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    Income Tax Slab Rates for FY 2018-19 AY 2019-20Income Tax Slab Rates for FY 2018-19 AY 2019-20Income Tax Slab Rates for FY 2018-19 AY 2019-20Income Tax Slab Rates for FY 2018-19 AY 2019-20
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    income tax slab rates for fy 2018-19 AY 2019-20

    Budget 2018-19 : Income Tax Key Highlights 
    • Income Tax Slabs: No change has in tax rates income-tax-slab-rates-for-fy-2018-19-ay-2019-20
    • Standard Deduction: 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.
    •  Example: Mr. A having net taxable Salary income Rs 5.50 lakh For FY 2018-19 then remove Rs 40,000 from salary it, and calculate from a starting point of Rs 5.1 lakh. ( tax saving shall be Rs. 8320/- * Rs. 40000* 20% and cess )
    • Increase In Cess: Secondary & Higher Education cess is increased from 3 % to 4 %, that will be replaced as Health & Education Cess.
    • Mediclaim for  Senior Citizen: Up to Rs. 50000/- Medi claim can be claimed for Senior Citizens under section 80 D of Income Tax Act 1961

    In the Budget ofyear 2018 Finance minister Shri Arun Jaitely had there will be no changes in income tax rate. Means the previous income tax rate shall be continuing.  At present for Individuals and HUF India have three tax slabs these are between 2.5 lac , 5 Lac and 10 Lac and above.


    Income Tax Rate for Individuals & HUF  FY 2018-19 AY 2019-20
    ( Age Less Than 60 Years )

    Men and Women

    Income Slab Tax Rate Income Tax
    Income up to Rs 2,50,000* No tax  NIL
    Income from Rs 2,50,000 – Rs 5,00,000 5%  12500/-
    Income from Rs 5,00,000 – 10,00,000 20% 100000/-
    Income more than Rs 10,00,000 30% @ 30% income Above 10 Lac
    Cess:  4 % on total of income tax + surcharge.
    Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore
    Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.

    Income Tax Rate for Senior Citizen FY 2018-19 AY 2019-2020
    ( 60 Years old or More But less than 80 years )

    Income Slab Tax Rate Income Tax
    Income up to Rs 3,00,000* No tax  NIL
    Income from Rs 3,00,000 – Rs 5,00,000 5%  10000/-
    Income from Rs 5,00,000 – 10,00,000 20% 100000/-
    Income more than Rs 10,00,000 30% @ 30% income Above 10 Lac
    Cess: 4 % on total of income tax + surcharge.
    Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore
    Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.

    Income Tax Rate for Senior Citizen FY 2018-19 AY 2019-2020
    (More than 80 years )

    Income Slab  Tax Rate Income Tax
    Income up to Rs 3,00,000* No tax  NIL
    Income from Rs 3,00,000 – Rs 5,00,000 No Tax NIL
    Income from Rs 5,00,000 – 10,00,000 20% 100000/-
    Income more than Rs 10,00,000 30% @ 30% income Above 10 Lac
    Cess:4% on total of income tax + surcharge.
    Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore
    Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.

     


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    2 Comments

    1. Kuldeep Singh says:
      April 2, 2018 at 6:50 am

      great article on Latest Income tax Slab Rates for FY 2018-19.Thanks.

      • ANBCA says:
        April 4, 2018 at 1:58 pm

        Thank You Kuldeep Singh.

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