Latest Income Tax Slab Rates In India

Posted by mysmartkey on April 27th Wholesale NHL Jerseys China , 2018

Latest Tax Slab Rates In India FY 2018-19

In India after every financial year, A new income tax rates are proposed in a Budget tabled by Indian Finance Minister.


This financial year 2018-19,new changes have been made for the benefit of middle class family having gross income 5 lakh or less.


As far as senior citizens and super senior citizens are concerned, they have plenty of tax benefits which will reduce their tax liabilities .

now we discuss changes In Tax SlabStandard Deduction of rs 40,000 to be deducted from your GROSS INCOME .Education cess renamed as Health education cess.Health Education cess increased from 3% to 4%.Benefits to Senior Class

Under Section 80D they can claim higher tax rebate.


For specified diseases expenditure they can claim tax rebate under sec 80DDB .


Also senior citizens will have not to deduct tax for income upto rs 50'000 as TDS by the Concerned Banks.

How to Calculate Tax

suppose your gross salary is rs 5 lakhs


deduct rs 40 Wholesale NHL Jerseys ,000 as standard deduction from 5 lakhs.


So remaining income is rs 460,000.


Also assume that your tax saving under section 80C is rs 150,000.


so subtract it from 460,000.


so taxable income becomes rs 310,000


Finally 0-250 Wholesale Jerseys China Free Shipping ,000 no tax.


so deduct rs 250,000 from 310,000.


it will become rs 60,000.


so @5% of 60,000 =3000.


tax rebate of rs 2500 under section 87A is applicable.


so 3000-2500= rs 500.


4% health education cess of rs 500=20


finally your tax payable amount is rs 20.


Thanks for reading this article.


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