No Changes in Income Tax Slabs for 2018-19 Financial Year. This is a disappointing budget interms of Employees and salaried Employees. Employees and salaried are expecting hike in Income Tax Slab Rates and also in 80C Limit. But there are no signs. NO PERSONAL INCOME TAX CHANGES PROPOSED IN BUDGET
No Changes in Income Tax Slabs for 2018-19 Financial Year
- Growth in direct taxes (till Jan 15) is 18.7 %
- Surcharge of 10 pc on income above Rs 50 lakh but less than Rs 1 cr to be continued next year; 15 pc on income above Rs 1 cr to also continue.
- 100% tax deduction is allowed to co-operative societies
- Corporate Tax of 25% extended to companies with turnover up to Rs 250 cr in financial year 2016-17
- Incentives for Senior citizens: Exemptions in income of Rs 10,000 from Banks FD and post offices
- Senior citizens to get Rs 50,000 per annum exemption for medical insurance under Sec 80D
- Rs 7.5 lakh per senior citizen limit for investment in interest-bearing LIC schemes doubled to Rs 15 lakh
- Standard deduction of Rs 40,000 allowed for transport, medical reimbursement for salaried tax payers
- Govt to reduce hardships faced in realty deals; no adjustment to be made in case circle rate does not exceed 5 pc of sale consideration
- LONG TERM CAPITAL GAINS EXCEEDING RS 1 L AKH WILL BE TAXED AT 10% WITHOUT INDEXING
- Short term capital tax remains at 15%
- A tax on distributed income at 10%
- Education cess increased to 4 pc from 3 pc to collect additional Rs 11,000 cr
