INCOME TAX RATES ASSESSMENT YEAR 2018-19 Tax Rates 1. In case of an Individual (resident or non-resident) or HUF or Association of Person or Body of Individual or any other artificial juridical person Taxable income Tax Rate Up to Rs. 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% Less: Rebate under Section 87A [see Note] Add: Surcharge and Education Cess [see Note] Assessment Year 2019-20 Taxable Income Tax Rate Up to Rs. 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% Less: Rebate under Section 87A [see Note] Add: Health and Education Cess [see Note] 2. In case of a resident senior citizen (who is 60 years or more at any time during the previous year but less than 80 years on the last day of the previous year) Assessment Year 2018-19 Taxable income Tax Rate Up to Rs. 3,00,000 Nil Rs. 3,00,000 – Rs. 5,00,000 5% Rs. 5,00,000 – Rs. 10,00,000 20%...

Calculation of Income tax an Employee Below 60 Age A.Y.2018-19 ANNEXURE-I SOME ILLUSTRATIONS Example 1 For Assessment Year 2018-19 (A) Calculation of Income tax in the case of an employee(Male or Female) below the age of sixty years and having gross salary income of: i) Rs.2,50,000/- , ii) Rs.5,00,000/- , iii) Rs.10,00,000/- iv) Rs.55,00,000/-. and v) Rs. 1,10,00,000/- (B) What will be the amount of TDS in case of above employees, if PAN is not submitted by them to their DDOs/Offices: Particulars Rupees Rupees Rupees Rupees Rupees (i) (ii) (iii) (iv) (v) Gross Salary Income (including allowances) 2,50,000 4,00,000 10,00,000 55,00,000 1,10,00,000 Contribution of G.P.F. 45,000 50,000 1,00,000 1,00,000 1,00,000 Computation of Total Income and tax payable thereon Particulars Rupees Rupees Rupees Rupees Rupees (i) (ii) (iii) (iv) (v) Gross Salary 2,50,000 4,00,000 10,00,000 55,00,000 1,10,00,000 Less: Deduction U/s 80C 45,000 50,000 1,00,000 1,00,000 1,00...