Sunday, October 20, 2019
Finance

INCOME TAX EXEMPTION LIMIT- 2018-19

Individual (resident or non-resident), who is of the age of less than 60 years on the last day of the relevant previous year:
Less than 2,50,000 NIL
Rs. 2,50,000 to Rs. 5, 00,000 5%
Rs. 5,00,000 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
Resident senior citizen, i.e., every individual, being a resident in India, who is of the age of 60 years or more but less than 80 years at any time during the previous year:
Less than 3,00,000 NIL
Rs. 3, 00,00 to Rs. 5,00,000 5%
Rs. 5,00,000 to Rs. 10,00,000 20%
Above Rs. 10,00,000  30%
Resident super senior citizen, i.e., every individual, being a resident in India, who is of the age of 80 years or more at any time during the previous year:
Less than Rs. 5,00,000 NIL
Rs. 5,00,001 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
 

Note:

Surcharge:

10% of tax where total income exceeds Rs. 50 lakh
15% of tax where total income exceeds Rs. 1 crore

Education cess:

 3% of tax plus surcharge