Income tax is levied on income received by an individual or entity. For individuals in the assessment year 2018-19, income up to Rs. 2.5 lakhs is tax exempt, income from Rs. 2.5-3 lakhs is taxed at 5%, and higher income slabs are taxed at progressively higher rates from 5-30%. Corporate entities are taxed at 30%, while foreign companies pay 40% tax. Cooperative societies pay 10-30% tax depending on income bracket. The budget for 2018-19 made some changes like increasing tax exemption limits and tax rates on various goods.

1. Taxation
Presented by :
Vitali sojitra
Himali rupareliya

2. What is income tax
 The term income simply means something which
comes in. It is a periodical return with regularity or
expected regularity. Income does not only refers to
monetary return but also includes non-monetary
returns. It includes value of benefits and perquisites as
well. All such incomes are to taxed unless otherwise it is
specifically exempted by any such provisions of the Act.

3. 1. Tax Rates for an Individuals for the AY
2018-19:
Income Individual (Age
less than 60
Years)
Senior Citizen
(Age above 60
Years)
Super Senior
Citizen (Age
above 80
Years)
1. Up to Rs. 2,50,000 Nil Nil Nil
2. Rs. 2,50,000 to Rs. 3,00,000 5% Nil Nil
3. Rs. 3,00,000 to Rs. 5,00,000 5% 5% Nil
4. Rs. 5,00,000 to Rs. 10,00,000 20% 20% 20%
5. Above Rs. 10,00,000 30% 30% 30%

4. 2. Tax Rates for Corporate Assessee for
the A.Y. 2019-20:
Status of Taxpayer Rates of income-tax
1. Firms/Local Authority 30%
2. Domestic Company 30%
3. Foreign Company 40%

5. 3. Tax Rates for Co-operatives Societies for
the A.Y. 2018-19:
Income Rates of income-tax
1. Up to Rs. 10,000 10%
2. Rs.10,000 – Rs.20,000 20%
3. Above Rs. 20,000 30%

6. Some changes in budget 2018-19
Charity amount dicrees
50 crore turnover company corporate tax 5% free
125 crore indian population
Tax return 99crore population income up to 2,50,000
1 crore 55 lakh population income 2,50,000 to 5,00,000
76 lakh population 5,00,000 to 10,00,000

7. 250 crore turnover copmpany corporate tax 25%
More than 250 crore corporate tax 30%
Under the MSME up to 25 crore company corporate tax
25 %
SCSS in intrest 10,000to increes 50,000 excepted
Long term capital gain more thane 1,00,000 10 % tax

8.  Import duty on LCD, LED, OLED panels, parts of
tv’s hiked to 15% duty on smart watches,
ewarable devicies, footwear double to 20 %
 Custom duty on limitation jewellery hiked from
15% to 20% double on all watches to 20%