Income tax slab for Financial Year 2017 – 18


The below given income tax slab is applicable for financial year 2017 – 18 and assessment year 2018 – 19.

Income tax slab for financial year 2017 -18 & assessment year 2018 – 19

(Amounts are in Indian rupees)

For Men and Women:

Rate Men Women
Exemption limit Up to 2,50,000 Up to 2,50,000
5% of taxable income Income between 2,50,001 to 5,00,000 Income between 2,50,001 to 5,00,000
20% of taxable income Income between 5,00,001 to 10,00,000 Income between 5,00,001 to 10,00,000
30% of taxable income Income more than 10,00,000 Income more than 10,00,000

 

For Senior citizens (Age between 60 and 80) and very senior citizens (Age above 80):

Rate Senior citizens Very senior citizens (Aged 80 and above)
Exemption limit Up to 3,00,000 Up to 5,00,000
5% of taxable income Income between 3,00,001 to 5,00,000 Nil up to 5,00,000
20% of taxable income Income between 5,00,001 to 10,00,000 Income between 5,00,001 to 10,00,000
30% of taxable income Income more than 10,00,000 Income more than 10,00,000

 

Surcharge: 10% of tax amount, where taxable income is between 50,00,000 to 1 crore.

15% of the tax amount, where taxable income is more than 1 crore.

Education Cess : 3% of tax amount along with surcharge.

Rebate: As per section 87A of Income tax act 1961, rebate of INR 2,500 will be given to those individual tax payers whose total taxable income doesn’t exceed INR 3,50,000.

All the other categories of tax payers in the subsequent slabs also get a uniform benefit of Rs 12,500 per person.

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