Income tax slab rates are decided and governed by Income Tax Act 1961 and are subject to change every year. Here are the income tax slab rates for the Financial Year 2017-18 (relevant to Assessment Year 2018-19).
- Income Tax Slab for Individual Tax Payers & HUF (Less Than 60 Years Old)
| Income Tax 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 INR 50 lakh up to INR 1 crore.
Surcharge: 15% of income tax, where the total income exceeds INR 1 crore.
Higher education and secondary cess: 3% of Income Tax.
*Income tax exemption limit for FY 2017-18 is up to INR 2,50,000 for individual & HUF other than those covered in Part(B) or (C)
- Income Tax Slab for Senior Citizens (60 Years Or More but Less than 80 Years)
| Income Tax 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 INR 50 lakh up to INR 1 crore.
Surcharge: 15% of income tax, where the total income exceeds INR 1 crore.
Higher education and secondary cess: 3% of Income Tax.
*Income tax exemption limit for FY 2017-18 is up to INR 3,00,000 other than those covered in Part(A) or (C)
- Income Tax Slab for Senior Citizens (80 Years Or More)
| Income Tax Slab | Tax Rate |
|---|---|
| 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: 10% of income tax, where total income exceeds INR 50 lakh up to INR 1 crore.
Surcharge: 15% of income tax, where the total income exceeds INR 1 crore.
Higher education and secondary cess: 3% of Income Tax.
*Income tax exemption limit for FY 2017-18 is up to INR 5,00,000 other than those covered in Part(A) or (C)
- Income Tax Slab for Domestic Companies
| Turnover Particulars | Tax Rate |
|---|---|
| Gross turnover up to 50 Cr. in the previous year | 25% |
| Gross turnover exceeding 50 Cr. in the previous year | 30% |
In addition cess and surcharge is levied as follows:
Cess: 3% of corporate tax
Surcharge: Taxable income is more than 1Cr. but less than 10Cr.: 7%
Taxable income is more than 10Cr. :12%
Informative article. Thanks.
It would have been more useful if the article also included a write-up on deductions available, such us u/s 80C, 80D, 80TTA, 87A, etc. which are beneficial to individual tax payers who need guidance.
The education cess is to be raised to 4% from FY 2018-19 and it is 3% for FY 2017-18.
you have mentioned that if gross turnover for a corporate is less than 50 crores during the previous year, the rate is 25%. But please check, 25% will be applicable only if turnover during the previous year 15-16 is less than 50 crores. Turnover of previous yer 17-18 is irrelevant. Please confirm whether I am correct.
I.T REBATE HAS TO BE MENTIONED WHICH IS NOT INDICATED HERE
Sorry Cess is 4% and NOT 3%
And what is the rebate amt. Under section 87A