BackLatest income tax rates and slabs at a glance
In FY 2018-19, income upto ₹2.5 lakh is not taxable for individuals below the age of 60In the 2018 budget, Arun Jaitley had left the income tax slab untouched and replaced the education cess of 3% with a health and education cess of 4%
PremiumBefore 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:
Income tax rates for individuals above 60 years but less than 80 years for 2018-19:
Income tax rates for individuals above 80 years for 2018-19:
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