{"id":952,"date":"2018-02-04T12:37:13","date_gmt":"2018-02-04T07:07:13","guid":{"rendered":"https:\/\/blog.ritulpatwa.com\/?p=952"},"modified":"2018-02-04T12:37:13","modified_gmt":"2018-02-04T07:07:13","slug":"personal-income-tax-calculation-planing-for-f-y-2018-19","status":"publish","type":"post","link":"https:\/\/blog.ritulpatwa.com\/?p=952","title":{"rendered":"PERSONAL INCOME TAX CALCULATION & PLANING FOR F.Y. 2018-19"},"content":{"rendered":"

The Union Budget, 2018 has not made any major changes in the Income Tax Rates for Individuals. We are noting below the method of calculating the Income Tax on Individuals, HUF, AOP & BOI and\u00a0KEY Tax Planning provisions under Income Tax Act, 1961 for the F. Y. 2018-19:-<\/p>\n

 <\/p>\n

SECTION 1 : TAX CALCULATION<\/p>\n

A) Tax Calculator (General Category & Women)<\/strong>:-<\/p>\n\n\n\n\n\n\n\n
SLAB<\/td>\nTOTAL INCOME<\/td>\nRate<\/p>\n

of Tax<\/td>\n

TAX CALCULATOR<\/td>\nCOMMENTS<\/td>\n<\/tr>\n
I<\/td>\nUpto Rs. 2,50,000\/-<\/td>\n0 %<\/td>\nNIL<\/td>\nNO CHANGE<\/td>\n<\/tr>\n
II<\/td>\nRs. 2,50,001\/- to Rs. 5,00,000\/-<\/td>\n5%<\/td>\n(Total Income \u2013 2,50,000)*5%<\/td>\nNO CHANGE<\/td>\n<\/tr>\n
III<\/td>\nRs. 5,00,001\/- to Rs. 10,00,000\/-<\/td>\n20 %<\/td>\n12500 + (T.I. \u2013 500000)*20%<\/td>\nNO CHANGE<\/td>\n<\/tr>\n
IV<\/td>\nAbove Rs. 10,00,000\/-<\/td>\n30 %<\/td>\n112500+(T.I.\u201310,00,000)*30%<\/td>\nNO CHANGE<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\n

\u00a0B) Tax Calculator (Senior Citizen \u2013 Age 60 Years)<\/strong>:-<\/p>\n\n\n\n\n\n\n\n
SLAB<\/td>\nTOTAL INCOME<\/td>\nRate<\/p>\n

of Tax<\/td>\n

TAX CALCULATOR<\/td>\nCOMMENTS<\/td>\n<\/tr>\n
I<\/td>\nUpto Rs. 3,00,000\/-<\/td>\n0 %<\/td>\nNIL<\/td>\nNO CHANGE<\/td>\n<\/tr>\n
III<\/td>\nRs. 3,00,001\/- to Rs. 5,00,000\/-<\/td>\n5%<\/td>\n(Total Income \u2013 3,00,000)*5%<\/td>\nNO CHANGE<\/td>\n<\/tr>\n
IV<\/td>\nRs. 5,00,001\/- to Rs. 10,00,000\/-<\/td>\n20 %<\/td>\n10000 + (T.I. \u2013 500000)*20%<\/td>\nNO CHANGE<\/td>\n<\/tr>\n
V<\/td>\nAbove Rs. 10,00,000\/-<\/td>\n30 %<\/td>\n110000+(T.I.\u201310,00,000)*30%<\/td>\nNO CHANGE<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\n

C) Tax Calculator (Very Senior Citizen \u2013 Age 80 Years)<\/strong>:-<\/p>\n\n\n\n\n\n\n
SLAB<\/td>\nTOTAL INCOME<\/td>\nRate<\/p>\n

of Tax<\/td>\n

TAX CALCULATOR<\/td>\nCOMMENTS<\/td>\n<\/tr>\n
I<\/td>\nUpto Rs. 5,00,000\/-<\/td>\n0 %<\/td>\nNIL<\/td>\nNo Change<\/td>\n<\/tr>\n
II<\/td>\nRs. 5,00,001\/- to Rs. 10,00,000\/-<\/td>\n20 %<\/td>\n(T.I. \u2013 5,00,000)*20 %<\/td>\nNo Change<\/td>\n<\/tr>\n
III<\/td>\nAbove Rs. 10,00,000\/-<\/td>\n30 %<\/td>\n1,00,000+(T.I.\u201310,00,000)*30 %<\/td>\nNo Change<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

SECTION 2 : SURCHARGE & EDUCATION CESS<\/p>\n

Surcharge<\/strong> \u2013 Total Income upto Rs. 50 Lakhs\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0: NIL<\/p>\n

Total Income > 50 Lakhs <= 1 Crore \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 : 10%<\/p>\n

Total Income > 1 Crore\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0: 15%<\/p>\n

Health & Education Cess <\/strong>\u2013 4% of the Income Tax & Surcharge (replaced 3% Cess in preceding year)<\/p>\n

 <\/p>\n

SECTION 3 : KEY TAX SAVINGS PROVISIONS UNDER INCOME TAX ACT, 1961<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Section<\/strong><\/td>\nNature<\/strong><\/td>\nDeduction Upper Limit<\/strong><\/td>\nComments<\/strong><\/td>\n<\/tr>\n
16 (ia)<\/td>\nStandard Deduction to Salaried Employees<\/td>\n40000\/-<\/td>\nExisting Transport Allowance upto Rs. 19200\/- & Medical 15000\/- has been withdrawn.<\/td>\n<\/tr>\n
24 (b)<\/td>\nInterest on Housing Loan (Self Occupied)<\/td>\nUpto Rs. 2 Lakhs<\/p>\n

 <\/td>\n

No Change<\/td>\n<\/tr>\n
80 C<\/td>\nInvestments in Life Insurance Premium, PF, PPF, NSC, ULIP, Tax Benefit Mutual Funds, Tution Fees (2 Child), Home Loan Principal Repayment, Notified Bonds, 5 Yr FDs etc<\/td>\nUpto Rs. 1.50 Lakhs<\/td>\nNo Change<\/td>\n<\/tr>\n
80 CCD<\/td>\nInvestment in Pension Scheme<\/td>\nUpto Rs. 0.50 Lakhs<\/td>\nFor individuals other than employee – limit of investment in NPS increased to 20% of GTI<\/td>\n<\/tr>\n
80 D<\/td>\nMediclaim Insurance<\/td>\nSr. Citizen : Rs. 50000\/-<\/p>\n

Others : Rs. 25000\/-<\/td>\n

The Limit Increased for Senior Citizens from 30000 to 50000<\/td>\n<\/tr>\n
80 E<\/td>\nInterest on Education Loan<\/p>\n

 <\/p>\n

(Upto maximum 8 years from the year of first repayment)<\/td>\n

Entire Interest Paid during the year<\/td>\nConditions:-<\/p>\n

1.\u00a0\u00a0\u00a0 Education Loan must be taken by that Individuals;<\/p>\n

2.\u00a0\u00a0\u00a0 For Higher<\/span> Education of Self, Spouse, Children or student for whom, he is a legal guardian;<\/p>\n

3.\u00a0\u00a0\u00a0 The loan is taken from any Financial Institution or \u00a0approved Charitable Institution;<\/td>\n<\/tr>\n

80 GG<\/td>\nRent Paid<\/td>\nLower of Following:<\/p>\n

1.\u00a0\u00a0\u00a0 Rs. 5000 p.m.<\/p>\n

2.\u00a0\u00a0\u00a0 25% of Total Income;<\/p>\n

3.\u00a0\u00a0\u00a0 Rent Paid \u2013 10% of Total Income<\/td>\n

No Change<\/td>\n<\/tr>\n
80TTA<\/td>\nInterest from Savings Account<\/td>\nRs. 10000\/-<\/td>\nThis is allowed to the extent of Interest earned from Savings Account. No Benefit under this section if benefit u\/s 80TTB is claimed.<\/strong><\/td>\n<\/tr>\n
80TTA<\/td>\nInterest from Deposits in Banking Co or Post Office<\/td>\nRs. 50000\/-<\/td>\nOnly for Senior Citizens (Age 60 years) without TDS Liability.<\/td>\n<\/tr>\n
87A<\/td>\nRebate<\/td>\n2500\/- or Tax Liability whichever is lower<\/td>\nApplicable only for Individuals & HUF with Total Income upto 3,50,000\/-<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The Union Budget, 2018 has not made any major changes in the Income Tax Rates for Individuals. We are noting below the method of calculating the Income Tax on Individuals, HUF, AOP & BOI and\u00a0KEY Tax Planning provisions under Income Tax Act, 1961 for the F. Y. 2018-19:-   SECTION 1 : TAX CALCULATION A) …<\/p>\n

PERSONAL INCOME TAX CALCULATION & PLANING FOR F.Y. 2018-19<\/span> Read More »<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","footnotes":""},"categories":[4],"tags":[512,154,12,13,15,94,513,514,515,516,517,518],"class_list":["post-952","post","type-post","status-publish","format-standard","hentry","category-chartered-accountants-ca","tag-budget-2018-for-individuals","tag-ca-in-india","tag-ca-in-jaipur","tag-ca-in-rajasthan","tag-chartered-accountant-in-india","tag-chartered-accountant-in-jaipur","tag-how-to-save-tax-in-fy-2018-19","tag-income-tax-rate-for-fy-2018-19","tag-income-tax-rate-in-individuals","tag-income-tax-savings-in-fy-2018-19","tag-personal-income-tax-rate-for-2018-19","tag-tax-planning-of-individuals-for-fy-2018-19"],"_links":{"self":[{"href":"https:\/\/blog.ritulpatwa.com\/index.php?rest_route=\/wp\/v2\/posts\/952","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.ritulpatwa.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.ritulpatwa.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.ritulpatwa.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.ritulpatwa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=952"}],"version-history":[{"count":2,"href":"https:\/\/blog.ritulpatwa.com\/index.php?rest_route=\/wp\/v2\/posts\/952\/revisions"}],"predecessor-version":[{"id":954,"href":"https:\/\/blog.ritulpatwa.com\/index.php?rest_route=\/wp\/v2\/posts\/952\/revisions\/954"}],"wp:attachment":[{"href":"https:\/\/blog.ritulpatwa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=952"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.ritulpatwa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=952"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.ritulpatwa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=952"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}