What is all that is expected from the income tax slab for tax rates of 2018-2019?

The particular income tax slab for a year tells about the threshold limit beyond which a specific rate for a particular kind of tax will be applicable and also about the various deductions that can be made after the applicable tax rate. The income tax act has been exercised from the year 1962 and it contains all the provisions that determine the taxable income, tax liability, penalties for non-payment of tax and many other facts.

Factors on which income tax slabs depends

  • the income of the taxpayer
  • the residential status of the taxpayer
  • the assessment year or the financial year
  • the rate of tax
  • the charge of income tax
  • the maximum amount or the threshold amount on which there is no tax charged
  • the gross income of the taxpayer

On whom are the income tax slabs applicable?

  • If you are having a regular source of income
  • any company
  • any firm
  • a local authority
  • Any association of person (AOP) or body of Individual (BOI)
  • any Hindu undivided family (HUF)

What are the income tax slabs for the financial year 2018-2019?

In this section, it is being emphasized over every important aspect associated with the financial year of 2018-2019. Let’s check it out to increase knowledge regarding this.

FOR RESIDENTS AND NON-RESIDENTS INDIANS, AOPs, BOIs and HUFs

  • for income upto 2,50,000 no tax is charged
  • for income between 2,50,000 to 5,00,000, 5% tax is charged
  • for income between 5,00,000 to 10,00,000, 20% tax is charged
  • for income over 10,00,000, 30% tax is charged

FOR SENIOR CITIZENS

  • for income upto 3,00,000, no tax is charged
  • for income between 3,00,000 to 5,00,000, 5% tax is charged
  • for income between 5,00,000 to 10,00,000, 20% tax is charged
  • for income over 10,00,000, 30% tax is charged

Hope the above mentioned information will help you to get to know more about it. Being part of the busy and fast life, it has become essential to be known of it.