Minimum Salary For Income Tax In India 2018
Income tax is a type of tax that is imposed on people who earn a certain amount of money. It is usually measured as a percentage of an individual’s income. The more money you earn, the higher your income tax rate will be.
The minimum salary for an individual to be taxed in India depends on many factors, including how much money they make and where they live. The minimum salary for income taxes in India is 5,000 rupees per month or 60,000 rupees per year if you’re employed by someone else; if you’re self-employed and have no employees, then it’s 10,000 rupees per month or 120,000 rupees per year.
You can find out whether or not you’ll have to pay taxes by filling out an income tax return form each year when you file your taxes at the end of March (or April 15th if you live in America).
Minimum Salary For Income Tax In India 2018
New Delhi, Feb 1: Finance Minister Arun Jaitley will present the Union Budget 2018-19 in Lok Sabha today. Speculations are rife that the government may increase the income tax slabs from a minimum of Rs 2.5 lakh per annum to Rs 3 lakh or reduce the tax rate for individuals with annual income between Rs 2.5 lakh and Rs 5 lakh. We will be giving live updates on Arun Jaitley’s announcement on new income tax slab for the financial year 2018-19 in the Union Budget. Catch live updates on new income tax slab, tax rates and exemption limits announced in the Union Budget 2018-19. (Watch: Live Streaming of Union Budget 2018)Also Read – ITR 2021-22: Are You A Freelancer? Know How To Check TDS Status Using PAN Card; Step-by-step Guide Here
At present, there are three slabs for income tax— 5 per cent income tax for individuals with annual income between Rs 2.5 lakh and Rs 5 lakh, 20 per cent on annual income from Rs 5 lakh to Rs 10 lakh, and 30 per cent on income above Rs 10 lakh. It is expected that the common man may get more tax reliefs in the upcoming budget. Ahead of the Budget 2018, several commentators advocated the abolition of income tax, arguing that this would eradicate both tax evasion and black money at one stroke. Catch live updates on Union Budget 2018 here. Also Read – CBDT Issues Guidelines On Applicability Of New TDS Provision Regarding Gifts, Benefits | Details Here
The State Bank of India recently said in a report that the government must increase the income tax exemption limit from Rs 2.5 lakh to Rs 3 lakh. This will benefit 75 lakh taxpayers. It is also reported that the government may increase the limit of tax exemption from Rs 1.5 lakh to Rs 2 lakh under Section 80 C. There are speculations on whether Arun Jaitley will keep his promise of further reducing the corporate tax rates. Presenting the first full Budget of the present NDA government on February 28, 2015, Jaitley had proposed to reduce the rate of Corporate Tax from 30 per cent to 25 per cent. But it is yet to be done. Also Read – Got Salary Hike Recently? Employees Can Make These Investment Plans to Save Tax | Details Here
Income Tax Slabs For Financial Year 2017-18
| Income | Income Tax rate for 2016-17 | Income Tax rate for 2017-18 |
| Individual tax payers | ||
| Up to Rs 2,50,000 | No tax | No tax |
| Rs 2,50,001 to Rs 5,00,000 | 10% | 5% |
| Rs 5,00,001 – 10,00,000 | 20% | 20% |
| More than Rs 10,00,000 | 30% | 30% |
| Senior citizens who are 60 years old and above but less than 80 years | ||
| Up to Rs 3,00,000 | No tax | No tax |
| Rs 3,00,001 to Rs 5,00,000 | 10% | 10% |
| Rs 5,00,001 to Rs 10,00,000 | 20% | 20% |
| More than Rs 10,00,000 | 30% | 30% |
| Senior Citizens who are 80 years old and above | ||
| Up to Rs 5,00,000 | No tax | No tax |
| Rs 5,00,001 to Rs 10,00,000 | 20% | 20% |
| More than Rs 10,00,000 | 30% | 30% |
| (Surcharge of 10 per cent on income of all individuals above Rs 50 lakh and less than Rs 1 crore and surcharge of 15 per cent on income above Rs 1 crore). |
In the Union Budget 2018-19, the government may bring a new tax slab for people with income between Rs 5 and 7.50 lakh annually. In Budget 2017-18, Arun Jaitley had proposed a reduction of 5 per cent in income tax rate for individuals with income ranging between Rs 2.5 lakh to Rs 5 lakh. He had also announced surcharge of 10 per cent for those whose annual income is Rs 50 lakh to Rs 1 crore. Stay connected with us to get instant live updates on new income tax slabs.
