Thursday 2 February 2017

Income Tax Slabs & Rates for FY 2017-18 (AY 2018–19)


Income Tax Slabs & Rates for FY 2017-18 (AY 2018–19)



Income Tax Slabs for Individual TaxPayers

Income Tax Slab Income Tax Rate
Income upto Rs. 2,50,000 Nil
Income between Rs. 2,50,001 - Rs. 500,000 5%
Income between Rs. 500,001 - Rs. 10,00,000 20%
Income above Rs. 10,00,000 30%


Income Tax Slabs for Senior Citizens (Age 60 years or more but less than 80 years)

Income Tax Slab Income Tax Rate
Income upto Rs. 3,00,000 Nil
Income between Rs. 3,00,001 - Rs. 500,000 5%
Income between Rs. 500,001 - Rs. 10,00,000 20%
Income above Rs. 10,00,000 30%


Income Tax Slabs for Senior Citizens (Age 80 years or more)

Income Tax Slab Income Tax Rate
Income upto Rs. 5,00,000 Nil
Income between Rs. 500,001 - Rs. 10,00,000 20%
Income above Rs. 10,00,000 30%





** Surcharge and Cess applicable on the above rates.
** 10% surcharge is applicable on income tax if the total income exceeds Rs. 50 lakhs but below 1 crore.
** 15% surcharge is applicable on income tax if the total income exceeds Rs 1 crore.
** 2% Education cess and 1% Secondary and Higher Education Cess is applicable on the income tax and applicable surcharge.
** For individuals whose income is equal to or less than Rs 3.5 lakh, tax rebate of Rs. 2,500 or 100% of income tax(whichever is lower) is available under section 87A.
** There is no separate tax slab for men and women.




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