{"id":8866,"date":"2018-02-01T11:27:24","date_gmt":"2018-02-01T05:57:24","guid":{"rendered":"http:\/\/www.apnaplan.com\/?p=8866"},"modified":"2019-12-23T10:44:08","modified_gmt":"2019-12-23T05:14:08","slug":"income-tax-slabs-2018-19","status":"publish","type":"post","link":"https:\/\/www.apnaplan.com\/income-tax-slabs-2018-19\/","title":{"rendered":"Income Tax Slabs for FY 2018-19 (AY 2019-20)"},"content":{"rendered":"<p style=\"text-align: justify;\">Your income from salary, business or other income like income from fixed\/recurring deposits etc are taxed as per income tax slabs.<strong>\u00a0Budget 2018 has made no change to the tax slab rates, however following changes have been made:\u00a0<\/strong><\/p>\n<ul>\n<li>No change in Tax Slabs<\/li>\n<li>Additional cess of 1% for health care making total cess to 4% of income tax payable<\/li>\n<li style=\"text-align: justify;\">Standard deduction of Rs 40,000 for Salaried and Pensioners<\/li>\n<li>Transport Allowance of Rs 1,600 per month &amp; Medical Reimbursement of Rs 15,000 per year abolished for salaried (but remains for differently enabled). So net gain of Rs 5,800 for salaried [Rs 40,000 &#8211; Rs 1600 * 12 &#8211; Rs 15,000]<\/li>\n<li>Exemption on interest income from Rs 10,000 to Rs 50,000 for senior citizens.<\/li>\n<li>Medical Insurance premium exemption for senior citizen increased from Rs 30,000 to Rs 50,000 u\/s 80D<\/li>\n<li>Medical expenses will see increased tax benefits for senior citizens. 100,000 on critical illness u\/s 80DDB<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\">Income Tax Slabs:<\/h2>\n<p style=\"text-align: justify;\">There is <strong>NO separate tax slab for men and women<\/strong>. Earlier women used to have slight benefit over men in terms of lower taxes!<\/p>\n<p style=\"text-align: justify;\">The tax slabs are determined on age of person. As of today there are 3 slab rates based on age:<\/p>\n<ol>\n<li style=\"text-align: justify;\">Below 60 years of age<\/li>\n<li style=\"text-align: justify;\">Senior Citizens (60 to less than 80 years of age)<\/li>\n<li style=\"text-align: justify;\">Very Senior Citizens (80+ years of age)<\/li>\n<\/ol>\n<blockquote>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/www.apnaplan.com\/income-tax-calculator-2018-19-ay-2019-20-excel-download\/\"><span style=\"background-color: #ffcc00;\">How much taxes you pay next year? Download FY 2018-19 Income Tax Calculator\u00a0<\/span><\/a><\/p>\n<\/blockquote>\n<p style=\"text-align: justify;\">The table below gives the tax slab rates:<\/p>\n<h2 style=\"text-align: justify;\">Income Tax Slab for HUFs &amp; Individuals (below 60 years \u2013 for both Men &amp; Women)<\/h2>\n<table>\n<tbody>\n<tr>\n<td><strong>Income Slab<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>Tax Rate<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Income up to Rs 2,50,000<\/td>\n<td style=\"text-align: center;\">No Tax<\/td>\n<\/tr>\n<tr>\n<td>Income from Rs 2,50,000 \u2013 Rs 5,00,000<\/td>\n<td style=\"text-align: center;\">5%<\/td>\n<\/tr>\n<tr>\n<td>Income from Rs 5,00,000 \u2013 10,00,000<\/td>\n<td style=\"text-align: center;\">20%<\/td>\n<\/tr>\n<tr>\n<td>Income more than Rs 10,00,000<\/td>\n<td style=\"text-align: center;\">30%<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">\n<ul>\n<li><strong>Surcharge:<\/strong>\n<ul>\n<li>10%\u00a0surcharge on income tax if the total income exceeds Rs\u00a050 Lakhs but below Rs 1 crore<\/li>\n<li>15% surcharge on income tax if the total income exceeds\u00a0Rs 1 crore<\/li>\n<\/ul>\n<\/li>\n<li><strong>Health Cess:<\/strong> 1% cess on income tax including surcharge<\/li>\n<li><strong>Education Cess:<\/strong> 2% cess on income tax including surcharge<\/li>\n<li><strong>Secondary and Higher Education Cess:<\/strong> 1% cess\u00a0on income tax including surcharge<\/li>\n<li><strong>Rebate under Section 87A:<\/strong> Rs 2,500 or 100% of income tax (whichever is lower) for individuals with income below Rs 3.5 Lakhs<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<blockquote><p><strong>Download:<\/strong> <a href=\"https:\/\/www.apnaplan.com\/save-income-tax-salaried-professionals-fy2018-19\/\">Free ebook for Income Tax Planning for FY 2018-19<\/a><\/p><\/blockquote>\n<h2 style=\"text-align: justify;\">Income tax slab for senior citizens (60 years to less than 80 years old) (both men &amp; women)<\/h2>\n<table>\n<tbody>\n<tr>\n<td><strong>Income Slab<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>Tax Rate<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Income up to Rs 3,00,000<\/td>\n<td style=\"text-align: center;\">No Tax<\/td>\n<\/tr>\n<tr>\n<td>Income from Rs 3,00,000 \u2013 Rs 5,00,000<\/td>\n<td style=\"text-align: center;\">5%<\/td>\n<\/tr>\n<tr>\n<td>Income from Rs 5,00,000 \u2013 10,00,000<\/td>\n<td style=\"text-align: center;\">20%<\/td>\n<\/tr>\n<tr>\n<td>Income more than Rs 10,00,000<\/td>\n<td style=\"text-align: center;\">30%<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">\n<ul>\n<li><strong>Surcharge:<\/strong>\n<ul>\n<li>10%\u00a0surcharge on income tax if the total income exceeds Rs\u00a050 Lakhs\u00a0but below Rs 1 crore<\/li>\n<li>15% surcharge on income tax if the total income exceeds\u00a0Rs 1 crore<\/li>\n<\/ul>\n<\/li>\n<li><strong>Health Cess: 1% cess on income tax including surcharge<\/strong><\/li>\n<li><strong>Education Cess:<\/strong> 2% cess on income tax including surcharge<\/li>\n<li><strong>Secondary and Higher Education Cess:<\/strong> 1% cess\u00a0on income tax including surcharge<\/li>\n<li><strong>Rebate under Section 87A:<\/strong> Rs 2,500 or 100% of income tax (whichever is lower) for individuals with income below Rs 3.5 Lakhs<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 style=\"text-align: justify;\">Income tax slab for Very senior citizens (80 years or more) (both men &amp; women)<\/h2>\n<table>\n<tbody>\n<tr>\n<td><strong>Income Slab<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>Tax Rate<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Income up to Rs 2,50,000<\/td>\n<td style=\"text-align: center;\">No Tax<\/td>\n<\/tr>\n<tr>\n<td>Income from Rs 2,50,000 \u2013 Rs 5,00,000<\/td>\n<td style=\"text-align: center;\">No Tax<\/td>\n<\/tr>\n<tr>\n<td>Income from Rs 5,00,000 \u2013 10,00,000<\/td>\n<td style=\"text-align: center;\">20%<\/td>\n<\/tr>\n<tr>\n<td>Income more than Rs 10,00,000<\/td>\n<td style=\"text-align: center;\">30%<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">\n<ul>\n<li><strong>Surcharge:<\/strong>\n<ul>\n<li>10%\u00a0surcharge on income tax if the total income exceeds Rs\u00a050 Lakhs\u00a0but below Rs 1 crore<\/li>\n<li>15% surcharge on income tax if the total income exceeds\u00a0Rs 1 crore<\/li>\n<\/ul>\n<\/li>\n<li><strong>Health Cess:<\/strong> 1% cess on income tax including surcharge<\/li>\n<li><strong>Education Cess:<\/strong> 2% cess on income tax including surcharge<\/li>\n<li><strong>Secondary and Higher Education Cess:<\/strong> 1% cess\u00a0on income tax including surcharge<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<figure id=\"attachment_8867\" aria-describedby=\"caption-attachment-8867\" style=\"width: 1013px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-8867\" src=\"http:\/\/www.apnaplan.com\/wp-content\/uploads\/2018\/02\/Income-Tax-Slabs-for-FY-2018-19.png\" alt=\"Income Tax Slabs for FY 2018-19\" width=\"1013\" height=\"588\" title=\"\" srcset=\"https:\/\/www.apnaplan.com\/wp-content\/uploads\/2018\/02\/Income-Tax-Slabs-for-FY-2018-19.png 1013w, https:\/\/www.apnaplan.com\/wp-content\/uploads\/2018\/02\/Income-Tax-Slabs-for-FY-2018-19-300x174.png 300w, https:\/\/www.apnaplan.com\/wp-content\/uploads\/2018\/02\/Income-Tax-Slabs-for-FY-2018-19-768x446.png 768w\" sizes=\"(max-width: 1013px) 100vw, 1013px\" \/><figcaption id=\"caption-attachment-8867\" class=\"wp-caption-text\"><strong>Income Tax Slabs for FY 2018-19<\/strong><\/figcaption><\/figure>\n<h2 style=\"text-align: justify;\">Income tax slab for Domestic Companies:<\/h2>\n<table style=\"width: 540px;\">\n<tbody>\n<tr>\n<td style=\"width: 232.771px;\"><strong>Company Turnover<\/strong><\/td>\n<td style=\"text-align: center; width: 295.229px;\"><strong>Tax Rate<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 232.771px;\">Less than 250 crore<\/td>\n<td style=\"text-align: center; width: 295.229px;\">25%<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 232.771px;\">More than 250 crore<\/td>\n<td style=\"text-align: center; width: 295.229px;\">30%<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 528px;\" colspan=\"2\"><strong>Surcharge:<\/strong><\/p>\n<ul>\n<li>7% surcharge if the income is more than 1 crore but less than 10 crore<\/li>\n<li>12% surcharge if the income is more than 10 crore<\/li>\n<\/ul>\n<p><strong>Health Cess: <\/strong>1% cess on income tax including surcharge<\/p>\n<p><strong>Education Cess:<\/strong> 2% cess on income tax including surcharge<\/p>\n<p><strong>Secondary and Higher Education Cess:<\/strong> 1% cess\u00a0on income tax including surcharge<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<blockquote><p><strong>Also Read:\u00a0<\/strong><a href=\"http:\/\/www.apnaplan.com\/tax-free-incomes-investments\/\">25 Tax Free Incomes &amp; Investments in India<\/a><\/p><\/blockquote>\n<h2 style=\"text-align: justify;\">Income tax slab for Partnership Firm:<\/h2>\n<p>A partnership firm (including LLP) income is<strong> taxable at 30%<\/strong>.<\/p>\n<p>Surcharge: 12% surcharge on income tax if the total income exceeds Rs 1 crore<\/p>\n<p>Health Cess: 1% cess on income tax including surcharge<br \/>\nEducation Cess: 2% cess on income tax including surcharge<br \/>\nSecondary and Higher Education Cess: 1% cess on income tax including surcharge<\/p>\n<h2 style=\"text-align: justify;\">Capital Gains\u00a0Tax Rates:<\/h2>\n<p style=\"text-align: justify;\">Some income related to capital gains are taxed at special rates as shown below:<\/p>\n<table>\n<tbody>\n<tr>\n<td><strong>Capital Gains<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>Tax Rate<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Short term capital gains from assets (Other than shares &amp; mutual funds)<\/td>\n<td style=\"text-align: center;\">At Income Tax Slab rates listed above<\/td>\n<\/tr>\n<tr>\n<td>Long term capital gains from assets (Other than shares &amp; mutual funds)<\/td>\n<td style=\"text-align: center;\">20% (+4% edu + health cess)<\/td>\n<\/tr>\n<tr>\n<td>Short term capital gains on shares and equity mutual funds<\/td>\n<td style=\"text-align: center;\">15%\u00a0(+4%\u00a0edu + health cess)<\/td>\n<\/tr>\n<tr>\n<td>Long term capital gains on shares and equity mutual funds<\/td>\n<td style=\"text-align: center;\">10%\u00a0(+4%\u00a0edu + health cess)<\/td>\n<\/tr>\n<tr>\n<td>Short term capital gains on debt mutual funds<\/td>\n<td style=\"text-align: center;\">At Income Tax Slab rates listed above<\/td>\n<\/tr>\n<tr>\n<td>Long term capital gains on debt mutual funds<\/td>\n<td style=\"text-align: center;\">At 20% (+4% edu + health cess)\u00a0with indexation<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Your income from salary, business or other income like income from fixed\/recurring deposits etc are taxed as per income tax slabs.\u00a0Budget 2018 has made no change to the tax slab rates, however following changes have been made:\u00a0 No change in Tax Slabs Additional cess of 1% for health care making total cess to 4% of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":8867,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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income from salary, business or other income like income from fixed\/recurring deposits etc are taxed as per income tax slabs.\u00a0Budget 2018 has made no change to the tax slab rates, however following changes have been made:\u00a0 No change in Tax Slabs Additional cess of 1% for health care making total cess to 4% of&hellip;","_links":{"self":[{"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/posts\/8866"}],"collection":[{"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/comments?post=8866"}],"version-history":[{"count":0,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/posts\/8866\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/media\/8867"}],"wp:attachment":[{"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/media?parent=8866"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/categories?post=8866"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/tags?post=8866"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}