What are the tax slabs for individual income tax as per 2018 budget?

asked Mar 1 in Finance by arjun (171 points)
Need to know the government of India budget tax slabs for people in different income levels

1 Answer

answered Mar 3 by Muralidhar (225 points)

The tax slabs defined by the finance ministry of India in the budget 2018 -2019 are as follows 

Residents or non-residents with less than 60 years of age will fall under the tax slab provided in the below table 

 

Category

Tax percent

Till Rs. 2,50,000

Nil

Rs. 2,50,000 to Rs. 5,00,000

5%

Rs. 5,00,000 to Rs. 10,00,000

20%

Above Rs. 10,00,000

30%

For residents above 60 years of age , the tax slabs will be considered as per the table below,

Category

Tax percent

Till Rs. 2,50,000

Nil

Rs. 2,50,000 to Rs. 5,00,000

5%

Rs. 5,00,000 to Rs. 10,00,000

20%

Above Rs. 10,00,000

30%

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