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Income Tax Slab for FY 2018-19 And AY 2019-20

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Income Tax Slab for FY 2018-19

New Income Tax Slab For 2018-19

Finance Minister Arun Jaitley will introduce the Union Budget for 2018 in Parliament. Prior to the 2018-19 budget sum, the Income Tax slabs cost Rs. Speculation that the government could increase from 2.5 lakhs to Rs 3 lakh. The tax rate can also be reduced to those who earned an income of Rs 2.5 lakh to Rs 5 lakh.

The government expects tax exemption limit from Rs 2.5 lakh to Rs 3 lakh. This can be done with inflation rising inflation. Over the last year, the budget has been reported to increase the government tax exemption limit from Rs 2.5 lakh to Rs 4 lakh. Arun Jaitley did not make such a statement.

In the budget year 2017-18, Arun Jaitley proposed to cut the income tax rate by 5 percent. It has proposed to reduce the number of people who have income from Rs 2.5 lakh to Rs 5 lakh. Annual Income of Rs. 50 lakhs to Rs. 10% surcharge was announced for those with 1 crore. In the budget for 2017-18 fiscal year, 1 crore or 15 percent surpasses surcharge.

Current income tax slabs include:

Annual revenue of Rs 5 lakh to Rs 10 lakh is annual revenue of 20 percent and income of more than Rs 10 lakh is 30 percent.

Income  Income Tax rate for 2016-17 Income Tax rate for 2017-18
Individual tax payers
Up to Rs 2,50,000 No tax No tax
Rs 2,50,001 to Rs 5,00,000 10% 5%
Rs 5,00,001 – 10,00,000 20% 20%
More than Rs 10,00,000 30% 30%
Senior citizens who are 60 years old and above but less than 80 years
Up to Rs 3,00,000 No tax No tax
Rs 3,00,001 to Rs 5,00,000 10% 10%
Rs 5,00,001 to Rs 10,00,000 20% 20%
More than Rs 10,00,000 30% 30%
Senior Citizens who are 80 years old and above
Up to Rs 5,00,000 No tax No tax
Rs 5,00,001 to Rs 10,00,000 20% 20%
More than Rs 10,00,000 30% 30%
(Surcharge of 10 per cent on income of all individuals above Rs 50 lakh and less than Rs 1 crore and surcharge of 15 per cent on income above Rs 1 crore).

In the 2018-19 budget, the government may bring a new tax slab to individuals with income between Rs 5 and 7.50 lakh per year. These individuals need to pay a 20 percent income tax. The government may reduce their taxes from 20 to 10 percent.

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Source – http://www.india.com/
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