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Income Tax Rates / Tax Slab for FY 2017-2018 (Budget) AY 2018-2019

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Cheers!!! In Budget 2017, the government has made some positive changes to tax slabs.  – Read the Budget announcement for Personal Taxation

Income Tax Slab / Rates applicable in India for Individuals, Hindu Undivided Family (HUF), Association of Persons (AOP) and Body of Individuals (BOI)

Applicable for FY 2017-2018 (AY 2018-2019)  

For Individuals below 60 years age (including Woman Assessees) (born on or after 01-Apr-1957)
   
upto Rs 2.50 Lakh NIL
Rs 2.50  lakh – Rs 5 Lakh 5% on amount exceeding Rs 2.50 lakh
Rs 5 lakh – 10 Lakh  Rs 12500 + 20% of amount exceeding Rs 5 Lakh
above Rs 10 akh Rs 112500 + 30% of amount exceeding Rs 10 lakh

Income tax rebate u/s 87A is applicable for those who earns  upto Rs 3.5 lacs. 

There is also a cess of 3% on total tax (not on total income)- so effective tax rate will become 5.15%, 20.6% & 30.9%)

 

Read the Budget announcement for Personal Taxation

For Individuals aged 60 years and above but below 80 years (Senior Citizen)
   
upto Rs 3 Lakh NIL
Rs 3 lakh – Rs 5 Lakh 5% on amount exceeding Rs 3 lakh
Rs 5 lakh – 10 Lakh  Rs 20000 + 20% of amount exceeding Rs 5 Lakh
above Rs 10 Lakh Rs 120000 + 30% of amount exceeding Rs 10 lakh

 Read the Budget announcement for Personal Taxation

For Individuals aged 80 years and above (Very Senior Citizen)
   
Upto 500,000 Nil
500,000 to 1,000,000 20% of the amount exceeding 500,000
1,000,000 & above Rs.100,000 + 30% of the amount exceeding 1,000,000

 Read the Budget announcement for Personal Taxation

3.   Surcharge on Income Tax –  If the total taxable income exceeds Rs 1 crore ,  there will be sucharge of 10% of Tax payable ( not 10% of income)

A surcharge of 10% on tax payable is proposed for individuals having an income of INR 50 lakhs to INR 1 crore.

 

4.  Education Cess + SHEC :  3% of Income Tax plus Surcharge  (applicable for every assesse)

5. Check various deductions you can claim while computing your tax. Read Article here

 

Read the Budget announcement for Personal Taxation

If you have any queries related to this article or any other personal finance query ( Investment, Taxation etc), please comment below

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The author is a Chartered Accountant and loves to write about Personal Finance, Wealth Management, Taxation etc. Disclaimer - The articles on this website is for informational and knowledge purposes and should not be treated as financial advice, Please consult your financial advisor before taking any investment decision.

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