Budget 2019: As Middle Class Eyes Sops, A Look at Current Tax Slabs & Rates
One of the primary Budget expectations is an increase in the tax exemption limit, along with a relief in the tax rate to the non-exempted members of the salaried class.
New Delhi, January 29: With days remaining for the roll-out of the Interim Budget 2019, the Middle Class - described by Prime Minister Narendra Modi as the "most honest taxpayers", are hopeful of sops from the Centre. The speculations gain momentum as this would be the final Budget presented by the government before it seeks another term to power in the Lok Sabha elections.
One of the primary Budget expectations is an increase in the tax exemption limit, along with a relief in the tax rate to the non-exempted members of the salaried class. Budget 2019: Date, Time, Expectations and Where to Watch Live Streaming of Interim Budget.
Individuals drawing a fixed monthly income, particularly those in the tax-range of 20 per cent, have appealed the government to ease their burden.
Even as speculations are rife for a populist Budget this year, here's a look at the incumbent tax slabs and rates:
- For those below 60 years of age
| Income | Tax Rate |
| Up to Rs 2.5 lakh | Nil |
| Rs 2,50,001 to Rs 5,00,000 | 5% of (Total income minus Rs 2,50,000) + 4% cess |
| Rs 5,00,001 to Rs 10,00,000 | Rs 12,500 + 20% of (Total income minus Rs 5,00,000) + 4% cess |
| Rs 10,00,001 and above | Rs 1,12,500 + 30% of (Total income minus Rs 10,00,000) + 4% cess |
- For those aged between 60-80
| Income | Tax Rate |
| Up to Rs 3 lakh | Nil |
| Rs 3,00,001 to Rs 5,00,000 | 5% of (Total income minus Rs 3,00,000) + 4% cess |
| Rs 5,00,001 to Rs 10,00,000 | Rs 10,000 + 20% of (Total income minus Rs 5,00,000) + 4% cess |
| Rs 10,00,001 and above | Rs 1,10,000 + 30% of (Total income minus Rs 10,00,000) + 4% cess |
- For super senior citizens aged above 80
| Income | Tax Rate |
| Up to Rs 5 lakh | Nil |
| Rs 5,00,001 to Rs 10,00,000 | 20% of (Total income minus Rs 5,00,000) + 4% cess |
| Rs 10,00,001 and above | Rs 1,00,000 + 30% of (Total income minus Rs 10,00,000) + 4% cess |
The tax slabs were kept fixed as that rolled out in the Union Budget of 2017-18. Finance Minister Arun Jaitley, however, had announced an additional cess of 4 per cent on the income tax.
(The above story first appeared on LatestLY on Jan 29, 2019 11:43 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).