Budget 2018 for individuals and salaried class

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Budget 2018 for individuals and salaried class

Budget 2018 for individuals and salaried class

  • No change in income tax slab rates i.e.

 

Upto  Rs 2.5 lakh Nil
Rs 2.5 lakh to Rs 5lakh 5%
Rs 5 lakh to Rs 10 lakh 20%
Above Rs 10 lakh 30%

 

  • Standard deduction of Rs 40,000 for the salaried class replacing the transport allowance and the miscellaneous medical reimbursement of Rs 19200 and Rs 15000.
  • Education cess is replaced as Health and Education cess effective rate increased to 4% from 3%. i.e. there is increase in cess of 1%.
  • Surcharge @10% for income ranging between 50 lakh to 1 crore and 15% for more than 1 crore.
  • Rebate of Rs 2500 for income up to Rs 3.5 lakh.
  • Further TDS is required to be deducted under section 192 as per earlier practice only.
  • Long term capital gain exceeding Rs 100000 on sale of listed equity shares taxable @ 10% without indexation benefit under section 112A.
  • Short term capital gain is taxable @ 15% only u/s 111A.

 

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