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Wednesday, 16 January 2019

Income Tax Full Detail Pdf file for F.Y. 2018-19

Income Tax Full Detail Pdf file for F.Y. 2018-19

The income tax slab is a table that shows the threshold limit beyond which a specific tax rate is applicable and various deductions are made as per the applicable rate. To better understand the working methodology of income tax slab, one has to first understand the vital elements based on which tax slabs are fixed.

Income Tax Slab for the Financial Year 2018-2019

As per the union budget of 2018, below are the various slabs according to which income tax is assessed in various categories.

Resident Individuals & Non Resident Indians

      Income Threshold                 Tax rate applicable

Up to ₹ 2,50,000                     NIL

₹ 2,50,000 to ₹ 5,00,000             5%

₹ 5,00,000 to ₹ 10,00,000    20%

Over ₹ 10,00,000                    30%

Major Changes made in Income Tax Slabs FY 2018-2019

This financial year witnessed changes which have undergone quite few alterations in FY 2018-2019. Let’s have a look at the changes upcoming this financial year 2018-2019:

LTCG tax on equity investments: Reintroduction of Long Term Capital Gain Tax on stock market investment is the biggest change to be implemented this financial year.
Standard Deduction: The budget announced a standard deduction of Rs 40,000 for salaried employees, but it also did away with the taxexempt annual transport allowance of Rs 19,200 and medical reimbursement of Rs 15,000. The difference of Rs 5,800 is the reduction in the amount of taxable salary.


Exemption limit for Senior Citizens: The exemption limit on income from interest for those over 60 has been hiked five times from Rs 10,000 to Rs 50,000 per year. All deposits held by senior citizens across both banks and co-operative banks, as well as post offices will be eligible for this exemption.
Hike in Education cess on income tax: The cess on income tax has been increased by 3% to 4%, as a result of which, the effective tax liability of taxpayers in the highest tax bracket will increase to 31.2% from 30%. For the middle income taxpayers, it will go up from 20% at present to 20.8%; and for those in the lowest bracket, liability will increase from 5% to 5.2%.

Income Tax Slab & Rate for FY 2018-19

No tax for individuals with income less than ₹ 2,50,000

0%-5% tax with income ₹ 2.5 lacs to 5 lacs for different age groups

20% tax with income ₹ 5 lacs to 10 lacs

Investments upto ₹ 1.5 lacs under Sec 80C can save ₹ 46,800 in taxes. Invest Now

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