Income-tax Rates

Income Tax Slab Rates for FY 2016-17(A.Y. 2017-18)

PART I: Income Tax Slab For Individual Tax Payers & HUF (Less Than 60 Years Old) (Both Men & Women)

Income Slab Tax Rate
Income up to Rs 2,50,000* No Tax
Income from Rs 2,50,000 Rs 5,00,000 10%
Income from Rs 5,00,000 10,00,000 20%
Income more than Rs 10,00,000 30%
Surcharge: 15% of income tax, where total income exceeds Rs.1 crore.
Cess: 3% on total of income tax + surcharge.
*Income Tax Exemption limit for FY 2016-17, is up to Rs. 2,50,000 for Individual & HUF other than those covered in Part(II) or (III)


PART II: Income Tax Slab For Senior Citizens (60 Years Old Or More But Less Than 80 Years Old)(Both Men & Women)

Income Slab Tax Rate
Income up to Rs 3,00,000* No Tax
Income from Rs 3,00,000 Rs 5,00,000 10%
Income from Rs 5,00,000 10,00,000 20%
Income more than Rs 10,00,000 30%
Surcharge: 15% of income tax, where total income exceeds Rs.1 crore.
Cess: 3% on total of income tax + surcharge.
*Income Tax Exemption limit for FY 2016-17, is up to Rs. 3,00,000 other than those covered in Part(I) or (III)

PART III: Income Tax Slab For Senior Citizens(80 Years Old Or More) (Both Men & Women)

Income Slab Tax Rate
Income up to Rs 2,50,000* No Tax
Income up to Rs 5,00,000* No tax
Income from Rs 5,00,000 10,00,000 20%
Income more than Rs 10,00,000 30%
Surcharge: 15% of income tax, where total income exceeds Rs.1 crore.
Cess: 3% on total of income tax + surcharge.
*Income Tax Exemption limit for FY 2016-17, is up to Rs. 5,00,000 other than those covered in Part(I) or (II)

Please also note that there is also a tax rebate of upto Rs.5,000 for a taxable income upto Rs. 5 lakh.

 

Income Tax Slab Rates for F.Y. 2017-18 (A.Y. 2018-19)

For FY 2017-18, the slab rate for Income upto Rs. 5 lakhs has gone down from 10% to 5%.

PART I: Income Tax Slab For Individual Tax Payers & HUF (Less Than 60 Years Old) (Both Men & Women)

Income Slab Tax Rate
Income up to Rs 2,50,000* No Tax
Income from Rs 2,50,000 Rs 5,00,000 5%
Income from Rs 5,00,000 10,00,000 20%
Income more than Rs 10,00,000 30%
Surcharge: 10% of income tax, where total income exceeds Rs.50 lakhs upto Rs.1 crore.

Surcharge: 15% of income tax, where total income exceeds Rs.1 crore.

Cess: 3% on total of income tax + surcharge.
*Income Tax Exemption limit for FY 2017-18, is up to Rs. 2,50,000 for Individual & HUF other than those covered in Part(II) or (III)


PART II: Income Tax Slab For Senior Citizens (60 Years Old Or More But Less Than 80 Years Old)(Both Men & Women)

Income Slab Tax Rate
Income up to Rs 3,00,000* No Tax
Income from Rs 3,00,000 Rs 5,00,000 5%
Income from Rs 5,00,000 10,00,000 20%
Income more than Rs 10,00,000 30%
Surcharge: 10% of income tax, where total income exceeds Rs.50 lakhs upto Rs.1 crore.

Surcharge: 15% of income tax, where total income exceeds Rs.1 crore.

Cess: 3% on total of income tax + surcharge.
*Income Tax Exemption limit for FY 2017-18, is up to Rs. 3,00,000 other than those covered in Part(I) or (III)

PART III: Income Tax Slab For Senior Citizens(80 Years Old Or More) (Both Men & Women)

 

Income Slab Tax Rate
Income up to Rs 2,50,000* No Tax
Income up to Rs 5,00,000* No tax
Income from Rs 5,00,000 10,00,000 20%
Income more than Rs 10,00,000 30%
Surcharge: 15% of income tax, where total income exceeds Rs.1 crore.
Cess: 3% on total of income tax + surcharge.
*Income Tax Exemption limit for FY 2017-18, is up to Rs. 5,00,000 other than those covered in Part(I) or (II)

Please also note that there is also a tax rebate of upto Rs.2,500 for a taxable income upto Rs. 3.5 lakhs.

Apply New / Correction / Duplicate Pan Card

Get Company / Directors / Data / Documents

File Incometax Return Online

Get Prepared & Upload TDS Return Online

Leave a Reply

Your email address will not be published. Required fields are marked *