Income Tax Rates for Assesssment Year 2019-20
- Posted by SSdigitalBE
- On July 18, 2018
- 0 Comments
- Income Tax
You must know the Income Tax Rates as there has been multiple changes in the tax structure.
Here is the complete information on the income tax rates for the assessment year 2019-20.
| Income | Senior Citizen age > 60 yrs | Tax (%) |
| 0 to 2,50,000 | 0 to 3,00,000 (If age>80 yrs 5,00,000) | 0 |
| 2,50,001 to 5,00,000 | 3,00,001 to 5,00,000 | 10 |
| 5,00,001 to 10,00,000 | 5,00,001 to 10,00,000 | 20 |
| above 10,00,001 | above 10,00,001 | 30 |
| Surcharge | Upto 50 lacs – Nil, Next 50 lacs – 10%, Next 15% | |
| Education Cess % | 4% |
Rebate u/s 87A: a resident individual (whose net income does not exceed Rs. 3.5 lacs) can avail rebate u/s 87A. It is deductible from income-tax before calculating education cess. The amount of rebate is 100% of income-tax or Rs. 2500, whichever is less.
Domestic Companies/Firm
| Upto 1 Crore | 30%& | 18.50% | Nil |
| From 1 Crore to 10 Crores | 7.00% | ||
| More than 10 Crores | 12.00% |
and
if total turnover <= 50 Cr. FY 15-16 25%
If total turnover <= 250 Cr. FY 16-17 25%
Education Cess 3%
Dividend Distribution Tax: 16.995 %
CAPITAL GAIN
| Particulars | STCG tax rates (%) | LTCG tax rates (%) |
| Sale transactions of equity shares/ unit of an equity oriented fund which attract STT | 15.00% | Nil |
| Sale transaction other than mentioned above | ||
| Individuals | Progressive slab rates | 20% with indexation 10% without indexation for units/zero coupon bonds (listed securities only) |
| Others | 30.00% |
These rates will further increase by applicable surcharge and education cess
Trading in shares and securities:
If Investment: LTCG if hold for 12 months or more otherwise STCG
If Stock: speculative or non speculative, to be determine from explanation to Sec. 73
Income from House Property:
Gross Annual value
Less: Muncipal taxes paid
Net A.Y.
Less: S.D.30% of N.A.Y.
Less: Interest on borrowed capital
Prior period interest in 5 instalments.
Interest on borrowed capital, allowable as deduction on accrual basis. There is no ceiling limit on the amount of interest deductible u/s 24(b) in case of let out property. However for self occupied property Maximum celling limit is Rs. 2 lacs.
TDS RATES
| Sec. | Nature of payments made to resident | Threshold | Company, Firm | Individual, HUF |
| 194A | Interest: payable by banks | 10000 | 10 | |
| Interest: payable by others | 5000 | |||
| 194C | Payment to contractors: single transaction | 30000 | 2 | 1 |
| Payment to contractors: Aggregate during FY | 100000 | |||
| Contractor: Transporter having valid PAN | 0 | 0 | ||
| 194H | Commission/brokerage | 15000 | 5 | |
| 194I | Rent | 180000 | 10 | |
| Rent: plant/machinery | 2 | |||
| 194J | Professional fees | 30000 | 10 | |
| 194IA | Purchase of Immovable property | 5000000 | 1.00% | |
| 206C | TCS: Scrap, Alcoholic Liquor for human Consumption | 1.00% |
Tax Deducted at Source (T.D.S.)
Person responsible to deduct tax:
All assesses except individual & H.F.U.(If Turnover>= 60 Lakhs TDS must)
Time of deduction of T.D.S.:
At the time of payment or credit whichever is earlier.
Time for deposit of T.D.S.:
Within one week from the last day of the month of Tax Deduction.
Time limit for deposit of TDS for entire month of March will be 30 April
Due date of filling quarterly return: with in next one month
Circular 01/2014, 13-01-2014, No TDS on Service Tax if service tax shown separately.
Advance Tax:
Liability to pay advance tax: amount of tax payable is Rs. 5000 or more.
Installments of Adv. Tax:
Date Co. Others
15.06 15% —
15.09 45% 30%
15.12 75% 60%
15.03 100% 100%
Amount paid before 31st March shall be treated as Advance Tax.
Total Advance Tax should not be less than 90% of the total tax payable by assesses.
Obligation to furnish annual information return (Sec. 285BA)
Following transactions would be reported in AIR:
Cash deposits aggregating to Rs. 10 lakh or more in a year in any savings account of a person maintained in that bank
Payments made by any person against bills raised in respect of a credit card issued to that person, aggregating to Rs. 2 lakh or more in the year.
Receipt from any person of an amount of Rs. 2 lakh or more for acquiring units of that fund
Receipt from any person of an amount of Rs. 5 lakh or more for acquiring bonds or debentures issued by the company or institution.
Receipt from any person of an amount of Rs. 1 lakh or more for acquiring shares issued by the company.
Purchase or sale by any person of immovable property valued at Rs. 30 lakh or more.
Receipt from any person of an amount or amounts aggregating to Rs. 5 lakh or more in a year for bonds issued by the RBI.
