The below given income tax slab is applicable for financial year 2018 – 19 and assessment year 2019 – 20.
Income tax slab for financial year 2018 -19 & assessment year 2019 – 20
(Amounts are in Indian rupees)
For Men and Women:
| Rate | Men | Women |
| Exemption limit | Up to 2,50,000 | Up to 2,50,000 |
| 5% of taxable income | Income between 2,50,001 to 5,00,000 | Income between 2,50,001 to 5,00,000 |
| 20% of taxable income | Income between 5,00,001 to 10,00,000 | Income between 5,00,001 to 10,00,000 |
| 30% of taxable income | Income more than 10,00,000 | Income more than 10,00,000 |
For Senior citizens (Age between 60 and 80) and very senior citizens (Age above 80):
| Rate | Senior citizens | Very senior citizens (Aged 80 and above) |
| Exemption limit | Up to 3,00,000 | Up to 5,00,000 |
| 5% of taxable income | Income between 3,00,001 to 5,00,000 | Nil up to 5,00,000 |
| 20% of taxable income | Income between 5,00,001 to 10,00,000 | Income between 5,00,001 to 10,00,000 |
| 30% of taxable income | Income more than 10,00,000 | Income more than 10,00,000 |
Surcharge: 10% of tax amount, where taxable income is between 50,00,000 to 1 crore.
15% of the tax amount, where taxable income is more than 1 crore.
Health and Education Cess : 4% of tax amount along with surcharge.
Rebate: As per section 87A of Income tax act 1961, rebate of INR 2,500 will be given to those individual tax payers whose total taxable income doesn’t exceed INR 3,50,000.