Tax applicable for
individuals below 60 years
Annual Income
|
Tax Rates
|
Health and Education Cess
|
Up to Rs.2,50,000
|
Nil
|
Nil
|
Rs.2,50,001-Rs.5,00,000
|
5% (total income minus
Rs 2,50,000)
|
4% of income tax
|
Rs.5,00,001-Rs.10,00,000
|
Rs.12,500 + 20% of (total income minus Rs 5,00,000)
|
4% of income tax
|
Above Rs.10,00,000
|
Rs.1,12,500 + 30% of (total income minus Rs 10,00,000)
|
4% of income tax
|
Tax applicable for
individuals over 60 years and under 80 years
Annual Income
|
Tax Rates
|
Health and Education Cess
|
Up to Rs.3,00,000
|
Nil
|
Nil
|
Rs.3,00,001-Rs.5,00,000
|
5% (total income minus
Rs 3,00,000)
|
4% of income tax
|
Rs.5,00,001-Rs.10,00,000
|
Rs.10,000 + 20% of (total income minus Rs 5,00,000)
|
4% of income tax
|
Above Rs.10,00,000
|
Rs.1,10,000 + 30% of
(total income minus Rs 10,00,000)
|
4% of income tax
|
Tax applicable for
individuals over 80 years and above
Annual Income
|
Tax Rates
|
Health and Education Cess
|
Up to Rs.5,00,000
|
Nil
|
Nil
|
Rs.5,00,001-Rs.10,00,000
|
20% of (total income minus Rs 5,00,000)
|
4% of income tax
|
Above Rs.10,00,000 Rs.1,12,500
|
Rs.1,00,000 + 30% of (total income minus Rs 10,00,000)
|
4% of income tax
|
No change in income tax slabs for
individuals.
There are no separate slab for male and
female.
- Surcharge:
·
10% surcharge on income tax if the total income exceeds
Rs.50 Lakhs but below Rs.1 Cr.
·
15% surcharge on income tax if the total income
exceeds Rs.1 Cr.
Health and Education cess : 4% cess on income
tax including surcharge. This Health and Education Cess replaced the earlier 2%
Education Cess and 1% Secondary and Higher Education Cess from Budget 2018.
From FY 2018-19, a standard
deduction of Rs 40,000 in lieu of travel, medical expense
reimbursement and other allowances has been proposed for salaried employees and
pensioners. To claim this standard deduction, there is no need to submit
medical bills to your employer.
transport allowance (Rs 19,200 per annum) and
medical reimbursement of Rs 15,000 has been abolished.
10% Long Term Capital Gains Tax on Equity and
Equity based Mutual Funds introduced.
If taxpayers – individual or corporate –
forget to file their income tax returns by the due date, they will not be
allowed to claim tax breaks on investments, children’s school fees and medical
insurance premiums under the grab-all Section 80.
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