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Latest Income Tax Slabs & New Tax Rates in India for 2018-19 & 2019-20

Here are the new income tax slabs & income tax rates in India for the Assessment year 2018-19 and the financial year 2019-20. The Government of India categorized the basic income tax exemption limit for the individuals in to 3 types depending on the age of the individuals. The first category is Individuals below 60 years of Age, the second one is senior citizen category, the individuals who fall between 60 to 80 years of age come under this category and the third and last category is the Super Senior Citizen category, the individuals whose age is 80 years and above they come under this category.

2019 Tax Calendar                        2018-19 IT Filing Last Date                        2019-20 IT Filing Dates

New Tax Rates for the Financial year 2018-19:

The tax exemption limit for the individuals are categorized into 3 types based on the age of the individuals.

2018-19 Income Tax Slabs & New Tax Rates for the Individuals whose Age is below 60 Years:

Income Tax Slabs New Tax Rates & Cess
Up to Rs 2,50,000/- No Tax
Rs 2,50,000/- to 5,00,000/- 5% of total income above Rs 2,50,000/- + 4% Cess
Rs 5,00,001/- to Rs 10,00,000/- Rs 12,500 + 20% of total amount above Rs 5,00,000/- + 4% Cess
Above Rs 10,00,000/- Rs 1,12,500 +30% of total amount above Rs 10,00,000/- + 4% Cess

2018-19 Income Tax Slabs & New Tax Rates for the Individuals whose Age between 60 & 80 Years:

Income Tax Slabs New Tax Rates & Cess
Up to Rs 3,00,000/- No Tax
Rs 3,00,001/- to 5,00,000/- 5% of total income above Rs 3,00,000/- + 4% Cess
Rs 5,00,001/- to Rs 10,00,000/- Rs 10,000 + 20% of total amount above Rs 5,00,000/- + 4% Cess
Above Rs 10,00,000/- Rs 1,10,000 +30% of total amount above Rs 10,00,000/- + 4% Cess

Download Form 16         Download Form 16A        Download Form 26AS         Download Form49A

2018-19 Income Tax Slabs & New Tax Rates for the Individuals whose Age is 80 Years & Above:

Income Tax Slabs New Tax Rates & Cess
Up to Rs 5,00,000/- No Tax
Rs 5,00,001/- to 10,00,000/- 20% of total amount above Rs 5,00,000/- + 4% Cess
Above Rs 10,00,000/- Rs 1,00,000 +30% of total amount above Rs 10,00,000/- + 4% Cess

New Tax Rates for the Financial year 2019-20:

The new tax rates for the assessment year 2018-19 are also applicable for the financial year 2019-20

Tax Filing through Form 16             Tax Filing through Form 16A            Tax filing through Form 26AS

2019-20 Income Tax Slabs & New Tax Rates for the Individuals whose Age is below 60 Years:

Income Tax Slabs New Tax Rates & Cess
Up to Rs 2,50,000/- No Tax
Rs 2,50,000/- to 5,00,000/- 5% of total income above Rs 2,50,000/- + 4% Cess
Rs 5,00,001/- to Rs 10,00,000/- Rs 12,500 + 20% of total amount above Rs 5,00,000/- + 4% Cess
Above Rs 10,00,000/- Rs 1,12,500 +30% of total amount above Rs 10,00,000/- + 4% Cess

2019-20 Income Tax Slabs & New Tax Rates for the Individuals whose Age between 60 & 80 Years:

Income Tax Slabs New Tax Rates & Cess
Up to Rs 3,00,000/- No Tax
Rs 3,00,001/- to 5,00,000/- 5% of total income above Rs 3,00,000/- + 4% Cess
Rs 5,00,001/- to Rs 10,00,000/- Rs 10,000 + 20% of total amount above Rs 5,00,000/- + 4% Cess
Above Rs 10,00,000/- Rs 1,10,000 +30% of total amount above Rs 10,00,000/- + 4% Cess

2019-20 Income Tax Slabs & New Tax Rates for the Individuals whose Age is 80 Years & Above:

Income Tax Slabs New Tax Rates & Cess
Up to Rs 5,00,000/- No Tax
Rs 5,00,001/- to 10,00,000/- 20% of total amount above Rs 5,00,000/- + 4% Cess
Above Rs 10,00,000/- Rs 1,00,000 +30% of total amount above Rs 10,00,000/- + 4% Cess

Financial Year 2019-20 Sub charges:

Taxable Income Sub charge in Percentage
From Rs 50,00,000/- to 1,00,00,000/- 10%
From Rs 1,00,00,001/- to 2,00,00,000/- 15%
From 2,00,00,000/- to 5,00,00,000/- 25%
Above Rs 5,00,00,000/- 37%

How to Fill Form 16             How to Fill Form 16A            How to Fill Form 26AS

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