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

15
5124
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

 



15 COMMENTS

  1. They are not paying tax but getting all the benefits on our hard earned money
    Is Mr Jaitley paying taxes ??? Or any other minister
    That’s y we are Indian

  2. When shall we start collecting tax from Rich farmers.
    Why not ask them to file returns especially whose income is more than 50 lac Rs”

  3. In the calculation, increase in cess hasn’t been considered. If it is considered and if the yearly income is above Rs 4,00,000 then you have to pay additional tax by considering the previous year (2017).

  4. If any body can reply my query.
    I am a pensioner. I don’t get any transport or medical allowance. Am I entitled for Standard Deduction announced Rs. 40,000/- in the present budget.
    A.K.Mukherjee

  5. very imporatnt article & news for us. whos has never read newspaper or watch newspaper.
    very simple language shown how to impact of our income from budget.
    thank you so much sir.

    Regards,
    Milind

  6. I am a sr. citizen aged 62 with an annual income of about Rs. 5 lacs from pension & bank interest. Please let me know my tax liabilities for next F.Y.(2018-19).

  7. I am a sr. citizen aged 62 with an annual income of about Rs. % lacs from pension & bank interest. Please let me know my tax liabilities for next F.Y.(2018-19).

  8. My date of birth is 22.11.1957, I took my retirement on last 30.11.2017 at the age of 60 years. Whether I will be treated a senior citizen for calculation of Income Tax for present FY 2017-18,i e, AY 2018-19 ?

  9. Simple. Marketing tech adopted is an eye wash. How can the income for both years can be same?. There will be another increase of 50000 in the next year and in what way the std deduction is going to help when its a mere substitution?. So gimmicks for taxpayers as a camel is made to believe that by throwing out one towel, the whole load is hed?!!!

  10. Sir please clarify Rs.40000 deduction will also be available FOR PENSIONER AND COMMON PEOPLE OR ONLY AVAILABLE FOR SALARY PERSON? THANKS

  11. 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