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Last Updated Sunday May 27 2018 10:38 PM IST

Check out how much tax you will have to pay

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Check out how much tax you will have to pay Here is how your income tax is to be calculated according to the Union Budget 2018.

As the last full budget before the election year, finance minister Arun Jaitley played it cautiously with only minor changes to the tax slab.

Here is how your income tax is to be calculated according to the Union Budget 2018.

Income                     New tax rate

• Up to Rs 2.5L             NIL

• Rs 2.5L - Rs 5L         5.20%

• Rs 5L - Rs 10L         20.80%

• Rs 10L - Rs 50L        31.20%

• Rs 50L - Rs 1cr         34.32%

• Rs 1cr and above       35.88%

Important points

• Rs 2,500 rebate for income up to Rs 3.5L,

• 4 per cent of tax liability to be added as cess

• 10 per cent surcharge on income exceeding Rs 50L - Rs 1cr and 15 per cent surcharge on income of Rs 1cr and above

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