INCOME TAX SLABS (INDIA): FY 2018-19
A taxpayer’s income is taxed according to income tax slab rates. The finance ministry reviews and announces the applicable slabs annually on the budget day. Below is a snapshot of the applicable tax rates for the previous financial year (FY 2018-19). A user may refer to these slabs for calculating and filing their tax returns until March 31, 2020 (AY 2019-20).
FY: Financial year during which the income is earned (financial year in India is from April 1-March 31)
AY: Assessment year is the year in which returns are filed. It is the year in which the income that you have earned in the preceding financial year will be evaluated. For example the assessment year for income earned between April 1 2018-March 31 2019 shall be AY 2019-20.