• Income Tax Slabs for Financial Year 2017-18 Assessment Year 2017-18

    Income Tax Slab Rate Post Budget 2017

    Income Tax Slabs* for Financial Year 2017-18 (Assessment Year 17-18)

     

    The tax is calculated in line with the earnings tax slabs introduced via the authorities each 12 months in the price range. The finance minister has introduced the changes in the tax slab structure in union budget for 2017.Following are the earnings tax slab costs and deductions in India for exclusive categories of tax payers:

     

     

     Income Tax Slab Rate For Men below 60 Years of Age


    • Income Tax Slab
    • Income Tax Rate
    • Education Cess
    • Secondary and Higher Education Cess
    • Income upto Rs. 2,50,000
    • Nil
    • Nil
    • Nil
    • Income between Rs. 2,50,001 - Rs. 500,000
    • 5% of Income exceeding Rs. 2,50,000
    • 2% of income tax
    • 1% of income tax
    • Income between Rs. 500,001 - Rs. 10,00,000
    • 20% of Income exceeding Rs. 5,00,000
    • 2% of income tax
    • 1% of income tax
    • Income above Rs. 10,00,000
    • 30% of Income exceeding Rs. 10,00,000
    • 2% of income tax
    • 1% of income tax


    Income Tax Slab Rate For Women below 60 Years of Age

    • Income Tax Slab
    • Income Tax Rate
    • Education Cess
    • Secondary and Higher Education Cess
    • Income upto Rs. 2,50,000
    • Nil
    • Nil
    • Nil
    • Income between Rs. 2,50,001 - Rs. 500,000
    • 5% of Income exceeding Rs. 2,50,000
    • 2% of income tax
    • 1% of income tax
    • Income between Rs. 500,001 - Rs. 10,00,000
    • 20% of Income exceeding Rs. 5,00,000
    • 2% of income tax
    • 1% of income tax
    • Income above Rs. 10,00,000
    • 30% of Income exceeding Rs. 10,00,000
    • 2% of income tax
    • 1% of income tax


    Income Tax Slab Rate For Senior Citizens (Age 60 years or more but less than 80 years)

    Income Tax Slab
    Income Tax Rate
    Education Cess
    Secondary and Higher Education Cess
    Income upto Rs. 3,00,000
    Nil
    Nil
    Nil
    Income between Rs. 3,00,001 - Rs. 500,000
    5% of Income exceeding Rs. 3,00,000
    2% of income tax
    1% of income tax
    Income between Rs. 500,001 - Rs. 10,00,000
    20% of Income exceeding Rs. 5,00,000
    2% of income tax
    1% of income tax
    Income above Rs. 10,00,000
    30% of Income exceeding Rs. 10,00,000
    2% of income tax
    1% of income tax


    Income Tax Slab Rate For Senior Citizens (Age 80 years or more)

    Income Tax Slab
    Income Tax Rate
    Education Cess
    Secondary and Higher Education Cess
    Income upto Rs. 5,00,000
    Nil
    Nil
    Nil
    Income between Rs. 500,001 - Rs. 10,00,000
    20% of Income exceeding Rs. 5,00,000
    2% of income tax
    1% of income tax
    Income above Rs. 10,00,000
    30% of Income exceeding Rs. 10,00,000
    2% of income tax
    1% of income tax

    Income Tax Slab Rate Hindu Undivided Families (HUF)

    Income Tax Slab
    Income Tax Slab Rate
    Up to Rs.2,50,000
    Nil
    Rs.2,50,000 to Rs.5,00,000
    10% Income exceeding Rs. 2,50,000
    Rs.5,00,000 to Rs.10,00,000
    20% Income exceeding Rs. 5,00,000
    Over Rs.10,00,000
    30% Income exceeding Rs. 10,00,000


    Income Tax Slab Rate Legal Entities Registered as Associations of Persons

    Income Tax Slab
    Income Tax Slab Rate
    Up to Rs.2,50,000
    Nil
    Rs.2,50,000 to Rs.5,00,000
    10% Income exceeding Rs. 2,50,000
    Rs.5,00,000 to Rs.10,00,000
    20% Income exceeding Rs. 5,00,000
    Over Rs.10,00,000
    30% Income exceeding Rs. 10,00,000


    Income Tax Slab Rate Legal Entities Registered as Bodies of Individuals

    Income Tax Slab
    Income Tax Slab Rate
    Up to Rs.2,50,000
    Nil
    Rs.2,50,000 to Rs.5,00,000
    10% Income exceeding Rs. 2,50,000
    Rs.5,00,000 to Rs.10,00,000
    20% Income exceeding Rs. 5,00,000
    Over Rs.10,00,000
    30% Income exceeding Rs. 10,00,000

    Partnership Firms:
    Partnership Firms and LLPs (Limited Liability Partnerships) are to be taxed at the rate of 30%
    Local Authorities:
    Local Authorities are to be taxed at the rate of 30%.
    Domestic Companies:
    Domestic Companies are to be taxed at the rate of 30%

    Income Tax Slab Rate Co-operative Societies

    Income Tax Slab
    Income Tax Slab Rate
    Up to Rs.10,000
    10% Income
    Rs.10,000 to Rs 20,000
    20% Income exceeding Rs. 10,000
    Over Rs. 20,000
    30% Income exceeding Rs. 20,000
    Surcharge:
    1. 2% of the income tax amount (If income is greater than Rs.1,00,00,000/-)
    2. 5% of the income tax amount. Subject to marginal relief (If income is greater than Rs.10,00,00,000/-)
    Education Cess: 2% extra (charged on the amount of income tax + surcharge being paid)
    Secondary and Higher Education Cess: 1% extra (charged on the amount of income tax + surcharge being paid)
    Comparison Of Income Tax Slabs For FY 2017-18 and FY 2016-17
    Income Tax Slab
    Income Tax For FY 2017-18
    Income Tax For FY 2016-17
    Income upto Rs. 2,50,000
    Nil
    Nil
    Income between Rs. 2,50,001 - Rs. 500,000
    5% of Income exceeding Rs. 2,50,000
    10% of Income exceeding Rs. 2,50,000
    Income between Rs. 500,001 - Rs. 10,00,000
    20% of Income exceeding Rs. 5,00,000
    20% of Income exceeding Rs. 5,00,000
    Income above Rs. 10,00,000
    30% of Income exceeding Rs. 10,00,000
    30% of Income exceeding Rs. 10,00,000

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