1. For resident Senior Citizens. (Age above 60 Years)

Old Tax Slab	Rate	Tax Slab as per (Sec 115BAC)	Rate
Upto Rs 3,00,000	NIL	Upto Rs 2,50,000	NIL
Rs 3,00,001 - Rs 5,00,000	5%	@Rs 2,50,001 - Rs 5,00,000	5%
Rs 5,00,001 - Rs 10,00,000	20%	Rs 5,00,001 - Rs 7,50,000	10%
		Rs 7,50,001 - Rs 10,00,000	15%
Above Rs 10,00,000	30%	Rs 10,00,001 - Rs 12,50,000	20%
		Rs 12,50,001 - Rs 15,00,000	15%
		Above Rs 15,00,000	30%

2. For resident Super Senior Citizens. (Age above 80 Years)

Old Tax Slab	Rate	Tax Slab as per ( Sec 115BAC)	Rate
Upto Rs 5,00,000	NIL	Upto Rs 2,50,000	NIL
		Rs 2,50,001 - Rs 5,00,000	5%
Rs 5,00,001 - Rs 10,00,000	20%	Rs 5,00,001 - Rs 7,50,000	10%
		Rs 7,50,001 - Rs 10,00,000	15%
Above Rs 10,00,000	30%	Rs 10,00,001 - Rs 12,50,000	20%
		Rs 12,50,001 - Rs 15,00,000	25%
		Above Rs 15,00,000	30%

3. Individuals, [other than those mentioned above, HUF, AOP/BOI (other than co-operative societies).

Old Tax Slab	Rate	Tax Slab as per (Sec 115BAC)	Rate
Upto Rs 2,50,000	NIL	Upto Rs 2,50,000	NIL
Rs 2,50,001 - Rs 5,00,000	5%	Rs 2,50,001 - Rs 5,00,000	5%
Rs 5,00,001 - Rs 10,00,000	20%	Rs 5,00,001 - Rs 7,50,000	10%
		Rs 7,50,001 - Rs 10,00,000	15%
Above Rs 10,00,000	30%	Rs 10,00,001 - Rs 12,50,000	20%
		Rs 12,50,001 - Rs 15,00,000	25%
		Above Rs 15,00,000	30%

Note: Rebate u/s 87A, in which resident individuals are allowed rebate (if their taxable income does not exceed Rs. 5 lakh) equal to 100% of income tax or Rs. 12,500 whichever less.

Surcharge on Income Tax computed on Other Incomes :

10% for Individual having taxable Income (Including Dividend & Income u/s 111A & 112A) exceeding 50 Lacs upto 1 Crore 15% for Individual having taxable Income (Including Dividend & Income u/s 111A & 112A) exceeding 1 Crore but upto two 2 Crore 25% for Individual having taxable Income (Excluding Dividend & Income u/s 111A & 112A) exceeding 2 Crore but upto 5 Crore 37% for Individual having taxable Income (Excluding Dividend & Income u/s 111A & 112A) exceeding 5 Crore

Surcharge on Income Tax computed on Dividend Income & Income taxable u/s 111A & 112A :

10% for Individual having taxable Income (Including Dividend & Income u/s 111A & 112A) exceeding 50 Lacs upto 1 Crore 15% for Individual having taxable Income (Including Dividend & Income u/s 111A & 112A) exceeding 1 Crore but upto two 2 Crore 25% for Individual having taxable Income (Excluding Dividend & Income u/s 111A & 112A) exceeding 2 Crore but upto 5 Crore 37% for Individual having taxable Income (Excluding Dividend & Income u/s 111A & 112A) exceeding 5 Crore Health and Education Cess: 4% on the amount of Tax plus surcharge

Firms
Income tax : 30%. Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore. Health and Education Cess: 4% on the amount of Tax plus surcharge

Companies

(A) Domestic Companies

Income tax : If opted for Section 115BA (in case turnover or gross receipt does not exceed Rs 400 crore in the FY 2019-20) - 25% If opted for Section 115BAA (in case assessee is not claming Profit linked deductions, unabsorbed depreciation & Losses) - 22% If opted for Section 115BAB (for new manufacturing companies) -15% Any other domestic company -30% MAT- 15% Surcharge: 7% if the taxable income exceeds Rs. 1 crore & 12% if the taxable income exceeds 10 crores However, the rate of surcharge in case of a company opting for taxability under Section 115BAA or Section 115BAB shall be 10% irrespective of amount of total income Health and Education Cess: 4% on the amount of Tax plus surcharge

Companies

(B) Foreign Companies
Income tax :	40% (in general ) 50% (Royalty received from Government or an Indian concern in pursuance of an agreement made with the Indian concern after March 31, 1961, but before April 1, 1976, or fees for rendering technical services in pursuance of an agreement made after February 29, 1964 but before April 1, 1976 and where such agreement has, in either case, been approved by the Central Government)
Surcharge :	2% if the taxable income exceeds Rs. 1 crore 5% if the taxable income exceeds 10 crores

Cooperative Socities (Under Old Regime)
Upto Rs. 10,000	10%
Rs. 10,001 to Rs. 20,000	20%
Rs. 20,001 to Above	30%
Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore. Health and Education Cess: 4% on the amount of Tax plus surcharge

Cooperative Socities (Under New Regime) -Section 115BAC
Income tax : Flat rate of 22% Surcharge : 10% of the Income Tax
Health and Education Cess: 4% on the amount of Tax plus surcharge

Cooperative Socities (Under New Regime) -Section 115BAC
Income tax : 30% Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore
Health and Education Cess: 4% on the amount of Tax plus surcharge

1. For resident Senior Citizens. (Age above 60 Years)

Income Tax Slab	Tax Rate
Up to Rs 2.5 lakh	NIL
Rs 2.5 lakh to Rs 5 lakh	5% (Tax rebate of Rs 12,500 available under section 87A)
Rs 5 lakh to Rs 7.5 lakh	10%
Rs 7.5 lakh to Rs 10 lakh	15%
Rs 10 lakh to Rs 12.5 lakh	20%
Rs 12.5 lakh to Rs 15 lakh	25%
Rs 15 lakh and above	30%

• The tax calculated on the basis of such rates will be subject to health and education cess of 4%.
• Any individual opting to be taxed under the new tax regime from FY 2020-21 onwards will have to give up certain exemptions and deductions.
• Here is the list of exemptions and deductions that a taxpayer will have to give up while choosing the new tax regime.

• Points to remember while opting for the new tax regime:
• Option to be exercised on or before the due date of filing return of income for AY 2021-22
• In case a taxpayer has a business income and exercised the option, he/she can withdraw from the option only once. A business taxpayer withdrawing from the optional tax regime has to follow the regular income tax slabs.

According to the current income tax laws in India, the income tax rate on resident individuals varies based on their age. There are different tax slabs applicable to the individuals for the financial year 2018-19 and 2019-20. For instance, a resident individual, aged below 60 years, with an income less than Rs 2.5 lacs is exempt from paying income tax.

Income Tax Slabs & Rates for Individual Tax Payers & HUF (Less Than 60 Years Old) for FY 2019-20 – Part I

Income Tax Slab	Tax Rate for Individual & HUF Below the Age Of 60 Years
Up to ? 2,50,000*	NIL
? 2,50,001 to ? 5,00,000	5% of total income exceeding ? 2,50,000
? 5,00,001 to ? 10,00,000	? 12,500 + 20% of total income exceeding ? 5,00,000
Above ? 10,00,000	? 1,12,500 + 30% of total income exceeding ? 10,00,000

• No tax for individuals with income less than ? 2,50,000
• 0%-5% tax with income ? 2.5 lacs to 5 lacs for different age groups
• 20% tax with income ? 5 lacs to 10 lacs
• 30% tax with income above ? 10 lacs
• A tax rebate under section 87A is allowed to individual taxpayers a maximum amount of: – Rs 2,500 for total income up to Rs 3.5 lakh for FY 2018-19
  – Rs 12,500 for total income up to Rs 5 lakh for FY 2019-20

• Investments upto ? 1.5 lacs under Sec 80C can save ? 46,800 in taxes.

Source of income (FY 2019-20)	Income (Rs)
Salary (6,50,000)
Less: Standard deduction ( 50,000)	6,00,000
Interest on fixed deposit	50,000
Gross total income	6,50,000
Less: Deduction under section 80C	1,50,000
Total income	5,00,000
Income-tax (@ 5% from Rs 2.5 to 5 lakh)	12,500
Less: Rebate u/s 87A	12,500
	NIL

Income Tax Slabs for Senior Citizens (60 Years Old Or More but Less than 80 Years Old) for FY 2019-20 – Part II

Income Tax Slab	Tax Rate for Senior cetizens aged 60 Years But Less than 80 Years
Income up to Rs 3,00,000*	No tax
Income from Rs 3,00,000 – Rs 5,00,000	5%
Income from Rs 5,00,000 – 10,00,000	20%
Income more than Rs 10,00,000	30%

Note : An additional 4% Health & education cess will be applicable on the tax amount calculated as above.
Let’s understand the tax calculation for rebate with the help of an example:

Source of income (FY 2019-20)	Income (Rs)
Salary (4,00,000)
Less: Standard deduction ( 50,000)	3,50,000
income from house property	2,50,000
Interest on fixed deposit	50,000
Gross total income	6,50,000
Less: Deduction under section 80C	1,50,000
Total income	5,00,000
Income-tax (@ 5% from Rs 3 to 5 lakh)	10,000
Less: Rebate u/s 87A	10,000
	NIL

Income Tax Slabs for Super Senior Citizens(80 Years Old Or More) for FY 2019-20 – Part III

Income Tax Slab	Tax Rate for Senior cetizens aged 60 Years But Less than 80 Years
Income up to Rs 5,00,000*	No tax
Income from Rs 5,00,000 – 10,00,000	20%
Income more than Rs 10,00,000	30%

Note : An additional 4% Health & education cess will be applicable on the tax amount calculated as above.
Let’s understand the tax calculation for a rebate with the help of an example:

Source of income (FY 2019-20)	Income (Rs)
Salary (3,50,000)
Less: Standard deduction ( 50,000)	3,00,000
Income from house property	2,50,000
Interest on fixed deposit	1,00,000
Gross total income	6,50,000
Less: Deduction under section 80C	1,50,000
Total income	5,00,000
Income-tax (nil below Rs 5 lakh)	NIL
Less: Rebate u/s 87A	NIL
	NIL

Surcharge applicable to the individuals covered in Part I, II and III:

Income limit	Surcharge Rate on the amount of income tax
Net income exceeds Rs 50 lakh but doesn’t exceed Rs 1 crore	10%
Net income above Rs 1 crore but doesn’t exceed Rs 2 crore	15%
Net income exceeds Rs 2 crore but doesn’t exceed Rs 5 crore	25%
Net income exceeds Rs 5 crore	37%

Income Tax Slabs for Domestic Companies for FY 2019-20 – Part IV

Turnover Particulars	Tax Rate
Gross turnover upto 400 Cr. in the FY 2017-18	25%
Gross turnover exceeding 400 Cr. in the FY 2017-18	30%
Where the company opted for Section 115BA	25%
GWhere the company opted for Section 115BAA	22%
Where the company opted for Section 115BAB	15%

In addition cess and surcharge is levied as follows:
Cess: 4% of corporate tax
Surcharge applicable:

Turnover Particulars	Tax Rate
Net income exceeds Rs.1 Crore but doesn’t exceed Rs.10 Crore	7%
Net income exceeds Rs.10 Crore	12%

However, the rate of surcharge in case of a company opting for taxability under Section 115BAA or Section 115BAB shall be 10% irrespective of amount of total income.

Income Tax Slabs for Individual Tax Payers & HUF (Less Than 60 Years Old) for FY 2018-19 – Part I

Income Tax Slab	Tax Rate for Individual & HUF Below the Age Of 60 Years
Up to ? 2,50,000*	NIL
? 2,50,001 to ? 5,00,000	5% of total income exceeding ? 2,50,000
? 5,00,001 to ? 10,00,000	? 12,500 + 20% of total income exceeding ? 5,00,000
Above ? 10,00,000	? 1,12,500 + 30% of total income exceeding ? 10,00,000

Note : An additional 4% Health & education cess will be applicable on the tax amount calculated as above.

Income Tax Slabs for Senior Citizens (60 Years Old Or More but Less than 80 Years Old) for FY 2018-19 – Part II

Income Tax Slabs	Tax Rate for 60 Years Old Or More but Less than 80 Years Old
Income up to Rs 3,00,000*	No tax
Income from Rs 3,00,000 – Rs 5,00,000	5%
Income from Rs 5,00,000 – 10,00,000	20%
Income more than Rs 10,00,000	30%

Income Tax Slabs for Super Senior Citizens(80 Years Old Or More) for FY 2018-19 – Part III

Income Tax Slabs	Tax Rate for Super Senior Citizens (Aged 80 Years And Above)
Income up to Rs 5,00,000*	No tax
Income from Rs 5,00,000 – 10,00,000	20%
Income more than Rs 10,00,000	30%

Note: An additional 4% Health & education cess will be applicable on the tax amount calculated as above.

Surcharge applicable to the individuals covered in Part I, II and III:

Income limit	Surcharge Rate on the amount of income tax
Net income exceeds Rs.50 Lakhs but doesn’t exceed Rs. 1 Crore	10%
Net income exceeds Rs.1 Crore	15%

Income Tax Slabs for Domestic Companies for FY 2018-19 – Part IV

Turnover Particulars	Tax Rate
Gross turnover upto 250 Cr. in the FY 2016-17	25%
Gross turnover exceeding 250 Cr. in the FY 2016-17	30%

In addition cess and surcharge is levied as follows: Cess: 4% of corporate tax
Surcharge applicable:

Income Tax Slabs for Super Senior Citizens(80 Years Old Or More) for FY 2019-20 – Part III

Income Limit	Surcharge Rate on the amount of income tax
Net income exceeds Rs.1 Crore but doesn’t exceed Rs.10 Crore	7%
Net income exceeds Rs.10 Crore	12%