New Income Tax Slab for Financial Year 2017-18
Income Tax Slab shows the tax rate at which you have to pay tax on Income. Please note that the Income of Financial Year 2017-18 is taxable at the tax rate applicable for Assessment Year 2018-19.
Income Tax Slab for Financial Year 2017-18 have not been changed in Budget 2017 and they continue to remain same as they were applicable in Financial Year 2016-17. However, there has been a major change in the tax rate of income falling in the slab of Rs. 200000 to Rs. 500000. Earlier, the rate of tax applicable to this slab was 10% which has now been reduced to 5%. The tax rates of other income slabs have been kept same.
The rebate under section 87A has been reduced to Rs. 2500 from earlier Rs. 5000 and the deduction has also been restricted to be allowed only when the net taxable income does not exceed Rs. 350000. Moreover in Budget 2017, the Finance Minister has proposed to impose a surcharge of 10% on taxpayers whose taxable income falls within Rs. 50 lakhs to Rs. 1 crore. For income greater than 1 crore, previous rate of 15% surcharge shall apply.
Income Tax Slab rates for Individual - Male or Female (below the age of 60 Years)
| Income Tax Slabs |
Income Tax Rate |
| 1. Where the total income is less than or equal to Rs. 2,50,000/-. |
NIL |
2. Where the total income exceeds Rs. 2,50,000/- but it is less than or equal to Rs. 5,00,000/-. |
5% of amount by which the total income is more than Rs. 2,50,000/- |
| 3. Where the total income exceeds Rs. 5,00,000/- but it is less than or equal to Rs. 10,00,000/-. |
Rs. 12,500/- + 20% of the amount by which the total income more than Rs. 5,00,000/-. |
| 4. Where the total income is more than Rs. 10,00,000/-. |
Rs. 1,12,500/- + 30% of the amount by which the total income is more than Rs. 10,00,000/-. |
Surcharge @ 15% will be payable only if taxable income is between Rs. 50 lakh to 1 crore and above Rs. 1 crore respectively.
Education Cess @ 3% will be calculated on the Income-tax calculated here in above after deducting tax rebate of Rs. 2500.
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Note: There is a tax rebate of Rs. 2,500 U/s 87A for individuals whose total income is Rs 3,50,000/- or less. The tax rebate will be equal to the tax payable or Rs. 2,500/- whichever is lower.
For E.g. If the total income of an individual of age 53 years is Rs. 3,10,000/- then the income tax on this Rs. 3,10,000/- as per the income tax slab given above is Rs 3,000/- (60,000*5%). As his total income is less than Rs. 3.5 Lacs, he will get a rebate of Rs. 2,500/- and therefore total income tax payable will be Rs. 500/- (3,000-2,500). Education cess @ 3 % will be charged extra on the calculated income Tax of Rs. 5000 /-.
Use our New Income Tax Calculator 2017-18 to determine your Income Tax.
Income Tax Slab rates for Senior Citizen –Male or Female resident who is of the age of 60 years or more but below the age of 80 years at any time during the Financial Year 2017-2018
| Income Tax Slabs |
Income Tax Rate |
| 1. Where the total income is less than or equal to Rs. 3,00,000/-. |
NIL |
| 2. Where the total income exceeds Rs. 3,00,000/- but it is less than or equal to Rs. 5,00,000/-. |
5% of the amount by which the total income is more than Rs. 3,00,000/-. |
| 3. Where the total income exceeds Rs. 5,00,000/- but it is less than or equal to Rs. 10,00,000/-. |
Rs. 10,000/- + 20% of the amount by which the total income is more than Rs. 5,00,000/-. |
| 4. Where the total income is more than Rs. 10,00,000/-. |
Rs. 1,10,000/- + 30% of the amount by which the total income is more than Rs. 10,00,000/-. |
Surcharge @ 10% and 15% will be payable only if taxable income is between Rs. 50 lakh to 1 crore and above Rs. 1 crore respectively.
Education Cess @ 3% will be calculated on the Income-tax calculated herein above after deducting tax rebate of Rs. 2500.
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Note: There is a tax rebate of Rs. 2,500 U/s 87A for individuals whose total income is Rs 3,50,000/- or less. The tax rebate will be equal to the tax payable or Rs. 2,500/- whichever is lower.
For E.g. If the total income of an individual of age 61 years is Rs. 3,40,000/- then the income tax on this Rs. 3,40,000/- as per the income tax slab given above is Rs. 2,000/- (40,000*5%). As his total income is less than Rs. 3.5 Lacs, he will get a rebate of Rs. 2,500/- or actual tax payable, whichever is lower and therefore total income tax payable will be NIL (2,000-2,000).
To calculate the income tax for financial year 2016-17 use our New Income Tax Calculator 2017-18.
Income Tax Slab rates for Super Senior Citizen - Male or Female resident who is of the age of 80 years or more at any time during the Financial Year 2017-2018
| Income Tax Slabs |
Income Tax Rate |
| 1. Where the total income is less than or equal to Rs. 5,00,000/-. |
NIL |
| 2. Where the total income exceeds Rs. 5,00,000/- but it is less than or equal to Rs. 10,00,000/-. |
20% of the amount by which the total income is more than Rs. 5,00,000/-. |
| 3. Where the total income is more than Rs. 10,00,000/-. |
Rs. 100,000/- + 30% of the amount by which the total income is more than Rs. 10,00,000/-. |
Surcharge @ 10% and 15% will be payable only if taxable income is between Rs. 50 lakh to 1 crore and above Rs. 1 crore respectively.
Education Cess @ 3% on the Income-tax calculated herein above.
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For E.g. If the total income of an individual of age 81 years is Rs. 6,50,000/- then the total income tax on this Rs. 6,50,000/- as per the income tax slab given above will be Rs. 30,000/- (Income tax is Nil for income up to Rs. 5 Lacs and thereafter it will be taxed @ 20% on Rs. 1,50,000). Education cess @ 3 % will be charged extra on the calculated income Tax of Rs. 30000 /-.
Check out New Income Tax Calculator 2017-18 to determine accurate income tax for Financial Year 2017-18.
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