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29 Dec 2017

Latest Income Tax Slabs for AY 2018-19, Rates for FY 2017-18 : Union Budget 2018-19

Updated on 01.01.18 Latest Income Tax Slabs for AY 2018-19, Rates for FY 2017-18 - SBIMONEY.IN provides you latest information on Income Tax Rates & Slabs ✓ for Salaried (General & Women Category) ✓ Rate Income Tax for Senior Citizen ✓ Tax Calculator ✓ Limitation ✓ Impacts & more.

Now it's a budget time and every indian discussed about current budget 2018. The question is, what a common man expect form finance minister this year.The income tax rates will be applicable for the Financial Year ending March 31, 2018 (i.e. Financial Year 2017-18) - Assessment Year 2018-19).



RATE OF INCOME TAX FOR F. Y. 2016-17 (A.Y. 2018-19)


Finance Minister Mr. Arun Jaitley on Wednesday (01.02.2017) described Union Budget 2019 as “futuristic”, with an aim on fulfilling the “dreams” of every section, including the poor, the farmers and the under-privileged while focussing on job creation, transparency, urban rejuvenation and rural development.

INDIVIDUALS / HUF / AOP / BOI

    • Tax Calculator (General Category & Women)
SLAB TOTAL INCOME Rate TAX CALCULATOR COMMENTS
    of Tax    
         
I Upto ₹2,50,000/- 0 % NIL No Change
         
II ₹2,50,001/- to Rs. 5 % (Total Income – 2,50,000)*5% 1. Tax Rate Reduced from
  3,50,000/-   - 2500 10% to 5%
        2. Rebate u/s 87A reduced
        from 5000/- to 2500/-
         
III ₹3,50,001/- to Rs. 5% 5000 + (Total Income – Rebate u/s 87A not available
  5,00,000/-   3,50,000)*5%  
         
IV ₹5,00,001/- to Rs. 20 % 12500 + (T.I. – 500000)*20% A reduction of ₹12500/- in
  10,00,000/-     the Tax Liability
         
V Above ₹10,00,000/- 30 % 112500+(T.I.–10,00,000)*30% A reduction of ₹12500/- in
        the Tax Liability
  • Tax Calculator (Senior Citizen – Age 60 Years)
SLAB TOTAL INCOME Rate TAX CALCULATOR COMMENTS
    of Tax    
         
I Upto ₹3,00,000/- 0 % NIL No Change
         
II ₹3,00,001/- to ₹ 5 % NIL Tax adjusted against the
  3,50,000/-     Rebate u/s 87A of ₹2500/-
         
III ₹3,50,001/- to ₹ 5% 2500 + (Total Income – Rebate u/s 87A not available
  5,00,000/-   3,50,000)*5%  
         
IV ₹5,00,001/- to ₹ 20 % 10000 + (T.I. – 500000)*20% A reduction of ₹12500/- in
  10,00,000/-     the Tax Liability
         
V Above ₹10,00,000/- 30 % 110000+(T.I.–10,00,000)*30% A reduction of ₹12500/- in
        the Tax Liability
  • Tax Calculator (Very Senior Citizen – Age 80 Years)
SLAB TOTAL INCOME Rate TAX CALCULATOR COMMENTS
    of Tax    
         
I Upto Rs. 5,00,000/- 0 % NIL No Change
         
II Rs. 5,00,001/- to Rs. 20 % (T.I. – 5,00,000)*20 % No Change
  10,00,000/-      
         
III Above Rs. 10,00,000/- 30 % 1,00,000+(T.I.–10,00,000)*30 % No Change

“This is a budget for the future—for farmers, underprivileged, transparency, urban rejuvenation, rural development, enterprise,” Modi said while commenting on the document presented by finance minister Arun Jaitley in the Lok Sabha.

☞ Tax rates halved to 5% for income of ₹2.5-5 lakh, tax slabs unchanged
☞ 10% surcharge on people earning between ₹50 lakh-1 cr
☞ 15% surcharge on annual income above ₹1 cr to continue
☞ Cash transactions above ₹3 lakh to banned
☞ Payment Regulatory Board to be set up within RBI to regulate digital payments
☞ Negotiable instruments Act to be amended to deal with cheque bounce cases
☞ Legislative changes to confiscate of assets of economic offende₹who flee country
☞ Demonetisation bold, decisive measure; to help GDP growth, taxes mop up to rise
☞ Corporate tax for SMEs with turnover up to ₹50 cr cut to 25%; 96% companies to benefit
☞ Customs duty of LNG halved to 2.5%
☞ Fiscal deficit pegged at 3.2% next year, 3% in FY'19
☞ Political parties barred from accepting cash donation beyond ₹2,000 per individual
☞ They can receive donations via cheques, electronic mode; electoral bonds to be issued by RBI
☞ Aadhaar-based health cards for senior citizens; a scheme for them to ensure 8 pc guaranteed returns
☞ FIPB to be abolished; further FDI policy liberalisation
☞ Government to have time-bound procedure for CPSE listing
☞ Railway PSUs -- IRCTC, IRFC, IRCON to be listed
☞ Effect of demonetisation not to spill over to next year
☞ GST, demonetisation 'tectonic changes' for economy
☞ Service charges on e-tickets booked via IRCTC waived
☞ Capital expenditure of Railway fixed at ₹1.31 lakh cr
☞ Rail safety fund of ₹1 lakh cr over 5 yea₹, unmanned level crossing to be eliminated by 2020
☞ FPI to be exempt from indirect transfer provision
☞ Integrated public sector oil major to be created to match global giants
☞ Direct Tax collection growth 15.8%, indirect tax 8.3%
☞ Total expenditure pegged at ₹21.47 lakh crore
☞ Capital expenditure up 24%; to have multiplier effect
☞ Allocation to states hiked to ₹4.11 cr
☞ FRBM Committee suggests Debt-GDP ratio of 60% by 2020
☞ Retail inflation to remain within 2-6 pc
☞ 2 new AIIMS to come up in Jharkhand, Gujarat
☞ Budget based on 3 agenda -- Transform, Energise, Clean India (TECIndia). MORE PTI JD
☞ 3 yr period for long-term capital gains tax on immovable property reduced to 2 years base year indexation shifted from April 1, 1981 to April 1, 2001
☞ Disinvestment target at ₹72,500 cr, up from 56,500 cr
☞ Gross market borrowing pegged at ₹6.05 lakh cr
☞ Duty exempted on POS machines and Iris reade₹for encouraging digital payments
☞ Tax benefits for Start ups to be for 3 out of 7 year
☞ Highest ever allocation of ₹48,000 cr to MNREGA
☞ Farm sector to grow at 4.1% this fiscal, to double farm income in five yea₹
☞ Farm credit target for next fiscal at ₹10 lakh crore
☞ Fasal Bima yojana increased to 40% of crop area; raised to ₹1.41 lakh crore in Kharif 2017 season
☞ Infrastructure investment pegged at ₹3.96 lakh cr
☞ To double irrigation fund corpus to ₹40,000 cr
☞ Infrastructure status accorded affordable housing
☞ Dairy processing fund with ₹2000cr corpus to be set up
☞ ₹1.84 lakh cr allocated for women, child initiatives
☞ ₹1.87 lakh cr allocated to rural, agri, allied sector
☞ 1 crore houses by 2019 for homeless
☞ PM Awas Yojana allocation up from ₹15,000 cr to ₹23,000 cr
☞ 100% village electrification to be achieved by May 2018
☞ ₹31,920 cr allocated for Scheduled Tribes, ₹4,195 cr for nminority affai₹, outcome based budgeting to start
☞ Road sector allocation hiked to ₹64,000 cr
☞ Innovation Fund to be created for Secondary Education
☞ Allocation of ₹2.41 lakh crore rail, road, shipping to create jobs, spur economic activity
☞ New metro rail policy to be announced
☞ New crude oil reserves proposed at Odisha and Rajasthan; to take strategic reserve capacity to 15.33 mmt
☞ India on cusp of digital revolution
☞ FDI increased 35 pc to ₹1.45 lakh crore in H1 FY'17.

USER SEARCH QUERIES ON UNION BUDGET & INCOME TAX


UPDATED ON USER SEARCH QUERIES ON UNION BUDGET 2018 RISING  %
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7 comments:
Write comments
  1. Rich budget for Poor and Poor budget for Rich

    ReplyDelete
  2. 5% is the new income tax rate on the Rs 2.5 to 5 lac slab

    ReplyDelete
  3. No cash transaction above 3 lakh, Income Tax cut from 10% to 5% for 2.5 - 5 lakh bracket

    ReplyDelete
  4. Income Tax Slab 2017-18

    Up to Rs. 3,00,000 : Nil
    Rs. 3,00,000 to Rs.5,00,000 : 5%
    Rs. 5,00,000 to Rs.10,00,000 : 20%
    Rs.10,00,000+ : 30%

    ReplyDelete
  5. Service charge on e-ticket booked through IRCTC has been withdrawn

    ReplyDelete
  6. Please send your grievance to care@irctc.co.in then share received ticket id to search and resolve.

    ReplyDelete
  7. IRCTC charges Rs 40 on every ticket booked in air-conditioned classes. For sleeper class, a service charge of Rs 20 is levied.

    ReplyDelete