Finance Minister Arun Jaitley left income
tax brackets left unchanged in the last Union Budget so the rates for your
income tax calculator in 2018 gets modified by factors other than slab
percentages. Given below are the tax slabs applicable for 2018.
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·
Rates of income-tax for those under 60 years
of age
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(1)
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where
the total income does not exceed Rs. 2,50,000
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Nil
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(2)
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where
the total income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000
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5%
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(3)
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where
the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000
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20%
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(4)
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where
the total income exceeds Rs. 10,00,000
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30%
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·
Rates of income-tax for Senior Citizens
between 60 and 80 years
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(1)
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where
the total income does not exceed Rs. 3,00,000
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Nil
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(2)
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where
the total income exceeds Rs. 3,00,000 but does not exceed Rs. 5,00,000
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5%
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(3)
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where
the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000
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20%
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(4)
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where
the total income exceeds Rs. 10,00,000
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30%
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Rates
of income-tax for Senior Citizens over 80 years
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where
the total income does not exceed Rs. 3,00,000
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Nil
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where
the total income exceeds Rs. 3,00,000 but does not exceed Rs. 5,00,000
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Nil
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where
the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000
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20%
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where
the total income exceeds Rs. 10,00,000
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30%
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Surcharge for Individuals or HUFs:
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If Annual Income > 50 lakh
but < 1 crore
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10% of Income tax
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If Annual Income > 1 crore
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15% of income tax
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*In both cases above, the
income tax + surcharge cannot be more than the difference between the yearly
income and the the minimum limit for this portion.
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Cess calculated on Income Tax + Surcharge
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Education Cess
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4% of Income tax + Surcharge
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**These cesses are applicable
to all taxpayers
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There is a standard deduction
of Rupees 40,000 from gross income from AY 2018-19.
Sample calculations for income tax for particular cases will be
shown in a later post.
Finally, deduct a rebate of Rupees 2,500
under Section 87A if your income is less than Rupees 3,50,000 a year but
greater than Rupees 2,50,000.
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