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How you can save your salary from the taxman post Budget 2018

Your income is taxed under five broad heads. Various tax sops, be it for your salary perks or investments that you make, help reduce your tax outgo.

Here are the latest income tax slabs and rates

Given below are the latest income tax (I-T) slabs applicable for financial year 2018-19 (assessment year 2019-20).

Budget 2018: Finance minister Arun Jaitley leaves rich poorer, poor not much richer

Arun Jaitley reintroduced standard deduction which was scrapped in 2004-2005. Though there was an expectation that tax slabs would be revised, the FM left them unchanged.

Budget 2018: Are you richer or poorer? Here's the bottomline

The biggest gain from this is for someone at an income of just above Rs 10 lakh a year. With tax and cesses, such a person would now be paying Rs 1,15,875.

Three ways to reduce impact of new long term capital gains tax

Three ways to reduce impact of new long term capital gains tax

If you've been thinking that LTCG tax on equity will cost you just 10%, you are getting ahead of yourself. It may actually cost you much more.

Investors can lower LTCG hit by churning portfolio

The government has kept small investors out of the ambit of the levy by stipulating that the proposed 10% tax will apply only to LTCG exceeding the threshold of Rs 1 lakh.

Budget 2018: End of the road for dividend play by mutual fund houses

Many fund houses had pushed the dividend option of equity-oriented balanced funds to investors as a safe way of earning assured monthly income.

E-assessment of a taxpayer to be handled by two officers: CBDT

The new measure of deputing two officials for one assessment case is being seen as increasing the level of monitoring as well as aiding the AO to quickly conduct the task.

Standard deduction benefit to be a few hundred rupees only

Senior citizens save between Rs 3,060 to Rs 15,760 on the three income slabs.

Team-based income tax scrutiny, e-assessment of returns from FY'19

Team-based income tax scrutiny, e-assessment of returns from FY'19

The Finance Bill 2018 has proposed to come out with a new scheme for scrutiny assessment to improve effectiveness of tax administration.

PAN mandatory for entities in transaction over Rs 2.5 lakh

The 10-digit Permanent Account Number (PAN) would be used as Unique Entity Number for non-individuals, said the memorandum to the Finance Bill 2018.

Budget's impact on individual taxpayers

Read on to find out the impact of the announcements of this year's Budget on the taxpayer .

Budget 2018: How LTCG tax on shares, equity MF units will be calculated as per proposed rules

The Budget 2018 proposes to change how LTCG on equity shares and units of equity oriented mutual funds are taxed in your (an individual’s hands).

Budget leaves individual taxpayers peeved

To provide some relief to salaried taxpayers, Finance minister Arun Jaitley proposed a standard deduction of Rs 40,000.

No need to furnish any bills or documents to claim the standard deduction: CBDT chief

No need to furnish any bills or documents to claim the standard deduction: CBDT chief

The budget, this time, has given a large benefit of flat Rs 40,000 as a standard deduction to the salaried class of taxpayers and pensioners.

Budget 2018: No TDS on interest up to Rs 10,000 on GOI savings bonds

The government has introduced the 7.75 per cent GOI savings (Taxable) Bonds, 2018 in lieu of 8 per cent Savings (Taxable) Bonds, 2003.

Budget 2018: 10 personal finance highlights not to be missed

What Jaitley giveth, he also taketh away. Today's budget gives the salaried Rs 40K standard deduction, but takes away other allowances like medical.

Budget 2018 proposes to exempt 40% of NPS corpus from tax for non-salaried subscribers

The maturity corpus of NPS was earlier made partially tax-free by giving tax-exempt status to 40 percent of the corpus for salaried individuals.

Budget 2018: Extra 1 per cent cess to hit top 1 per cent taxpayers

The additional 1% education cess on tax proposed in the budget will push up the overall tax of the top 1% of Indian taxpayers.

Government to roll out I-T e-assessment, cut person-to-person contact

Government to roll out I-T e-assessment, cut person-to-person contact

"With the experience gained so far, we are now ready to roll out the E-assessment across the country," Finance Minister Arun Jaitley said in his Bud

Budget 2018 gives Rs 40,000 standard deduction, removes other allowances: Salaried may be left poorer

Standard deduction was a part of the Income-tax Act until former Finance Minister, P. Chidambaram, withdrew it in the Union budget of 2005-06.

Budget 2018: FM proposes dividend distribution tax in equity MF, dividend seekers to be hit

The dividend distribution tax on all non-equity funds is 25 percent plus 12 percent surcharge plus 4 percent cess totalling 29.12 percent.

Budget 2018 proposes tax, other benefits for senior citizens: Rs 50,000 interest income exempted

Interest up to Rs 10,000 from all savings bank accounts, whether held with a bank or post office, is applicable for tax deduction under Section 80TTA.

Budget 2018: FM proposes to re-introduce LTCG tax on gains above Rs 1 lakh

Currently, long-term capital gains are exempt from tax on transfer of equity investments on which STT has been charged on sell transaction.

Budget 2018 hikes cess on income tax to 4 per cent from 3 per cent: Here's how much more you will pay

Budget 2018 hikes cess on income tax to 4 per cent from 3 per cent: Here's how much more you will pay

As per the current income tax slabs, taxation of income of resident individuals below 60 years is as follows: Income up to Rs 2.5 lakh is exempt fro

Arun Jaitley decides to ride the bull, brings back LTCG tax

Sensex plunged nearly 400 points in knee-jerk reaction.

Budget 2018: Section 80D limit proposed to be hiked to Rs 50,000 for senior citizens

A taxpayer can currently maximise tax benefit under section 80D to a total of Rs 55,000 if his age is below 60, while parents' age is above 60.

Arun Jaitley pleases the office-goer with standard deduction

Standard deduction will allow for a flat deduction from salary income, to make up for some of the expenses which an employee would typically incur in relation to his employment.

Recap of what the taxpayer got from Budget 2017

People are thinking of everything from a hike in exemption limits, to return to standard deduction and a introduction of long-term capital gains tax on equity.

Budget 2018: What income tax changes to expect from FM Jaitley today

Budget 2018: What income tax changes to expect from FM Jaitley today

Here is a look what the middleclass taxpayer can expect from Budget 2018.

Budget 2019: How income tax slabs have changed over the years and the way forward

Here is a look at how the country's income tax structure has evolved over the last 70 years.

Tax queries: Short-term capital gains taxed at 15%

Dilip Lakhani, Senior Chartered Accountant, answers queries from our readers on income tax and other levies.

How to claim tax benefit for additional Rs 50,000 investment in NPS

The Finance Act 2015 inserted a new sub-section (1B) under Section 80CCD of the Income Tax Act to encourage investment in NPS.

Are you paying too much tax?

Every taxpayer thinks he pays too much tax. ET Wealth looks at how the effective tax rate has changed in the past nine years for various income levels.

How your income tax has changed over the last 9 years

How your income tax has changed over the last 9 years

In Budget 2010, Income tax slabs were changed. Additional deduction for investing up to Rs 20,000 in infra bonds under Sec 80CCF.

Can you claim HRA tax exemption for rent paid to spouse? Here's what experts say

A taxpayer is entitled to claim HRA exemption for rent paid to his or her spouse provided there is documentation to prove that the arrangement is genuine.

You can save over Rs 1 lakh in tax just via these 4 avenues

The I-Tax Act, 1961 provides several avenues by way of deductions under different sections of the Act, to help one invest or make an expense to reduce the tax outgo.

False income tax refund claims could attract these penalties

The income tax department has recently claimed to have busted a racket of fraudulent claim of tax refunds by employees of well known companies.

NSC vs 5-year bank FD: Which is a better tax-saving investment?

NSC and tax-saving FDs have certain common features. However, there are certain differences between the two which, give an advantage to NSCs over tax-saving FDs.

Claiming HRA tax exemption in different rental situations

Claiming HRA tax exemption in different rental situations

Here are 3 scenarios young earners are likely to face while claiming tax exemption on HRA and how they can deal with these.

5 smart things to know about Section 44ADA of Income Tax Act

Professionals from the legal, medical, engineering, architectural, accountancy, tech consultancy, and interior decoration backgrounds can use this section.

Tax Optimizer: How Kumar can save more tax by investing in NPS

Paying too much tax? Write to us and our experts will tell you how to reduce your tax by rejigging your pay and investments.

Government may tweak tax slabs, bring standard deduction: EY Survey

59% of the respondents were of the view that multiple outdated deductions would be replaced with a standard deduction in order to cut tax burden of employees.

Tax-saving for young earners simplified

Here's how you can save on tax without locking away your money in long-term investments and without putting a dent in your wallet.

Double benefit: Here are 6 tax saving investments with tax-exempt returns

Double benefit: Here are 6 tax saving investments with tax-exempt returns

Here are 6 tax savers that will not only help you save tax but also help you earn tax-free income.

Budget 2017: Rate for lowest income tax slab slashed to 5% from 10%, surcharge of 10% on income above Rs 50 lakh

An individual's tax is calculated according to the income tax slabs announced by the government every year in the Budget.

60% of income goes as taxes, but no social security; give me a break!

It is taken for granted that the rich has to pay more tax because they can afford it.

Tax optimizer: How Gupta can reduce tax outgo by rejigging his salary structure

Sudhir Kaushik of Taxspanner.com tells readers how they can optimise their tax by rejigging their income and investments.

Tax free Rs 20 lakh gratuity for employees may be a reality soon

The Gratuity Amendment Bill is likely to be passed in the forthcoming Budget session, which will make formal sector workers eligible for tax free Rs 20 lakh gratuity.

Check these 7 tax savers before you invest again

Check these 7 tax savers before you invest again

It's always better to plan your tax saving investments in advance than make the wrong moves at the fag end of the financial year.

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