INCOME TAX

Income tax refund is the amount we get in lieu of paying extra tax to the govt. more than our tax liability in a financial year.

According to budget 2018 some major changes happened. Before we go into depth of this article let us have a quick look at key features of latest Income tax slab for fy 2018-19 according to Budget 2018.

Latest Income Tax Slab For FY 2018-19 What is New   income tax Slab rate for FY 2018-19  and Assessment year 2019-20?Do you want to know about New Income Tax Slab Rates? Then this is the article for you. Two key changes have took place in Budget 2018-19 Education cess increased from 3% to 4%. Standard Deduction of rs 40,000 for all tax payers on taxable income. It may be noted here that taxable Income is the income which comes after deducting savings under section 80C From Gross Income. Rebate under section 87A As far as Rebate u/s 87A is concerned,tax payer only eligible for Rebate of rs 2500 if his/her taxable income is less than or equal to 3.5 lakhs. Tax rate Tax rate remains the same.That is to say firstb250,000 there is no tax. Further 250,000-500000 tax rate is 5%. 500001-10,00000 tax rate will be 20%. Also if taxable income is more than 10 lakh  Tax rate will be Levied at the rate of  30%. Further if taxable income is more than 50 lakh,