Budget 2018 for individuals and salaried class

Budget 2018 for individuals and salaried class

 625 total views

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.

 

Leave a Comment

Your email address will not be published.

the taxtalk

online portal for tax news, update, judgment, article, circular, income tax, gst, notification Simplifying the tax and tax laws is the main motto of the team tax talk, solving