Know About your Income Tax Return and Income Tax Slabs & Income Tax Rates for FY 2018-19

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Income Tax Slabs & Income Tax Rates for FY 2018-19 for online income tax return filing:

Income Tax Slabs for FY 2018-19 for Individual, Hindu undivided family (HUF), Association of persons (AOP), Body of individuals (BOI), Artificial juridical person*:

• Income Up to ₹250000- NIL
• Income from ₹250000-₹500000- 5%
• Income from ₹500000-₹1000000- 20%
• Income more than ₹1000000- 30%

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

• Income Up to ₹300000- NIL
• Income from ₹300000-₹500000- 5%
• Income from ₹500000-₹1000000- 20%
• Income more than ₹1000000- 30%

Income Tax Slab for FY 2018-19 for Super Senior Citizens (80 Years Old or more)*:

• Income Up to ₹500000- NIL
• Income from ₹500000-₹1000000- 20%
• Income more than ₹1000000- 30%

*Note: In addition, cess and surcharge are levied as follows:

• Health & Education Cess- 4% of income tax amount
• Surcharge- 10% of income tax amount, where total income exceeds ₹50 lakh up to ₹1crore.
• Surcharge- 15% of income tax amount, where total income exceeds ₹1crore.

Income Tax Slabs for FY 2018-19 for Domestic Companies:

• Gross turnover up to 250 Cr. in the previous year- 25%
• Gross turnover exceeding 250 Cr. in the previous year- 30%

Note: In addition, cess and surcharge are levied as follows:

• Health & Education Cess- 4% of Corporate Tax
• Surcharge- 7%, where taxable income is more than 1Cr. but less than 10Cr.
• Surcharge- 12%, where taxable income is more than 10Cr.

Income Tax Slabs for FY 2018-19 for Co-operatives Societies:

• Income Up to ₹10000- 10%
• Income from ₹10000-₹20000- 20%
• Income more than ₹20000- 30%

Note: In addition, cess and surcharge are levied as follows:

• Health & Education Cess- 4% of Corporate Tax
• Surcharge- 12%

Income Tax Slabs for FY 2018-19 for Firms/ LLP and Local Authority:

• Firms/LLP- 30%
• Local Authority- 30%

Note: In addition, cess and surcharge are levied as follows:

• Health & Education Cess- 4% of Corporate Tax
• Surcharge- 12%

Income Tax Slabs for FY 2018-19 for Foreign Companies:

• Foreign Companies- 40%

Note: In addition, cess and surcharge are levied as follows:

• Health & Education Cess- 4% of Corporate Tax
• Surcharge- 2%, where taxable income is more than 1Cr. but less than 10Cr.
• Surcharge- 5%, where taxable income is more than 10Cr.

Due date for online income tax return filing (FY 2018-19):

• ITR due date is 30th September 2019 for Company, a person other than a company whose accounts are required to be audited and a working partner of a firm whose accounts are required to be audited.
• ITR due date is 31st July 2019 for any other person.
• Where a person furnishes the return of income after the ITR due date or does not furnish the return of income than the simple interest of 1% per month or part of the month is payable. However, if he has paid taxes in full on or before the ITR due date interest is not levied.
• Where a person fails to furnish a return of income within the ITR due date he shall pay, by way of fee, a sum of ₹ 5000, if the return is furnished on or before the 31st December of the A.Y. and ₹ 10000 in any other case.
• However, if the total income of the person does not exceed ₹ 5 lakhs, the fees payable shall not exceed ₹ 1000.

Online income tax return filing Services:

CAONWEB is an online platform of accounting and tax experts. You can visit our website for online income tax return filing.