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Tax Planning

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Kindly note subsequently Union Budget 2018 has been passed by the parliament and revised Income Tax rates.

New Income Tax Slabs and Rates for Financial Year – 2019-20

1. Income Tax Slab for Individual who are below 60 years:

Income Tax slabTax Rate
Up to Rs.2.5 lakh Nil
From Rs.2,50,001 to Rs.5,00,000 5% of the total income that is more than Rs.2.5 lakh + 4% cess
From Rs.5,00,001 to Rs.10,00,000 20% of the total income that is more than Rs.5 lakh + Rs.12,500 + 4% cess
Income of above Rs.10 lakh

30% of the total income that is more than Rs.10 lakh + Rs.1,12,500 + 4% cess


2. Income Tax Slab between 60-80 years:

Income Tax slabsTax Rate
Up to Rs.3 lakh Nil
From Rs.3,00,001 to Rs.5,00,000 5% of the total income that is more than Rs.3 lakh + 4% cess
From Rs.5,00,001 to Rs.10,00,000 20% of the total income that is more than Rs.5 lakh + Rs.10,500 + 4% cess
Income of above Rs.10 lakh 30% of the total income that is more than Rs.10 lakh + Rs.1,10,000 + 4% cess

3. Income Tax Slabs for individual above 80 years:

Income Tax slabsTax Rate
Up to Rs.5 lakh Nil
From Rs.5,00,001 to Rs.10,00,000 20% of the total income that is more than Rs.5 lakh + 4% cess
Above Rs.10 lakh 30% of the total income that is more than Rs.10 lakh + Rs.1,00,000 + 4% cess