Here is how your income tax is to be calculated according to the Union Budget 2018.As the last full budget before the election year, finance minister Arun Jaitley played it cautiously with only minor changes to the tax slab.
Here is how your income tax is to be calculated according to the Union Budget 2018.
Income New tax rate
• Up to Rs 2.5L NIL
• Rs 2.5L - Rs 5L 5.20%
• Rs 5L - Rs 10L 20.80%
• Rs 10L - Rs 50L 31.20%
• Rs 50L - Rs 1cr 34.32%
• Rs 1cr and above 35.88%
Important points
• Rs 2,500 rebate for income up to Rs 3.5L,
• 4 per cent of tax liability to be added as cess
• 10 per cent surcharge on income exceeding Rs 50L - Rs 1cr and 15 per cent surcharge on income of Rs 1cr and above
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