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Income Tax Slabs
A lot of financial activities have taken place recently
Announcement of Interim Budget on 1 Feb 2019
Change in the Financial Year from 1 Apr 2019
Beginning of ITR filing for FY 2018-19 etc
All this leaves a common man in dilemma about the applicability of income tax return filing, the tax rates and ITR forms. Lets us draw a clear picture of all such upcoming important events.
The tax rebate announced in Interim Budget 2019 is applicable for Financial Year 2019-20 which means for the income you would be earning in between 1 April 2019 to 31st March 2020. For which Income Tax Return Would be filed next year till 31st July 2020.
For the current year income tax return filing i.e. for filing of income tax return till 31st July 2019 tax rates for Financial Year 2018-19 shall prevail.
The filing of the income tax return for Financial Year 2018-19 has begin i.e. for income which you have earned from 1st April 2018 to 31st March 2019 shall be disclosed in income tax return to be filed till 31st July 2019.
Since Indian taxation system is based upon progressive model of taxation, Income Tax Slab rates are prescribed by CBDT every year. The tax slab rates differ depending upon your age and quantum of income. Read below the complete insights and know the income tax slab applicable on you for the current year filing i.e. for ITR filing for Financial Year 2018-19.
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