 |
| Advertisement |
Income Tax Full Detail Pdf file for F.Y. 2018-19
The income tax slab is a table that shows the threshold limit beyond which a specific tax rate is applicable and various deductions are made as per the applicable rate. To better understand the working methodology of income tax slab, one has to first understand the vital elements based on which tax slabs are fixed.
Income Tax Slab for the Financial Year 2018-2019
As per the union budget of 2018, below are the various slabs according to which income tax is assessed in various categories.
Resident Individuals & Non Resident Indians
Income Threshold Tax rate applicable
Up to ₹ 2,50,000 NIL
₹ 2,50,000 to ₹ 5,00,000 5%
₹ 5,00,000 to ₹ 10,00,000 20%
Over ₹ 10,00,000 30%
Major Changes made in Income Tax Slabs FY 2018-2019
This financial year witnessed changes which have undergone quite few alterations in FY 2018-2019. Let’s have a look at the changes upcoming this financial year 2018-2019:
LTCG tax on equity investments: Reintroduction of Long Term Capital Gain Tax on stock market investment is the biggest change to be implemented this financial year.
Standard Deduction: The budget announced a standard deduction of Rs 40,000 for salaried employees, but it also did away with the taxexempt annual transport allowance of Rs 19,200 and medical reimbursement of Rs 15,000. The difference of Rs 5,800 is the reduction in the amount of taxable salary.
Standard Deduction: The budget announced a standard deduction of Rs 40,000 for salaried employees, but it also did away with the taxexempt annual transport allowance of Rs 19,200 and medical reimbursement of Rs 15,000. The difference of Rs 5,800 is the reduction in the amount of taxable salary.
IMPORTANT LINK::::
0 Comments: