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Friday, 30 March 2018

Revisit the tax Rules for FY 2018-19 and plan your taxes early

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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