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INCOME TAX SLAB 2018 | Calculation Method Explained Video Lecture | Banking Awareness for IBPS/SBI/LIC/Insurance exams (Hindi) - Banking Exams
FAQs on INCOME TAX SLAB 2018 - Calculation Method Explained Video Lecture - Banking Awareness for IBPS/SBI/LIC/Insurance exams (Hindi) - Banking Exams
| 1. What are the income tax slabs for the year 2018? |  |
Ans. The income tax slabs for the year 2018 in India are as follows:
- For individuals below 60 years of age:
- Up to Rs. 2,50,000: No tax
- Rs. 2,50,001 to Rs. 5,00,000: 5% tax
- Rs. 5,00,001 to Rs. 10,00,000: 20% tax
- Above Rs. 10,00,000: 30% tax
- For senior citizens (60 years and above but below 80 years):
- Up to Rs. 3,00,000: No tax
- Rs. 3,00,001 to Rs. 5,00,000: 5% tax
- Rs. 5,00,001 to Rs. 10,00,000: 20% tax
- Above Rs. 10,00,000: 30% tax
- For super senior citizens (80 years and above):
- Up to Rs. 5,00,000: No tax
- Rs. 5,00,001 to Rs. 10,00,000: 20% tax
- Above Rs. 10,00,000: 30% tax
| 2. How is income tax calculated? | |
Ans. Income tax is calculated by applying the applicable tax rate to the taxable income. To calculate taxable income, one needs to deduct the applicable deductions and exemptions from the total income. The remaining amount after deductions is the taxable income, which is then taxed at the respective income tax rates.
| 3. What are the deductions available to reduce taxable income? | |
Ans. Some common deductions available to reduce taxable income in India are:
- Standard deduction of Rs. 50,000 for salaried individuals.
- Deduction of up to Rs. 1.5 lakh under Section 80C for investments in specified instruments like Public Provident Fund (PPF), National Savings Certificate (NSC), etc.
- Deduction of up to Rs. 25,000 (Rs. 50,000 for senior citizens) for medical insurance premium under Section 80D.
- Deduction of up to Rs. 2 lakh for interest on home loan under Section 24(b).
- Deduction of up to Rs. 50,000 for National Pension System (NPS) contributions under Section 80CCD(1B).
| 4. Are there any exemptions from income tax? | |
Ans. Yes, there are certain exemptions from income tax in India. Some examples include:
- Leave Travel Allowance (LTA): Exemption for the cost of travel when an employee goes on leave with family.
- House Rent Allowance (HRA): Exemption for the rent paid by an employee if HRA is a part of their salary.
- Transport Allowance: Exemption for the amount received as an allowance for commuting between home and work.
- Agricultural Income: Income from agricultural activities is exempt from income tax.
- Long-term Capital Gains (LTCG) on listed securities: Exemption on gains from the sale of listed securities held for more than one year.
| 5. How can I file my income tax return? | |
Ans. Income tax returns can be filed online through the Income Tax Department's official website or through various e-filing portals. The process involves registering on the website, providing the necessary details, uploading the required documents, and submitting the return online. Alternatively, individuals can seek the help of tax professionals or Chartered Accountants to file their income tax returns.
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Nov 22, 2024 Last updated |
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