Budget 2018: How Much Income Tax You Have To Pay In 2018-19

Finance Minister Arun Jaitley in Budget 2018 did not change personal income tax rates. Nor did he change income tax slabs. However, he announced a standard deduction of Rs. 40,000 in place of exemptions allowed for medical reimbursement (Rs. 15,000) and transport allowance (Rs. 19,200). The finance minister also raised cess on income tax from 3 per cent to 4 per cent for individual taxpayers. Here’s how these tax changes will impact your tax liability going forward in 2018-19 (Assessment Year 2019-20), if you are a salaried employee below 60 years.



For FY 2017-18 For FY 2018-19
Scenario – 1 (In Rs.)
Taxable Income 400000 400000
Standard Deduction 40000
Medical Reimbursement & Transport Allowance 34200
Net Taxable Income 365800 360000
Income Tax 5,964 5720
Savings 244
Scenario – 2
Taxable Income 800000 800000
Standard Deduction 40000
Medical Reimbursement & Transport Allowance 34200
Net Taxable Income 765800 760000
Income Tax 67,630 67080
Savings 550
Scenario – 3
Taxable Income 1200000 1200000
Standard Deduction 40000
Medical Reimbursement & Transport Allowance 34200
Net Taxable Income 1165800 1160000
Income Tax 167,107 166,920
Savings 187
Scenario -4
Taxable Income 1600000 1600000
Standard Deduction 40000
Medical Reimbursement & Transport Allowance 34200
Net Taxable Income 1565800 1560000
Income Tax 290,707 291720
Additional Tax 1,013

 



Loading...

3 COMMENTS

  1. TAX FRIENDLY SYSTEM
    =
    DOUBLE:COLLECTION
    ^GDP
    ^JOB
    9Cr +TAXPAYERS
    NO CORRUPTION?

    COLLECT 28%TAX
    iF ONE iTEM
    CHANGES HAND
    14:TIMES

    IF
    ONE TAX=2%
    NO PAPERWORK/RETURN
    MOBILE Numb=TAX#

    HOW?
    2% Bank Transaction TAX
    FOR 1st 5Cr RECEIVED
    TO ALL

    CASH PAY 2%of RECEIVED
    by MOBILE daily

LEAVE A REPLY

Please enter your comment!
Please enter your name here