Income Tax Slab Rates for FY 2018-19, FY 2017-18, FY 2016-17 and FY 2015-16 (Updated)
For Individuals and Salaried People
Income Tax Slab rates remain unchanged.
So, Income Tax Slab for Financial Year 2018 -19 (A.Y.
2019 - 20). Basic Exemption limit for Senior Citizen
(age 60 - 79 years ) remains Rs.3,00,000 and for Very
senior Citizens (age 80 years & above) remains Rs 5,00
Income (in Rs )
0 - 2,50,000
2,50,001 - 5,00,000
5,00,001 - 10,00,000
Education cess of 3% on Net Tax payable is now
increased to 4% being renamed as Health & Education Cess
A Standard deduction of Maximum Rs.40,000 has been
introduced for Salaried Class replacing the earlier allowed
Medical Expenses & Transport Expenses deduction of Rs.15,000
p.a. & Rs.19,200 p.a. respectively.
Inshort, only Net benefit of Rs 5,800 would be further allowed subject to increase in cess by 1%.
Tax on Long Term Capital Gains on a sale of listed
equity shares has been introduced at the rate of 10% of
profits. However, gains up to Rs.1,00,000 in a year are
Now avail maximum tax benefits and file your income tax return with the help of our awesome experienced CAs.
For Senior Citizens
Interest on savings account deposit, fixed account deposit and recurring deposits shall be allowed as a deduction to the extent of Rs 50,000 in a year.
Deduction in respect of payment towards annual premium on health insurance policy, or preventive health check-up has been increased from Rs 30,000 to Rs 50,000 .
Also, Senior citizens not covered by insurance can claim reimbursement of medical expenditure upto Rs. 50,000.
Deduction in respect of an amount paid for medical treatment of specified diseases has been increased to Rs 1,00,000 for both - Senior & Very Senior Citizens.
Other Key Changes
It has been proposed that benefit of concessional
rate of corporate tax @25% shall be extended to domestic
companies whose total turnover or gross receipt in the
previous year 2016-17 does not exceed
Rs. 250 crores
Tax Rate of Short term capital gain remains unchanged i.e 15%
Introduction of e-assessments to bring efficiency and transparency in the assessment procedure.
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