Income Tax brackets after Apr 1
Up to Rs. 2.5 lakh Nil
Rs. 2,50,001 lakh-Rs. 5 lakh 5%
Rs. 500,001 lakh-Rs. 10 lakh 20%
Rs. 1000,001 lakh-Rs. 10 lakh 30% more
Rs. 2,50,001 lakh-Rs. 5 lakh 5%
Rs. 500,001 lakh-Rs. 10 lakh 20%
Rs. 1000,001 lakh-Rs. 10 lakh 30% more
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Mr. Suresh Gopinathan I totally agree with you and long before this circle was formed dicontent by honest taxpayers have been expressed regarding the above points, but no political party has the guts, will or intention to rectify this asqued way of taxation, since it will hurt their vote bank and also hurt them personally. more
Mar 03
It is necessary that taxation of the population is necessary if the wheels of the government is to turn. But having said that is income tax equitable. Those doing private business mostly escape. Agriculturists are by law exempted. The need for s.10 in the IT Act which covers tax exemptions need to be removed altogether or at least made subject to intense scrutiny. And the most important thing. Many political parties use subsidy and write offs as a sort of carrot to swing votes. But this is a tax on those who actually pay up for meeting the cost of these subsidies. Why should the tax I pay, with great stress on my own pocket, be used for somebody else.? Subsidy is a way of increasing the disposable income for the targeted section. Where the Government feels any such subsidy is required the economic logic should be placed before the public and then if there is perfect logic for extending the benefit it should be done. Under no circumstance this should be made a tool in the hands of politicians. See Delhi for instance. Kejriwal government has made a mockery of this facility. Anyone can occupy public land and become eligible for free housing. You will be eligible for water connection power connection area development and what not. !! Free water and power etc. Why should I end up paying for these . ? As a tax paying citizen am I not entitled to have a say in these matters. I pay for the salary of Delhi Chief Minister and he goes to Punjab to garner votes. Is it not at my cost. ? He also goes to Bangalore and Rishikesh to get his denting and painting done. Are these to be paid for by me. ? And here comes my angst for being a captive tax payer with no voice to object to misuse of that. more
Mar 03
Dear Shri sanjay Kumar, Sorry I could not furnish the details immediately. Please find the slab rates in a Table Format: Individuals Below 60 Yrs – Income Tax Slab 2017-18 (AY 2018-19) Income Tax Slab Income Tax Rate Income upto Rs. 2,50,000 Nil Income between Rs. 2,50,001 – Rs. 500,000 5% of Income exceeding Rs. 2,50,000 Income between Rs. 500,001 – Rs. 10,00,000 20% of Income exceeding Rs. 5,00,000 Income above Rs. 10,00,000 30% of Income exceeding Rs. 10,00,000 Senior Citizens (60-80 yrs) : Income Tax Slab 2017-18 (AY 2018-19) Income Tax Slab Income Tax Rate Income upto Rs. 3,00,000 Nil Income between Rs. 3,00,001 – Rs. 500,000 5% of Income exceeding Rs. 3,00,000 Income between Rs. 500,001 – Rs. 10,00,000 20% of Income exceeding Rs. 5,00,000 Income above Rs. 10,00,000 30% of Income exceeding Rs. 10,00,000 Super Senior Citizens ( above 80 yrs) : Income Tax Slab 2017-18 (AY 2018-19) Income Tax Slab Income Tax Rate Income upto Rs. 5,00,000 Nil Income between Rs. 500,001 – Rs. 10,00,000 20% of Income exceeding Rs. 5,00,000 Income above Rs. 10,00,000 30% of Income exceeding Rs. 10,00,000 The Income indicated above is after deduction of HRA as eligible in the case of serving employees, investments towards eligible savings U/s 80-C, Any deduction towards Interest on Housing Loan U/s 24, Rent paid up to Rs. 60,000/- U/s 80 GG where there is no deduction towards HRA/Housing Loan, Mediclaim Policies U/s 80-D and any other deduction applicable for specific purposes --- from the Gross Income. more
Feb 16
Dear Shri Muralidhar Mathur, The Exemption for Sr. Citizens continues to stay at Rs. 3 lakhs. No tax up to Rs. 3 Lakhs and for Taxable Income ( after all eligible deductions) exceeding Rs 3 Lakhs the slab is 5% upto Rs. 5 Lakhs. more
Feb 16
