New Income Tax Slabs and Rates for Financial Year: 2018-19

Select your Age Group

Income Tax Slab Individuals below the age of 60 years
Up to ₹ 2,50,000 Nil
₹ 2,50,001 to 5,00,000 5% of total income exceeding ₹ 2,50,000
₹ 5,00,001 to 10,00,000 ₹12,500 + 20% of total income exceeding ₹ 5,00,000
Above ₹ 10,00,000 ₹ 1,12,500 + 30% of total income exceeding ₹ 10,00,000
Now, let’s examine the salary components of Ravi, Ramesh & Rahul to get a clear picture
  Particulars (₹) Ravi Ramesh Rahul
  Annual Salary 5,00,000 10,00,000 15,00,000
  Less: Medical Reimbursement 15,000 15,000 15,000
  Less : Deduction u/s 80C 80,000 1,50,000 1,50,000
  Less : HRA deduction as per section 10(13A) 92,000 1,00,000 1,50,000
  Gross Taxable Income (GTI) 3,13,000 7,35,000 11,85,000
  Tax computation on GTI
  Up to ₹2,50,000 - - -
  ₹ 2,50,001 to 5,00,000 6,300 25,000 25,000
  ₹ 5,00,001-10,00,000 - 47,000 1,00,000
  Above ₹ 10,00,001 - - 55,500
A Total tax 6,300 72,000 1,80,500
B Less Rebate u/s 87A 5,000 - -
C 2% Education & 1% Secondary & Higher Education Cess on (A-B) 39 2,160 5,415
  Tax Payable (A-B+C) 1,339 74,160 1,85,915

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Please note that the tax write-up above is for general understanding and reference. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information. Tax benefits/savings are subject to conditions of Section 80C, 80CCC, 80CCE, 10(10A), 10(10D) and other provisions of the Income Tax Act, 1961. Tax laws are subject to amendments from time to time. ICICI Prudential Life Insurance Company Limited expressly disclaims any liability to any person, if tax benefits stated above are denied to the customer

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ADVT No - W/II/1045/2016-17