What is the tax slab for 2018 19?
INCOME SLAB AND TAX RATES FOR F.Y. 2018-19/A.Y. 2019-20
| Taxable income | Tax Rate |
|---|---|
| Up to Rs. 2,50,000 | Nil |
| Rs. 2,50,001 to Rs. 5,00,000 | 5% |
| Rs. 5,00,001 to Rs. 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
What is tax slab?
Income tax is levied on the income earned by all the individuals, HUF, partnership firms , LLPs and Corporates as per the Income tax Act of India. In the case of individuals, tax is levied as per the slab system if their income is above the minimum threshold limit (known as basic exemption limit ).
What are tax slabs for 2019 20?
Income Tax Slab in India 2019-20
| Taxable income | Tax Rate (Existing Scheme) | Tax Rate (New Scheme) |
|---|---|---|
| Up to Rs. 2,50,000 | Nil | Nil |
| Rs. 2,50,001 to Rs. 5,00,000 | 5% | 5% |
| Rs. 5,00,001 to Rs. 7,50,000 | 20% | 10% |
| Rs. 7,50,001 to Rs. 10,00,000 | 20% | 15% |
What are the changes in income tax slab for 2015-16?
Income Tax Slab Rates for Financial Year 2015-16 have not been changed in Budget 2015 and they continue to remain same as they were applicable in Financial Year 2014-15. The rebate of Rs. 2000 u/s 87A which was introduced in Budget 2014 is still applicable for the F.Y. 2015-16.
Is the income from financial year 2015-16 taxable at assessment year 2016-17?
Please note that the Income of Financial Year 2015-16 is taxable at the tax rate applicable for Assessment Year 2016-17. Income Tax Slab Rates for Financial Year 2015-16 have not been changed in Budget 2015 and they continue to remain same as they were applicable in Financial Year 2014-15.
What is included in the income tax slab?
Income Tax Slab tells the tax rate at which you have to pay tax on Income. Please note that the Income of Financial Year 2015-16 is taxable at the tax rate applicable for Assessment Year 2016-17.
What are the new tax free bonds 2015-16?
(Read : All you want to know about new Tax Free Bonds 2015-16) Service tax rate increased from 12.36 % to 14%. 100% TAX DEDUCTION on contributions made to SWACHH BHARAT & CLEAN GANGA initiatives. PAN must for any sale exceeding Rs 1 Lakh.