adsense code

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....

53 comments:

  1. I want to express thanks to you for bailing me out of this particular situation. After searching through the search engines and seeing thoughts which were not productive, I was thinking my entire life was well over. Existing without the presence of approaches to the difficulties you have fixed through your good short post is a crucial case, and the ones that might have in a wrong way affected my career if I had not encountered the blog. Your own personal natural talent and kindness in touching a lot of stuff was important. I’m not sure what I would've done if I had not encountered such a subject like this. I’m able to at this time relish my future. Thanks a lot so much for the impressive and amazing guide. I won’t hesitate to propose your web page to anybody who would like guidance on this situation.

    ReplyDelete
  2. Before assortment endeavors can be begun the IRS should initially set up that the decedent's bequest or trust is wiped out (obligations surpass the honest evaluation of benefits) or has lacking resources for pay the exceptional tax risk. Muster Verfahrensdokumentation

    ReplyDelete
  3. One thing that should be stressed here is the purchasing of good quality bricks. Poor quality bricks will look good soon after the job is completed but will more than likely break down, Best Commercial Paving Company

    ReplyDelete
  4. your information is very nice,if you required any TAX and GST Consultants, plse visit
    synmac consultants in BANGALORE | CHENNAI | DELHI synmac.in

    ReplyDelete
  5. This is wonderful and quite informative blog I have learnt so many things from here.
    bitcoin blueprint

    ReplyDelete
  6. I think so people are loving this blog as this seems to be a masterpiece as it is amazingly written with the intent to share information and help people in their respective fields how to integrate with fbrYou should write more articles like this to help people. We truly loved it.

    ReplyDelete
  7. You have a genuine capacity for composing exceptional substance. I like how you think and the way you speak to your perspectives in this article. I concur with your state of mind. Much obliged to you for sharing. Best bitcoin cryptocurrency investment website

    ReplyDelete
  8. your blog is so informational for us also we’ll review and recommend some of the best banks for you to put your money how to start dropshipping uk in or at least pay your bills from. Whether you are looking to relocate to Wales, Scotland, England, or Northern Ireland, these banks would be the best place for you to start.

    ReplyDelete
  9. Positive site, where did u come up with the information on this posting? I'm pleased I discovered it though, ill be checking back soon to find out what additional posts you include. money ideas

    ReplyDelete
  10. You made such an interesting piece to read, giving every subject enlightenment for us to gain knowledge. Thanks for sharing the such information with us to read this... 토토꽁머니

    ReplyDelete
  11. I'm very positive about the quality of my business' products, but it seems like it can't reach the customers much, my colleague suggested that my brand name should be changed and I am clueless on how to make an effective one! Good thing I found this online while searching for it! Can't wait to take thisonline brand and product namingcourse ASAP! business dialogs

    ReplyDelete
  12. A very awesome blog post. We are really grateful for your blog post. You will find a lot of approaches after visiting your post. leren beleggen

    ReplyDelete
  13. So these dealers, can pay you the partner a superb commission! There is a ton of incredible approaches to earn money online through ClickBank. Lead generation website

    ReplyDelete
  14. That'sthe cause marketing that you simply appropriate research prior to creating. It's also feasible to put in writing enhanced publishing with this particular. Mine bitcoin Free with your cell phone

    ReplyDelete
  15. Yet, since that infrequently occurs here are a few hints to stay in contact with your high schooler when they would prefer to be in contact with every other person in their reality.Fake it till you make it

    ReplyDelete
  16. In fact, some of the most successful entrepreneurs have multiple streams of passive income so that the money keeps on coming in even when they're focused on other projects. work online

    ReplyDelete
  17. I can set up my new idea from this post. It gives in depth information. Thanks for this valuable information for all,.. Estonian company dissolution

    ReplyDelete
  18. Neither one of the occasions is generally incredible or horrible if you are investing for the long stretch (10 years or more). It's not possible for anyone to expect with any degree of affirmation what direction.Rekomendasi Saham

    ReplyDelete
  19. Japan, which in 2001 gathered 16% of the US trade deficiency, dropped to 9% by 2015. Mexico hit 7.0% of our shortage in 2001, and notwithstanding manner of speaking took just 7.6% in 2015. Canada dropped from 12.6% to 2.6%. The Chinese part of our trade deficiency predominates that of some other country. best cryptocurrency Fortune

    ReplyDelete
  20. The article looks magnificent, but it would be beneficial if you can share more about the suchlike subjects in the future. Keep posting. 借款

    ReplyDelete
  21. They ought to likewise have the option to assist you with managing trading as the amounts of cash get bigger. icoshock top altcoin investment

    ReplyDelete
  22. taxaccountant.co.uk Keeping up with the expense records in corporate workplaces will much harder. You will be very much aware of the way that large corporate organizations should pay incalculable number of assessments. Besides, the corporate Tax rates will be changing often.

    ReplyDelete
  23. I was reading some of your content on this website and I conceive this internet site is really informative ! Keep on putting up. 5 STEPS PLAN ON HOW TO BECOME FINANCIALLY INDEPENDENT

    ReplyDelete
  24. Questions concerning why such countless individuals are currently putting away with a Forex money director or why recruit a Forex money chief to care for your assets are best replied beneath Financial coach services

    ReplyDelete
  25. I’m going to read this. I’ll be sure to come back. thanks for sharing. and also This article gives the light in which we can observe the reality. this is very nice one and gives indepth information. thanks for this nice article... tax advisors

    ReplyDelete
  26. I truly appreciate this blog post. Thanks Again.why invest in cambodia

    ReplyDelete
  27. It is law that the purchasers bank request the evaluation so they realize it is genuine.granville towers west hollywood

    ReplyDelete
  28. This is allowed because in order to incur capital gains, you will likely also incur capital losses, and by not allowing you to offset these losses, you are being taxed in an unbalanced way. Bookkeeping Services Toronto

    ReplyDelete
  29. Business credit is a vital part of maintaining a business. Regardless of whether it's a little beginning up home business or a huge partnership with thousand of workers and several millions worth of deals, the two elements need to keep up with great credit as an assertion of how well the organization oversees obligation. best credit service near me
    find out

    ReplyDelete
  30. You should observe the right proficient who has had genuine encounter and aptitude in regards to your specific physical issue or case.injury attorney
    injury attorney

    ReplyDelete
  31. Pretty good post. I just stumbled upon your blog and wanted to say that I have really enjoyed reading your blog posts. Any way I'll be subscribing to your feed and I hope you post again soon. Big thanks for the useful info. orland park IL realtors

    ReplyDelete
  32. A very awesome blog post. We are really grateful for your blog post. You will find a lot of approaches after visiting your post. palos park IL Real Estate Agents

    ReplyDelete
  33. Interestingly you write, I will address you'll find exciting and interesting things on similar topics. Best Air Fryer for One Person

    ReplyDelete
  34. The motivations behind why a solid arrangement is required while setting a training is refered to by Linda Pinson in her book "Life structures of a Business Plan." https://www.natlawreview.com/article/10-reasons-why-fcpa-compliance-critically-important-businesses

    ReplyDelete
  35. In this context, since the issues such as security investigation case, criminal record deletion, vehicle depreciation, public procurement law, civil servant cases are heard in Ankara courts, the lawyers in Ankara have naturally become more experienced and competent in these areas. Ankara avukat

    ReplyDelete
  36. I like this post,And I assume that they having an incredible time to examine this post,they may take a good site to make an information,thanks for sharing it to me. First Data ISO Program

    ReplyDelete
  37. I used it for a month and saw a perceptible differentiation in myself. By and by I don't shy of going out with my friends, etc. how to be a merchant processor

    ReplyDelete
  38. This is one of the most misconstrued Laws of Life because of the conviction that all situation are fated to come to pass because of some past activity. lawyers specializing in medical malpractice
    slip and fall attorneys

    ReplyDelete
  39. It also facilitates the users to download the form for paying tax offline. There are ample number of other Internet portals that provide many facilities related to the tax return. With these portals, applicant can also calculate their tax amount within a minute by entering their income details. explore this link

    ReplyDelete
  40. A complete guide to tax issues and queries for small business owners. This will guide you through corporation tax, national insurance, VAT(Value Added Tax), PAYE and Income tax. webpage

    ReplyDelete
  41. So it is interesting and very good written and see what they think about other people. read here

    ReplyDelete
  42. The tax advantages that senior citizens receive after retirement are exceptional. Your investing alternatives are numerous and provide greater rewards, and you are allowed to receive tax-free income of up to 5,00,000. Investment choices include ELSS, Senior Citizen Savings Plan, and National Savings Certificates. In addition, depending on your goals and financial capacity at the moment, programs like the Invest 4G can assist you in building a sizable corpus of cash. They give you the ability to limit the amount of risk to which your money is exposed while also exposing it to its full potential.

    ReplyDelete

Real estate investments

 In India, our old people have only two options for investment. These are Real State (house or Plot) and Gold. We will talk about gold some ...