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Budget 2018 – How Much Income Tax You Have To Pay In 2018-19

Written By Easy Life on Sunday, February 11, 2018 | 2/11/2018 06:35:00 PM

In Budget 2018-19, Finance Minister Arun Jaitley announced a standard deduction of Rs. 40,000 in place of exemptions allowed for medical reimbursement (Rs. 15,000) and transport allowance (Rs. 19,200).

Finance Minister Arun Jaitley in Budget 2018 did not change personal income tax rates. Nor did he change income tax slabs. However, he announced a standard deduction of Rs. 40,000 in place of exemptions allowed for medical reimbursement (Rs. 15,000) and transport allowance (Rs. 19,200).
The finance minister also raised cess on income tax from 3 per cent to 4 per cent for individual taxpayers. Here’s how these budget 2018 tax changes will impact your tax liability going forward in 2018-19 (Assessment Year 2019-20), if you are a salaried employee below 60 years.

For FY 2017-18For FY 2018-19
Scenario – 1 (In Rs.)
Taxable Income400000400000
Standard Deduction40000
Medical Reimbursement & Transport Allowance34200
Net Taxable Income365800360000
Income Tax5,9645720
Savings244
Scenario – 2
Taxable Income800000800000
Standard Deduction40000
Medical Reimbursement & Transport Allowance34200
Net Taxable Income765800760000
Income Tax67,63067080
Savings550
Scenario – 3
Taxable Income12000001200000
Standard Deduction40000
Medical Reimbursement & Transport Allowance34200
Net Taxable Income11658001160000
Income Tax167,107166,920
Savings187
Scenario -4
Taxable Income16000001600000
Standard Deduction40000
Medical Reimbursement & Transport Allowance34200
Net Taxable Income15658001560000
Income Tax290,707291720
Additional Tax1,013
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