plus:
Surcharge: 7% of tax where total income exceeds Rs. 1 Crore
12% of tax where total income exceeds Rs. 10 Crore
Health & Education cess: 4% of tax plus surcharge
Income Tax Slab Rate of Co-operative Societies
Income Tax Slab |
Income Tax Slab Rate |
Up to Rs.10,000 |
10% of Income |
Rs.10,000 to Rs 20,000 |
20% of Income exceeding Rs. 10,000 |
Over Rs. 20,000 |
30% of Income exceeding Rs. 20,000 |
Plus:
Surcharge: 12% of tax where total income exceeds Rs. 1 Crore
Health & Education cess: 4% of tax plus surcharge
Term Plan Articles
Investment Articles
Savings Articles
Life Insurance Articles
Tax Articles
Retirement Articles
ULIP Articles
Subscribe to get the latest articles directly in your inbox
Health Plans Articles
Child Plans Articles
Popular Calculators
Insurance Advisor Articles
Francis Rodrigues
Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.
Written By:
Here's all you should know about life insurance.
We help you to make informed insurance decisions for a lifetime.
HDFC Life
Reviewed by Life Insurance Experts
HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER
We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.
Popular Searches
- Term Insurance Calculator
- Investment Plans
- Investment Calculator
- Investment for Beginners
- Best Short Term Investments
- Best Long Term Investments
- 5 year Investment Plan
- savings plan
- ulip plan
- retirement plans
- health plans
- child insurance plans
- group insurance plans
- income tax calculator
- bmi calculator
- compound interest calculator
- income tax slab
- Income Tax Return
- what is term insurance
- Ulip vs SIP
- tax planning for salaried employees
- HRA Calculator
- Annuity From NPS
- Retirement Calculator
- Pension Calculator
- nps vs ppf
- short term investment plans
- safest investment options
- one time investment plans
- types of investments
- best investment options
- best investment options in India
- Term Insurance for Housewife
- Money Back Policy
- 1 Crore Term Insurance
- life Insurance policy
- NPS Calculator
- Savings Calculator
- life Insurance
- Gratuity Calculator
- Zero Cost Term Insurance
- critical illness insurance
- itc claim
- deductions under 80C
- section 80d
- Whole Life Insurance
- benefits of term insurance
- types of life insurance
- types of term insurance
- Benefits of Life Insurance
- Endowment Policy
- Term Insurance for NRI
- Term Insurance for Women
- Term Insurance for Self Employed
- Benefits of Health Insurance
- Health Insurance for Senior Citizens
- Health Insurance for NRI
- Best Term Insurance Plan for 1 Crore
- personal accident insurance
- Annuity Calculator
- Life Insurance Calculator
- Term Insurance Comparison
- Digital Life Insurance
- Child Education Planner
- buy term insurance