Thursday, February 1, 2018

Income Tax Slabs for 2018-19 Financial Year and 2019-2020 Assessment Year

Income Tax Slabs for 2018-19 Financial Year and 2019-2020 Assessment Year Income Tax Slabs for 2018-19 Financial Year and 2019-2020 Assessment Year. Budget 2018 hikes cess on income tax to 4 per cent from 3 per cent . No Changes in Income Tax Slabs for 2018-19 Financial Year.income tax slabs, budget 2018, arun jaitley, income tax for salaried people, union budget 2018, income tax rates, income tax in budget 2018.This is a disappointing budget interms of Employees and salaried Employees. NO PERSONAL INCOME TAX CHANGES PROPOSED IN BUDGET 2018-2019 Financial Year.Income Tax Slab 2018-19: Personal Tax Slabs, Rates.Income Tax Slabs, Rates Remain Unchanged, Standard Reduction Raised to Rs 40,000.New Income Tax Slab 2018-19.No Change In Income Tax Slabs, Introduces Standard Deductions.Get income tax slab rates for ay 2018-19 here for individuals, senior citizens, partnership firms, local authority.Income Tax slabs in Budget 2018-19: Finance Minister Arun Jaitley proposed no change in income tax slabs as he presented Union Budget 2018-19 in Lok Sabha today. This is the final full budget of this government before the country goes to polls in 2019.



Budget 2018 hikes cess on income tax to 4 per cent from 3 per cent: Here's how much more you will pay 
Budget 2018 has proposed to hike cess on income tax from 3% to 4% thereby increasing the tax payable by all categories of tax payers. Due to this change, the tax liability for highest tax bracket (assuming Rs 15 lakh income) goes up by Rs 2,625. For the middle income tax payers (between Rs 5 lakh and Rs 10 lakh), tax liability increases by Rs 1,125, and for the lowest bracket (Rs 2.5 lakhs to Rs 5 lakhs) by Rs 125.

Income Tax Slab for FY 2018-19 And AY 2019-2020

Income Tax slabs in Budget 2018-19: Finance Minister Arun Jaitley proposed no change in income tax slabs as he presented Union Budget 2018-19 in Lok Sabha today. This is the final full budget of this government before the country goes to polls in 2019.


Income
Income Tax rate for 2017-18
Income Tax rate for 2018-19
Individual tax payers
Up to Rs 2,50,000
No tax
No tax
Rs 2,50,001 to Rs 5,00,000
5%
5%
Rs 5,00,001 – 10,00,000
20%
20%
More than Rs 10,00,000
30%
30%
Senior citizens who are 60 years old and above but less than 80 years
Up to Rs 3,00,000
No tax
No tax
Rs 3,00,001 to Rs 5,00,000
10%
10%
Rs 5,00,001 to Rs 10,00,000
20%
20%
More than Rs 10,00,000
30%
30%
Senior Citizens who are 80 years old and above
Up to Rs 5,00,000
No tax
No tax
Rs 5,00,001 to Rs 10,00,000
20%
20%
More than Rs 10,00,000
30%
30%

Latest updates on income tax announcements in Union Budget 2018:

Finance Minister Arun Jaitley mentioned three benefits to the middle class:
This is the first time the contribution of salaried class has been singled out (in total 2.5 crore people); the salary class has been given a standard deduction of Rs. 40,000
Senior citizens, a very imp part of the middle class, have been given additional avenues of investment.
All businesses with a turnover up to Rs. 250 crore - a key part of middle class - will now pay 5 per cent less tax

No Changes in Income Tax Slabs for 2018-19 Financial Year
  • 1.Growth in direct taxes (till Jan 15) is 18.7 %
  • 2.Surcharge of 10 pc on income above Rs 50 lakh but less than Rs 1 cr to be continued next year; 15 pc on income above Rs 1 cr to also continue.
  • 3.100% tax deduction is allowed to co-operative societies
  • Corporate Tax of 25% extended to companies with turnover up to Rs 250 cr in financial year 2016-17
  • 4.Incentives for Senior citizens: Exemptions in income of Rs 10,000 from Banks FD and post offices
  • 5.Senior citizens to get Rs 50,000 per annum exemption for medical insurance under Sec 80D
  • 6.Rs 7.5 lakh per senior citizen limit for investment in interest-bearing LIC schemes doubled to Rs 15 lakh
  • 8.Standard deduction of Rs 40,000 allowed for transport, medical reimbursement for salaried tax payers
  • 9.Govt to reduce hardships faced in realty deals; no adjustment to be made in case circle rate does not exceed 5 pc of sale consideration
  • 10.LONG TERM CAPITAL GAINS EXCEEDING RS 1 L AKH WILL BE TAXED AT 10% WITHOUT INDEXING
  • 11.Short term capital tax remains at 15%
  • 12.A tax on distributed income at 10%
  • 13.Education cess increased to 4 pc from 3 pc to collect additional Rs 11,000 cr



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