Government of India had increased the basic personal income tax exemption limit from Rs. 40,000 to Rs. 50,000 for Financial Year 1998-1999 and Assessment Year 1999-2000. The new income tax rates or income tax slabs were effective from April 01, 1998.
Personal Income Tax Rates in India for the Financial Year 1998-1999 and Assessment Year 1999-2000
New Delhi (Delhi, India), August 12, 2018
Indian Government Ups Basic Personal Income Tax Exemption Limit from Rs. 40,000 to Rs. 50,000
The Government of India had increased the basic personal income tax exemption limit from Rs. 40,000 to Rs. 50,000 for the Financial Year 1998-1999 and Assessment Year 1999-2000.
The new income tax rates or Income tax slabs were applicable for the incomes earned or generated from April 01, 1998 to March 31, 1999.
Mr. Yashwant Sinha, the Finance Minister of India, announced the new personal income tax slab rates while presenting the Union Budget of India, also called the Indian General Budget, on Monday, June 01, 1998 in New Delhi.
Here are the personal income tax slab rates for calculating your income tax for the Financial Year 1998-1999 (Assessment Year 1999-2000).
Income Tax Slabs for Individuals for the Financial Year 1998-1999 and Assessment Year 1999-2000
1. Income Tax Slab: Rs. 0 to 50,000 – Income Tax Rate Payable: Nil
2. Income Tax Slab: Rs. 50,001 to 60,000 – Income Tax Rate Payable: 10%
3. Income Tax Slab: Rs. 60,001 to 150,000 – Income Tax Rate Payable: 20%
4. Income Tax Slab: Rs. 150,001 and above – Income Tax Rate Payable: 30%
Applicable Surcharge:
Surcharge: No surcharge.
Standard Deduction:
(i) Standard Deduction for income up to Rs. 100,000 is 33 and 1/3% of salary or Rs. 25,000, whichever is less
(ii) Standard Deduction for income from Rs. 100,001 to Rs. 500,000 is Rs. 20,000.
(iii) There is no Standard Deduction for income above Rs. 500,000.
Union Budget of India 1998-1999 – Minister of Finance’s Speech
Ministry of Finance, Government of India – Finance Minister’s Budget Speech for Financial Year 1998-1999
