Banking Exams Exam > Banking Exams Videos > Banking Awareness for IBPS/SBI/LIC/Insurance exams (Hindi) > INCOME TAX SLAB 2018 | Calculation Method Explained
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.
Related Exams
About this Video
|
4.68/5 Rating |
|
Nov 22, 2024 Last updated |
Video Description: INCOME TAX SLAB 2018 | Calculation Method Explained for Banking Exams 2024 is part of Banking Awareness for IBPS/SBI/LIC/Insurance exams (Hindi) preparation.
The notes and questions for INCOME TAX SLAB 2018 | Calculation Method Explained have been prepared according to the Banking Exams exam syllabus.
Information about INCOME TAX SLAB 2018 | Calculation Method Explained covers all important topics for Banking Exams 2024 Exam.
Find important definitions, questions, notes, meanings, examples, exercises and tests below for INCOME TAX SLAB 2018 | Calculation Method Explained.
Introduction of INCOME TAX SLAB 2018 | Calculation Method Explained in English is available as part of our Banking Awareness for IBPS/SBI/LIC/Insurance exams (Hindi) for Banking Exams & INCOME TAX SLAB 2018 | Calculation Method Explained in
Hindi for Banking Awareness for IBPS/SBI/LIC/Insurance exams (Hindi) course. Download more important topics related with notes, lectures and mock test series for
Banking Exams Exam by signing up for free.
Description
Video Lecture & Questions for INCOME TAX SLAB 2018 | Calculation Method Explained Video Lecture | Banking Awareness for IBPS/SBI/LIC/Insurance exams (Hindi) - Banking Exams - Banking Exams full syllabus preparation | Free video for Banking Exams exam to prepare for Banking Awareness for IBPS/SBI/LIC/Insurance exams (Hindi).
Information about INCOME TAX SLAB 2018 | Calculation Method Explained
Here you can find the meaning of INCOME TAX SLAB 2018 | Calculation Method Explained defined & explained in the simplest way possible.
Besides explaining types of INCOME TAX SLAB 2018 | Calculation Method Explained theory, EduRev gives you an ample number of questions to practice INCOME TAX SLAB 2018 | Calculation Method Explained tests,
examples and also practice Banking Exams tests.
|
Explore Courses for Banking Exams exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
Related Searches
MCQs
,study material
,mock tests for examination
,Viva Questions
,INCOME TAX SLAB 2018 | Calculation Method Explained Video Lecture | Banking Awareness for IBPS/SBI/LIC/Insurance exams (Hindi) - Banking Exams
,Semester Notes
,Important questions
,Sample Paper
,Free
,INCOME TAX SLAB 2018 | Calculation Method Explained Video Lecture | Banking Awareness for IBPS/SBI/LIC/Insurance exams (Hindi) - Banking Exams
,Objective type Questions
,Extra Questions
,Summary
,ppt
,Previous Year Questions with Solutions
,past year papers
,INCOME TAX SLAB 2018 | Calculation Method Explained Video Lecture | Banking Awareness for IBPS/SBI/LIC/Insurance exams (Hindi) - Banking Exams
,Exam
,shortcuts and tricks
,video lectures
,practice quizzes
;
Study INCOME TAX SLAB 2018 | Calculation Method Explained on the App
Students of Banking Exams can study INCOME TAX SLAB 2018 | Calculation Method Explained alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the INCOME TAX SLAB 2018 | Calculation Method Explained,
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of INCOME TAX SLAB 2018 | Calculation Method Explained is prepared as per the latest Banking Exams syllabus.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup