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%

Income tax slab rates in India – AY 2018-19 (FY 2017-18)

Author Bio

Qualification: Graduate
Company: ebizfiling India Private Limited
Location: Ahmedabad, Gujarat, IN
Member Since: 04 Oct 2017 | Total Posts: 18
Ishita is a young woman entrepreneur and currently the Operations Director at ebizfiling India Private Limited. In her entire career so far, she has led a team of 50+ professionals like CA, CS, MBAs and retired bankers. Apart from her individual experience on almost every facet of Indian Statutory View Full Profile

My Published Posts

More Under Income Tax

Posted Under

Category : Income Tax (26759)
Type : Articles (16251)
Tags : income tax (45) income tax act 1961 (263) tax rates (87)

6 responses to “Income tax slab rates in India – AY 2018-19 (FY 2017-18)”

  1. rugram says:

    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.

  2. c ramachandran says:

    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.

  3. S LAKSHMANAN says:

    I.T REBATE HAS TO BE MENTIONED WHICH IS NOT INDICATED HERE

  4. GANDHI MOHAN BHARATI says:

    Sorry Cess is 4% and NOT 3%

  5. MANAS KUMAR SAHU says:

    And what is the rebate amt. Under section 87A

    • Ishita Ramani says:

      For FY 17-18, rebate is Rs. 2500/- maximum. IT is deductible from tax payable. Conditions are – it is applicable to individual residents and net taxable income less than Rs. 3.5 Lakh. For more details and answers to your specific queries, please get in touch on info@ebizfiling.com or call on 9643203209.

Leave a Reply

Your email address will not be published.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