10 Things You Need to Know about India's Union Budget 2018

A new year brings New Budget 2018. Key Highlights From Arun Jaitley's Union Budget 2018


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Income Tax Slab Rates for FY 2018-19, FY 2017-18, FY 2016-17 and FY 2015-16 (Updated)



KEY HIGHLIGHTS



For Individuals and Salaried People


  1. 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 ,000.

    Income (in Rs ) Tax Rate
    0 - 2,50,000 Nil
    2,50,001 - 5,00,000 5%
    5,00,001 - 10,00,000 20%
    Above 10,00,001 30%

  2. Education cess of 3% on Net Tax payable is now increased to 4% being renamed as Health & Education Cess .

  3. 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.

  4. Inshort, only Net benefit of Rs 5,800 would be further allowed subject to increase in cess by 1%. .

  5. 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 exempt.

Now avail maximum tax benefits and file your income tax return with the help of our awesome experienced CAs.


For Senior Citizens


  1. 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.

  2. 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 .

  3. Also, Senior citizens not covered by insurance can claim reimbursement of medical expenditure upto Rs. 50,000.

  4. 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


  1. 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

  2. Tax Rate of Short term capital gain remains unchanged i.e 15%

  3. Introduction of e-assessments to bring efficiency and transparency in the assessment procedure.


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