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Income Tax Slabs | Income Tax Rate for 2018-2019 and 2017-2018
a) No Change in Income Tax Slab & Tax Rates for Individuals
b) 3% Education Cess to be replaced with Health and Education Cess @ 4% for all taxpayers
c) Corporate Tax: Benefit of Corporate tax @ 25% available for Companies with turnover up to Rs 250 Crore
d) 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 for until 31 January 2018 will be grandfathered
For FY 2017-18, the slab rate for income tax up to Rs. 5 lakh has gone down from 10% to 5%.
Income Tax Slab for Individual Tax Payers & HUF (Less Than 60 Years Old) (Both Men & Women)
|Income Slab||Tax Rate|
|Income up to Rs 2,50,000*||No tax|
|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 exceeds Rs.50 lakh up to Rs.1 crore.|
Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.
|Cess: 3% on total of income tax + surcharge.|
|*Income tax exemption limit for FY 2017-18 is up to Rs. 2,50,000 for individual & HUF other than those covered in Part(II) or (III)|
Income Sources and available Deductions
Income : Income from Employer
Deductions: HRA, Medical reimbursement, LTA, Conveyance allowance, etc.
Income : Gain or loss from property owned
Deductions: Standard deduction of 30% and interest on loan for buying/construction of property
Income : Any Income other than other than above
Deductions: Dividends upto Rs 10 lakhs/SB Interest upto Rs. 10,000 gift from relatives, interest from NRE accounts, PPF account etc.
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