Here are the latest budget details on Income Tax
Posted on: 01/Feb/2018 4:01:20 PM
While presenting the budget for the financial year 2018-19, the central Finance Minister Arun Jaitley announced that there will be no Income Tax up to the limit of annual income of Rs. 2.5 Lakhs.
The finance minister Arun Jaitley made the 2018-19 budget presentation in the parliament today (Thursday, 1st February). The presentation lasted 1 hour and 50 minutes.
In this, the details of allotment of funds for agriculture, education, medical, and other sectors and also the tax details pertaining to Income Tax were also presented.
Regarding the income tax, the finance minister announced no changes. This was a huge disappointment for the class of the monthly-salaried people.
Details on income tax
- Annual income up to Rs. 2,5 Lakhs – No IT
- Annual income Rs. 2.5 to Rs. 5 Lakhs – 5% IT
- Annual income Rs. 5 to Rs. 10 Lakhs – 20% IT
- Annual income above Rs. 10 Lakhs – 30% IT
|
Income Tax |
Common group (Men/Women
under 60 years of age) |
Senior Citizen (60-80
years of age) |
Very senior citizen
(above 80 years of age) |
|
Basic Income Tax exemption (in Rs./ %) |
250000 |
300000 |
500000 |
|
5% |
250001-500000 |
300001-500000 |
- |
|
20% |
500001-1000000 |
500001-1000000 |
500001-1000000 |
|
30% |
Above 1000000 |
Above 1000000 |
Above 1000000 |
