Here are the latest income tax slabs and rates
Given below are the latest income tax slabs applicable for financial year 2018-19 (assessment year 2019-20). These will be applicable for FY 2019-20 as well. The basic exemption limit for an individual depends on their age and residential status. According to age, resident individual taxpayers are divided into three categories:
1. Resident individuals below the age of 60 years
2. Resident senior citizens of age between 60 years and above but below 80 years
3. Resident super senior citizens of above 80 years of age
Given below are the tables for latest income tax slabs for FY 2018-19 and FY 2019-20.
Income tax slabs for resident individual below 60 years of age
| Taxable income slabs | Income tax rates and cess |
| Up to Rs 2.5 lakh | Nil |
| Rs 2,50,001 to Rs 5,00,000 | 5% of (Total income minus Rs 2,50,000) + 4% cess |
| Rs 5,00,001 to Rs 10,00,000 | Rs 12,500 + 20% of (Total income minus Rs 5,00,000) + 4% cess |
| Rs 10,00,001 and above | Rs 1,12,500 + 30% of (Total income minus Rs 10,00,000) + 4% cess |