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.