Key Points:
- No Change in Income Tax Slab Rates in FY 2018-2019 it will be the same as earlier Income Tax Slab Rate in FY 2017-2018.
- Standard Deduction introduced
- Cess on Income tax increased by 1%
- Long-term capital gains above Rs 1 lakh on the sale of equity shares and equity-oriented mutual funds to be taxed @ 10% without giving the benefit of indexation. However, Capital gains tax until 31 January 2018 will be grant further.
Watch this video Income Tax Slab Rat FY 2018-2019 to understand the what are the changes done.
Income Tax Slab for Individual Tax Payers (Less Than 60 Years Age)
Income Slab | Tax Rate |
Income up to Rs 2,50,000* | Nil |
Income from Rs 2,50,000 – Rs 5,00,000 | 5% |
Income from Rs 5,00,000 – 10,00,000 | 20% |
Income more than Rs 10,00,000 | 30% |
Surcharge: 10% of income tax, where total income more than Rs.50 lakh up to Rs.1 cr. 15% of income tax, where the total income exceeds Rs.1 cr. | |
Education & Health Cess: 4% on total income tax + surcharge. | |
Standard Deduction: Rs. 40000. |
Income Tax Slab for Senior Citizens (60 Yrs age or more but Less than 80 Yrs age)
Income Slab | Tax Rate |
Income up to Rs 3,00,000* | Nil |
Income from Rs 3,00,000 – Rs 5,00,000 | 5% |
Income from Rs 5,00,000 – 10,00,000 | 20% |
Income more than Rs 10,00,000 | 30% |
Surcharge: 10% of income tax, where total income more than Rs.50 lakh up to Rs.1 cr. 15% of income tax, where the total income exceeds Rs.1 cr. | |
Education & Health Cess: 4% on total income tax + surcharge. | |
Standard Deduction: Rs. 40000. |
Income Tax Slab for Senior Citizens(80 Years age Or More)
Income Slab | Tax Rate |
Income up to Rs 5,00,000* | Nil |
Income from Rs 5,00,000 – 10,00,000 | 20% |
Income more than Rs 10,00,000 | 30% |
Surcharge: 10% of income tax, where total income more than Rs.50 lakh up to Rs.1 cr. 15% of income tax, where the total income exceeds Rs.1 cr. | |
Education & Health Cess: 4% on total of income tax + surcharge. | |
Standard Deduction: Rs. 40000. |
Also if you looking for taking insurance and get a rebate under section 80C benefit up to 1,50,000. mail us
Please watch this video till the end to understand the income tax slab rate FY 2017-2018 and Also Know the rebate Under – 87A.