income tax slab

income tax slab

Budget 2018 highlight – income tax slab for 2018-19 has been announced.

Are you anxious to know income tax slab for 2018-19? New income tax slab has been divided into three
tax slab of 5%, 20% and 30% in India.

Income up to Rs 250,000 is exempt from tax for men and women below the age of 60. For senior (aged
60-80) citizen this limit increased up to 300,000. And super citizen (Aged above 80 years) this limit increased up to Rs 500,000 per annum.

So there are three types of different taxation rules in terms of age of taxpayer. But slab remain the same 5%, 20% and 30%.
So we compute income on different tax slab based on different age. Then income tax will be computed 5%, 20 % and 30% tax slab.

Taxpayer is below 60 years.

Income above 2.5 Lac but below 5 Lac attracts income tax of 5% (total income – 2.5 Lac), However Rs 5
Lac attracts a fixed income tax of Rs 12500.
Income above 5 Lac but below 10 Lac attracts income tax of 20% Calculation 12500+ (20% of Net
amount – 5 Lac), However Rs 10 Lac attract a fixed income tax of Rs 112500.
Income above 10 Lac attracts income tax of 30% Calculation 112500+ (30% of Net amount –10 Lac),

Tax payer is above 60 year but below 80 year.

Income above 3 Lac but below 5 Lac attracts income tax of 5% (total income – 3 Lac), However Rs 5 Lac
attract a fixed income tax of Rs 10,000.
Income above 5 Lac but below 10 Lac attracts income tax of 20% Calculation 10000+(20% of Net amount
– 5 Lac), However Rs 10 Lac attract a fixed income tax of Rs 11000.

Income above 10 Lac attracts income tax of 30% Calculation 110000+(30% of Net amount –10 Lac),

Tax payer is above 80 year.

Income above 5 Lac but below 10 Lac attracts income tax of 20% (total income – 5 Lac), However Rs 10
Lac attract a fixed income tax of Rs 100,000.
Income above 10 Lac attracts income tax of 30% Calculation 110000+(30% of Net amount –10 Lac),

Budget has increased the health and education cess computed on income tax 4% that clubbed with
income tax payable. New budget introduced Rs 40,000 standard deduction in lieu of conveyance and
medical expenses for salaried taxpayers only.

|

Leave a Reply