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Home / Budget 2019 / News /  Latest income tax rates and slabs at a glance  

Before interim finance minister Piyush Goyal announces the National Democratic Alliance government’s last budget on Friday, let us take a look at income tax rates, according to the slab applicable for the current financial year, 2018-19. In the 2018 budget, finance minister Arun Jaitley had left the income tax slabs untouched and replaced the education cess of 3% with a health and education cess of 4%.

In FY 2018-19, income up to 2.5 lakh is not taxable for individuals below the age of 60. Those above 60 years but less than 80 years enjoy tax-free income of up to 3 lakh while for those above 80 the tax-free income goes upto 5 lakh.

Besides the 4% health and education cess on income tax, there is also an additional surcharge of 10% for those in the 50 lakh to 1 crore income bracket while for those whose income exceeds 1 crore the surcharge goes up to 15% of the income tax.

Income tax rates for individuals below 60 years for 2018-19:

Total income during the financial year Rate of income tax
Total income of upto 2.5 lakh Nil
Total income is more than 2.5 lakh but upto 5 lakh 5% of the amount by which the total income exceeds 2.5 lakh
Total income is more than 5 lakh but upto 10 lakh 20% of the amount by which the total income exceeds 5 lakh plus 12,500
Total income is more than 10 lakh 30% of the amount by which the total income exceeds 10 lakh plus 112,500


Income tax rates for individuals above 60 years but less than 80 years for 2018-19:

Total income during the financial year Rate of income tax
Total income of upto 3 lakh Nil
Total income is more than 3 lakh but upto 5 lakh 5% of the amount by which the total income exceeds 3 lakh
Total income is more than 5 lakh but upto 10 lakh 20% of the amount by which the total income exceeds 5 lakh plus 10,000
Total income is more than 10 lakh 30% of the amount by which the total income exceeds 10 lakh plus 110,000


Income tax rates for individuals above 80 years for 2018-19:

Total income during the financial year Rate of income tax
Total income of upto 5 lakh Nil
Total income is more than 5 lakh but upto 10 lakh 20% of the amount by which the total income exceeds 5 lakh
Total income is more than 5 lakh but upto 10 lakh 20% of the amount by which the total income exceeds 5 lakh plus 10,000
Total income is more than 10 lakh 30% of the amount by which the total income exceeds 10 lakh plus 100,000

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