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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