Budget 2019 Income tax rates: Will Modi government change Income tax slab? check details

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New Delhi | Updated: January 8, 2019 10:05:49 AM

Budget 2019 Income tax rates: In Budget 2018, FM Jaitley did not announce any alteration in the exemption limit and income tax rates in the Income Tax slab.

Budget 2019:Budget 2019

Budget 2019: The Narendra Modi government is all set to present its first interim budget soon. Finance Minister Arun Jaitley will read out the Union Budget speech during a joint sitting of Lok Sabha and Rajya Sabha in Parliament. People belonging to different sections are eagerly waiting to know whether there will be any major announcements or not. Budget 2019 predictions and Budget 2019 Income Tax rates seem to be the common queries among netizens. The Budget 2019 will be FM Jaitley’s sixth consecutive one as the BJP-led National Democratic Alliance (NDA) is facing its litmus test in form of Lok Sabha Elections 2019.

Budget 2019 Income Tax rates: FM Jaitley will be presenting an interim budget this year. Traditionally, the outgoing government presents an interim budget before the Lok Sabha election. Subsequently, the new-elected government would table the full-budget after general elections. One of the common things that Aam Admi looks for is Income Tax slab announced by the central government in the budget. In recent interim budgets, the erstwhile central governments refrained from announcing major steps. However, some reports that have predicted that the Modi government may well break the tradition. If it does so, then there is a possibility that the government may go for a rejig in Income Tax rates structure to woo voters.

READ ALSO: INCOME TAX CALCULATOR: Check how much you need to pay

In Budget 2018, FM Jaitley did not announce any alteration in the exemption limit and income tax rates in the Income Tax slab. But he introduced a slew of changes, chiefly a cess on personal income tax, that had its impact on the Income Tax rates.

Read Also: Budget 2019 date- Day, time of FM Arun Jaitley budget speech, Modi government economic survey, Budget session

Existing Income tax slab in India: Individuals aged less than 60 years and falling in the income category up to Rs. 2,50,000 per annum will have to pay zero Income Tax. Senior Citizens aged above 60 years falling in the income category up to Rs. 2,50,000 per annum will have to pay zero income tax. Super Senior Citizens aged above 80 years falling in the income category up to Rs. 2,50,000 per annum will have to pay zero income tax.

Individuals aged less than 60 years falling in the income category between Rs. 2,50,000 and Rs 3,00,000 per annum will have to pay 5 per cent Income Tax. Senior Citizens aged above 60 years falling in the income category between Rs. 2,50,000 and Rs 3,00,000 per annum will have to pay zero income tax. Super Senior Citizens aged above 80 years falling in the income category between Rs. 2,50,000 and Rs 3,00,000 per annum will have to pay zero income tax.

Individuals aged less than 60 years falling in the income category between Rs. 3,00,000 and Rs 5,00, 000 per annum will have to pay 5 per cent Income Tax. Senior Citizens aged above 60 years falling in the income category between Rs. 3,00,000 and Rs 5,00, 000 per annum will have to pay 5 per cent tax. Super Senior Citizens aged above 80 years falling in the income category between Rs. 3,00,000 and Rs 5,00, 000 per annum will have to pay zero income tax.

Individuals aged less than 60 years falling in the income category between Rs. 5,00,000 and Rs 10,00, 000 per annum will have to pay 20 per cent Income Tax. Senior Citizens aged above 60 years falling in the income category between Rs. 5,00,000 and Rs 10,00, 000 per annum will have to pay 20 per cent tax. Super Senior Citizens aged above 80 years falling in the income category between Rs. 5,00,000 and Rs 10,00, 000 per annum will have to pay 20 per cent income tax.

Individuals belonging to the aforementioned age groups with an income of over Rs 10,00,00 per annum will need to pay 30 per cent of income tax.

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