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

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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.

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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.

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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.

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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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