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Hike in Exemption Limit! Changes in Income Tax Slab for AY 2018–19 Check Details

Changes in Income Tax Slab for AY 2018–19

The Central government is planning to offer assistance to tax payers to balance inflation increase. Arun Jaitley our honourable Finance Minister might announce Hike in Exemption Limit. In Income Tax Slab for AY 2018–19the tax exemption limit to Rs.3 lakh from Rs.2 lakh 50 thousand.

The main motive behind Changes in Income Tax Slab for AY 2018–19 to give more money to the masses to spend and invest.Finance Minister ArunJaitley will present Budget 2018-19 on February 1.

Income Tax Slab for AY 2018–19

Income Tax Slab for AY 2018–19Expected changes:

  • Income band of NIL Tax rate may get increased from Rs.2, 50,000/- to Rs.3, 00,000/- or more…
  • Tax rate for income band of Rs.5,00,000/- to Rs.10,00,000/- may decrease from 20% to 10%
  • Tax rate for income band of Above Rs.10,00,000/- may decrease from 30% to 25%
  • Since there is no tax slab for income between Rs.10 lakh and Rs.20 lakh.

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Income Tax Slab (at present)

Income Tax Slab for AY 2018–19 for Individuals:

1.1 Income Tax Slab Rate for AY 2018-19 for Individuals:

Resident and Non Resident Individuals having age less than 60 years till the last day of previous year:

Taxable incomeTax Rate
Up to Rs.2,50,000Nil
Rs.2,50,000 to Rs.5,00,0005%
Rs.5,00,000 to Rs.10,00,00020%
Above Rs.10,00,00030%

1.2 Resident and Non Resident senior citizen Individuals having age more than 60 years and less than 80 years till the last day of previous year:

Taxable incomeTax Rate
Up to Rs.3,00,000Nil
Rs.3,00,000 – Rs.5,00,0005%
Rs.5,00,000 – Rs.10,00,00020%
Above Rs.10,00,00030%

1.3 allSuper senior citizen Individuals in India having age more than 80 years and less than 80 years till the last day of previous year:

Taxable incomeTax Rate
Up to Rs.5,00,000Nil
Rs. 5,00,000 – Rs.10,00,00020%
Above Rs.10,00,00030%

This Also includes (Plus):

Surcharge
  • 10% of tax where total income goes beyond Rs.50 lakh and
  • 15% of tax where total income goes beyond Rs.1 crore
Education cess 3% of tax plus surcharge

A resident individual is entitled for rebate u/s 87A if his total income does not go beyond Rs.3, 50,000. The amount of rebate shall be 100% of income-tax or Rs.2, 500, whichever is less.

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2) Income Tax Rates for HUF/AOP/BOI/Any other Artificial Juridical Person:

Taxable incomeTax Rate
Up to Rs.2,50,000Nil
Rs.2,50,000 to Rs.5,00,0005%
Rs.5,00,000 to Rs.10,00,00020%
Above Rs.10,00,00030%

This Also Includes (Plus):

Surcharge
  • 10% of tax where total income goes beyond Rs.50 lakh and
  • 15% of tax where total income goes beyond Rs.1 crore
Education cess 3% of tax plus surcharge

3) Tax Rate for Partnership Firm:

A partnership firm (including LLP) is taxable at 30%.

This Also Includes (Plus):

Surcharge12% of tax where total income exceeds Rs.1 crore
Education cess 3% of tax plus surcharge

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4) Income Tax Slab for AY 2018–19 Rate for Local Authority:

A local authority is taxable at 30%.

This Also Includes (Plus):

Surcharge12% of tax where total income exceeds Rs.1 crore
Education cess 3% of tax plus surcharge

5) Income Tax Slab for AY 2018–19Rate for Domestic Company:

A domestic company is taxable at 30%. However, tax rate is 25% if turnover or gross receipt of the company does not exceed Rs.50 crore.

This Also includes (Plus):

Surcharge
  • 7% of tax where total income exceeds Rs.1 crore
  • 12% of tax where total income exceeds Rs.10 crore
Education cess3% of tax plus surcharge

6) Income Tax Slab for AY 2018–19 Rates for Foreign Company:

A foreign company is taxable at 40%

This also includes (Plus):

Surcharge
  • 2% of tax where total income exceeds Rs.1 crore
  • 05% of tax where total income exceeds Rs.10 crore
Education cess 3% of tax plus surcharge

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7) Income Tax Slab for AY 2018–19for Co-operative Society:

Taxable incomeTax Rate
Up to Rs.10,00010%
Rs.10,000 to Rs.20,00020%
Above Rs.20,00030%

This Also Includes (Plus):

Surcharge 12% of tax where total income exceeds Rs.1 crore Education cess 3% of tax plus surcharge

Hence this was the information till now…As soon as any new update will receive, we the team members of recruitmentresult.com will update this page soon. If you have any suggestions that you want to share then you may mention your comments in below stated comment box.


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