New financial year is around the corner. It is great to plan
our taxes early. The early planning
gives a full year to act and reduces last minute hustle. But before that, let’s
go through the Income tax slabs and new changes made for FY
2018-19.
No changes are made in budget 2018 in income tax slab. There
are three income tax slabs as. Income up to 2.5 Lakh is tax-free.
- 5% tax is applicable for the income in the range of 2.5 Lakh to 5 Lakh.
- 20% tax is applicable for income in the range of 5 Lakh to 10 Lakh.
- Any income above 10 Lakh will be charged with 30% tax
- Surcharge is still the same. It is 10% on Tax if Income > Rs 50 Lakh less than 1 Cr and 15% on Tax if Income > Rs 1 Crore.
Standard Deduction has been reintroduced. For the salaried
people it is Rs.40000. This means that now this class has 2.9 Lakh as tax-free
income. But note that the existing benefit of medical and transport allowance
has been removed, for which we had to produce the receipts.
A cess (Health & Education Cess) applicable on tax is increased
to 4% from 3%.
For Senior citizen income up to 3 Lakh is tax-free and for
very senior citizen income up to 5 Lakh is tax-free.
For senior citizen, income tax exemption on interest earned
from banks and post office has been increased through a new section 80TTB .It
will allow a deduction up to Rs.50000 in respect of interest income from
deposits held by senior citizens.
Now let’s revisit the tax saving options we have
Hope this will help....
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