Income Tax Slabs for FY 2018 – 2019
The first step is to find out the amount of tax you need to pay. Income Tax in India is calculated by slab method based on your age and net taxable income. Check out the tables below to see the slab rates for the FY 2018-2019.
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If you are below the age of 60, then this Income tax slab table is applicable to you
If you are 60 years of age or above but less than 80 years of age, then check this Income tax slab table
If you are 80 years of age or above, then this Income tax slab table is applicable to you
Once you figure out which tax slabs are applicable to you, then it is easy to compute the Income-tax amount.
For example, if you are a 25 years old individual who earns 6,00,000₹ (Rupees) per year, then the tax amount you would have to pay would be
[₹0 for ₹0-2,50,000]+[₹13,000 for ₹2,50,001-₹5,00,000]+[₹20,800 for ₹5,00,001-₹6,00,000] = ₹33,800 as tax for FY 2018-2019.
Surcharge: 10% of income tax, where the total income exceeds Rs.50 lakh up to Rs.1 crore.
Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.
An additional 4% CESS is applied to the income tax applicable to you. This is one of the new revisions made by the Indian Government.
With this, you have completed step 1 in the guide for filing Income taxes in India. Keep watching this space for the next step in this Guide series to filing Indian Income Tax.