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  • Income Tax Exemption limit is Rs.2,50,000/- After that, up to 5 Lakh, Tax rate is 5% (earlier it was 10%)
  • Payment of Rent – Rs.50,000 per month by any Individual or HUF (not subject to Tax Audit requirement) – Deduct TDS @5%.
  • Cess levied on your tax liability has been hiked by 1 percent from the current 3 percent to 4 percent.
  • Income Tax rebate is reduced to Rs. 2500 from Rs. 5000 per year for taxpayers with income up to Rs.3,50,000 (earlier Rs.5,00,000).
  • Increase the tax-exempt limit on interest income for senior citizens from Rs 10,000 to Rs 50,000.
  • Limit for payment of expenses by way of cash (Both capital and revenue expenditure) reduced from RS. 20,000 to RS. 10,000 per day in aggregate per person.
  • There is a standard deduction of Rs. 40,000 in lieu of transport allowance and medical reimbursement.
  • No Person shall receive an amount of two lakh rupees or more, by cash (Sec 269ST).
  • Those companies whose turnover is up to Rs. 250 crore, will now have to pay corporate tax at the rate of 25%.
  • Late fee if IT Return not filled on time, Rs.5,000 for delay up to 31st December, and Rs.10,000 thereafter.
  • A simple one-page tax return form is to be introduced for Individual with taxable income up to Rs. 5 lakh (excluding Income from Business).
  • Those filing returns for the first time in this category will generally not be subject to scrutiny.
  • ITR-1 for Individuals having Income from Salaries, one house property, other sources (Interest etc.) and having total income up to Rs.50 lakh.
  • It is mandatory to disclose the Aadhaar number while filing IT Return

Income Tax Slab for Individual Tax Payers & HUF (Less Than 60 Years Old) for FY 2018-19 – Part I

Income Tax Slab Tax Rate
Income up to Rs 2,50,000*No tax
Income from Rs 2,50,000 – Rs 5,00,0005%
Income from Rs 5,00,000 – 10,00,00020%
Income more than Rs 10,00,00030%

Surcharge: 10% of income tax, where the total income exceeds Rs.50 lakh up to Rs.1 crore.

Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.

Health & Education Cess: 4% of Income Tax.

*Income tax exemption limit for FY 2018-19 is up to Rs. 2,50,000 for individual & HUF other than those covered in Part(II) or (III)

Income Tax Slab for Senior Citizens (60 Years Old Or More but Less than 80 Years Old) for FY 2018-19 – Part II

Income Tax SlabTax Rate
Income up to Rs 3,00,000*No tax
Income from Rs 3,00,000 – Rs 5,00,0005%
Income from Rs 5,00,000 – 10,00,00020%
Income more than Rs 10,00,00030%

Surcharge: 10% of income tax, where the total income exceeds Rs.50 lakh up to Rs.1 crore.

Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.

Health & Education Cess: 4% of Income Tax.

*Income tax exemption limit for FY 2018-19 is up to Rs. 3,00,000 other than those covered in Part(I) or (III)

Income Tax Slab for Senior Citizens(80 Years Old Or More) for FY 2018-19 – Part III

Income Tax SlabTax Rate
Income up to Rs 5,00,000*No tax
Income from Rs 5,00,000 – 10,00,00020%
Income more than Rs 10,00,00030%

Surcharge: 10% of income tax, where the total income exceeds Rs.50 lakh up to Rs.1 crore.

Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.

Health & Education Cess: 4% of Income Tax.

*Income tax exemption limit for FY 2018-19 is up to Rs. 5,00,000 other than those covered in Part(I) or (II)

Income Tax Slab for Domestic Companies for FY 2018-19 – Part IV

TurnoverTax Rate
Gross turnover up to 250 Cr. in the previous year25%
Gross turnover exceeding 250 Cr. in the previous year29%

In addition cess and surcharge is levied as follows:

Cess: 4% of corporate tax
Surcharge: Taxable income is more than 1Cr. but less than 10Cr.: 7%
Taxable income is more than 10Cr. :12%

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