Rates of Income Tax for the Assessment Year 2019-20 | ||
(Financial Year 2018-19) | ||
Taxable Income | Tax Rate | |
Up to 290000 * | NIL | |
290001 500000 | 5% | |
500001 1000000 | 20% | |
Above 1000000 | 30% | |
Education Cess | 4% | |
*For Senior Citizen (60-79) Up to Rs . 300000 Tax NIL | ||
For Super Senior Citizen (above 79) Up to Rs . 500000 Tax NIL | ||
Section | Item | Rebate |
16(iii) | Profession Tax | Actual |
Interest on Housing Loan |
200000
|
|
80C | Housing Loan (Principal) | 150000 |
LIC premia of Self – Spouse & Childrens | ||
PPF of Self – Spouse & Childrens | ||
NSC VIII issue | ||
SLI ,GIS ,FBS | ||
5 Year Term Deposit in Scheduled Bank / Post Office | ||
Tuition Fee for Full Time Course of 2 Childrens within India | ||
ULIP of UTI /LIC of Self – Spouse & Childrens | ||
Tax Saving Bond /Mutual Fund | ||
Equity Share / Debenture of an eligible issue | ||
Sukanya Samridhi Yojana Deposit | 150000 | |
80CCC | Annuity Pan of LIC |
150000
|
80CCD(1) | National Pension Scheme |
150000
|
Total Eligible Deduction under 80C , 80CCC , 80CCD(1) shall not exceed Rs 150000 | ||
80CCD(1B) | New Pension Scheme |
50000
|
80CCG | Notified Equity Saving Scheme (RGESS) (for Rs 50000) |
25000
|
80D(1) | Mediclaim of Self |
25000
|
80D(2) | Mediclaim of Spouse , Childrens & Parents |
50000
|
80DD | Treatment of Mentally or Physically Handicapped dependants |
75000/125000
|
80DDB | Treatment of Self , Spouse & Children for Specified Diseases |
40000
|
80E | Interest on Higher Education Loan | |
80G | Donations to charitable Institutions & Notified Funds | |
80GGC | Donations to Political Parties | |
80TTA | Interest on Bank Deposit |
10000
|
80U | Rebate for Disabled Employees |
75000/125000
|
u/s 87A | Special Rebate (if Income is Below Rs. 350000) |
2500
|
Rates of Income Tax for the Assessment Year 2018-19 | ||
(Financial Year 2017-18) | ||
Taxable Income | Tax Rate | |
Up to 250000 * | NIL | |
250001 500000 | 5% | |
500001 1000000 | 20% | |
Above 1000000 | 30% | |
Education Cess | 3% | |
*For Senior Citizen (60-79) Up to Rs . 300000 Tax NIL | ||
For Super Senior Citizen (above 79) Up to Rs . 500000 Tax NIL | ||
Section | Item | Rebate |
16(iii) | Profession Tax | Actual |
Interest on Housing Loan |
200000
|
|
80C | Housing Loan (Principal) | 150000 |
LIC premia of Self – Spouse & Childrens | ||
PPF of Self – Spouse & Childrens | ||
NSC VIII issue | ||
SLI ,GIS ,FBS | ||
5 Year Term Deposit in Scheduled Bank / Post Office | ||
Tuition Fee for Full Time Course of 2 Childrens within India | ||
ULIP of UTI /LIC of Self – Spouse & Childrens | ||
Tax Saving Bond /Mutual Fund | ||
Equity Share / Debenture of an eligible issue | ||
Sukanya Samridhi Yojana Deposit | 150000 | |
80CCC | Annuity Pan of LIC |
150000
|
80CCD(1) | National Pension Scheme |
150000
|
Total Eligible Deduction under 80C , 80CCC , 80CCD(1) shall not exceed Rs 150000 | ||
80CCD(1B) | New Pension Scheme |
50000
|
80CCG | Notified Equity Saving Scheme (RGESS) (for Rs 50000) |
25000
|
80D(1) | Mediclaim of Self |
25000
|
80D(2) | Mediclaim of Spouse , Childrens & Parents |
50000
|
80DD | Treatment of Mentally or Physically Handicapped dependants |
75000/125000
|
80DDB | Treatment of Self , Spouse & Children for Specified Diseases |
40000
|
80E | Interest on Higher Education Loan | |
80G | Donations to charitable Institutions & Notified Funds | |
80GGC | Donations to Political Parties | |
80TTA | Interest on Bank Deposit |
10000
|
80U | Rebate for Disabled Employees |
75000/125000
|
u/s 87A | Special Rebate (if Income is Below Rs. 350000) |
2500
|
Rates of Income Tax for the Assessment Year 2017-18 | ||
(Financial Year 2016-17) | ||
Taxable Income | Tax Rate | |
Up to 250000 * | NIL | |
250001 500000 | 10% | |
500001 1000000 | 20% | |
Above 1000000 | 30% | |
Education Cess | 3% | |
*For Senior Citizen (60-79) Up to Rs . 300000 Tax NIL | ||
For Super Senior Citizen (above 79) Up to Rs. 500000 Tax NIL | ||
Section | Item | Rebate |
16(iii) | Profession Tax | |
Interest on Housing Loan |
200000
|
|
80C | Housing Loan (Principal) | |
LIC premia of Self – Spouse & Childrens | ||
PPF of Self – Spouse & Childrens | ||
NSC VIII issue | ||
SLI ,GIS ,FBS | ||
5 Year Term Deposit in Scheduled Bank / Post Office | ||
Tuition Fee for Full Time Course of 2 Childrens within India | ||
ULIP of UTI /LIC of Self – Spouse & Childrens | ||
Tax Saving Bond /Mutual Fund | ||
Equity Share / Debenture of an eligible issue | ||
Sukanya Samridhi Yojana Deposit | 150000 | |
80CCC | Annuity Pan of LIC |
150000
|
80CCD(1) | National Pension Scheme |
150000
|
Total Eligible Deduction under 80C , 80CCC , 80CCD(1) shall not exceed Rs 150000 | ||
80CCD(1B) | New Pension Scheme |
50000
|
80CCG | Notified Equity Saving Scheme (RGESS) (for Rs 50000) |
25000
|
80D(1) | Mediclaim of Self |
25000
|
80D(2) | Mediclaim of Spouse , Childrens & Parents |
50000
|
80DD | Treatment of Mentally or Physically Handicapped dependants |
75000/125000
|
80DDB | Treatment of Self , Spouse & Children for Specified Diseases |
40000
|
80E | Interest on Higher Education Loan | |
80G | Donations to charitable Institutions & Notified Funds | |
80GGC | Donations to Political Parties | |
80TTA | Interest on Bank Deposit |
10000
|
80U | Rebate for Disabled Employees |
75000/125000
|
u/s 87A | Special Rebate (if Income is Below Rs. 500000) |
5000
|
Income Tax for Financial Year 2015-2016 (Assessment Year 2016-2017)
Up to 250000 | NIL |
250001 to 500000 | 10% |
500001 to 1000000 | 20% |
Above 1000000 | 30% |
Education Cess | 3% |
Interest on Housing Loan(If the Property is Acquired or Constructed on or after 01.04.1999 & such Acquisition is completed within 3 Years from the end of Financial Year in which Capital is Borrowed) | 30000 |
200000 | |
u/s 87 A Special Rebate (If Income is below 500000) | 2000 |
80C Deductions: | |
1.Repayment of Housing Loan (Principal)2.LIC Premia of Self,Spouse & Children.3.Contribution to PPF of Self,Spouse & Children4.NSC 8 issue5.SLI,GIS,FBS6.5 Year Term Deposit in Scheduled Bank/ Post Office
7.Tuition Fee for Full Time Course of 2 Children within India 8.ULIP of UTI / LIC of Self,Spouse & Children 9.Tax Saving Bond / Mutual Fund 10.Equity Share / Debenture of an eligible issue 11.Contribution to Sukanya Samridhi Yojana Deposit 12.Any other deduction under 80C 13.80CCC Purchase of Annuity Plan of LIC 14.80CCD(1) National Pension Scheme Total Eligible Deduction under 80C,80CCC,80CCD(1) |
150000 |
80CCD(1B) New Pension Scheme | 50000 |
80CCG Notified Equity Saving Scheme (RGESS) (for Deposit of 50000) | 25000 |
80D (1) Mediclaim of Self | 25000 |
80D (2) Mediclaim of Spouse, Children & Parents | 50000 |
80DD Treatment for Mentally or PhysicallyHandicapped dependants | 75000/125000 |
80DDB Treatment of Self,Spouse& Children for Specified Diseases | 40000 |
80E Interest on Higher Education Loan | |
80G Donations to Charitable institutions & Notified Funds | |
80GGC Donations to Political Parties | |
80TTA Interest on Bank Deposit | 10000 |
80U Rebate for Disabled Employees | 75000 |