Income Tax Education Cess increased from 3% to 4%

Last updated at April 16, 2024 by

Earlier

Education Cess was charged on Tax at 3%

Now

It will be charged at 4%

Name also changed to Education and Health Cess

 

FINANCIAL YEAR 2017-18
(AY 2018-19) 		FINANCIAL YEAR 2018-19
(AY 2019-20)
EDUCATION CESS  EDUCATION AND HEALTH CESS
3% OF TAX 4% OF TAX

 

 

However, income Tax Slab Rate and Cess Remains the Same

Old Slab rate.jpg

Slab Rate 1.jpg

 

Example

Calculation of Tax on Income of Rs 340000

Income Tax New Slab rate.jpg

 

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CA Maninder Singh

CA Maninder Singh is a Chartered Accountant for the past 14 years. He also provides Accounts Tax GST Training in Delhi, Kerala and online.