Best SIP Funds to Invest Online
Finance Minister Arun Jaitley in Budget 2018 did not change personal income tax rates. Nor did he change income tax slabs. However, he announced a standard deduction of Rs. 40,000 in place of exemptions allowed for medical reimbursement (Rs. 15,000) and transport allowance (Rs. 19,200). The finance minister also raised cess on income tax from 3 per cent to 4 per cent for individual taxpayers. Here's how these tax changes will impact your tax liability going forward in 2018-19 (Assessment Year 2019-20), if you are a salaried employee below 60 years.
| For FY 2017-18 | For FY 2018-19 | |
| Scenario – 1 (In Rs.) | ||
| Taxable Income | 400000 | 400000 |
| Standard Deduction | 40000 | |
| Medical Reimbursement & Transport Allowance | 34200 | |
| Net Taxable Income | 365800 | 360000 |
| Income Tax | 5,964 | 5720 |
| Savings | 244 | |
| Scenario – 2 | ||
| Taxable Income | 800000 | 800000 |
| Standard Deduction | 40000 | |
| Medical Reimbursement & Transport Allowance | 34200 | |
| Net Taxable Income | 765800 | 760000 |
| Income Tax | 67,630 | 67080 |
| Savings | 550 | |
| Scenario – 3 | ||
| Taxable Income | 1200000 | 1200000 |
| Standard Deduction | 40000 | |
| Medical Reimbursement & Transport Allowance | 34200 | |
| Net Taxable Income | 1165800 | 1160000 |
| Income Tax | 167,107 | 166,920 |
| Savings | 187 | |
| Scenario -4 | ||
| Taxable Income | 1600000 | 1600000 |
| Standard Deduction | 40000 | |
| Medical Reimbursement & Transport Allowance | 34200 | |
| Net Taxable Income | 1565800 | 1560000 |
| Income Tax | 290,707 | 291720 |
| Additional Tax | 1,013 |
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