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Income Tax Slab Rates for FY 2017-2018 & AY 2018-2019

Income Tax Rate for the Financial Year 2017 – 2018 & A.Y 2018 – 2019

Dear Tax Payers, We know that Income Tax Slab Rates applicable to a resident individual in India depend on their age & category.

For the purpose of ascertainment of the applicable Income tax slab rates, an individual can be classified as follows:

  • Individual (Both Men & Women) below 60 Years of Age
  • Senior Citizen (Both Men & Women) above 60 Years of Age
  • Super Senior Citizen (Both Men & Women) 80 Years of Age

Recommended Read: Income Tax Slab Rate for FY 2016-2017 & AY 2017-2018

 

income_tax_slab_rates_fy_2017_18

 

So, based on above classification of individual, Income Tax Slabs are as follows:

Income Tax Slab Rates for Individual & HUF

(Both Men & Women below 60 Years of Age)

S.No. Income Tax Slabs Income Tax Rates
1 Income up to Rs. 250,000* Nil
2 Income between Rs. 250,000 – Rs. 500,000 5% of the amount exceeding Rs. 250,000
3 Income between Rs. 500,000 – Rs.10,00,000 20% of the amount exceeding Rs. 500,000
4 Income above Rs.10,00,000 30% of the amount exceeding Rs. 10,00,000

Note:

Surcharge @10% of income tax will be levied, where taxable income exceeds Rs.50 lakh up to Rs.1 Crore.

[email protected]% of income tax will be levied, where the taxable income exceeds Rs.1 Crore.

[email protected]% will be levied on total of income tax + surcharge.

Tax Relief u/s 87A – In case of tax payers, having total income not exceeding Rs. 3,50,000/-, income tax chargeable on the income or Rs. 2,500/-, whichever is less.

 

Income Tax Slab Rates for Senior Citizen

(Both Men & Women above 60 Years of Age but less than 80 Years)

S.No. Income Tax Slabs Income Tax Rates
1 Income up to Rs. 300,000 Nil
2 Income between Rs. 300,000 – Rs. 500,000 5% of the amount exceeding Rs. 300,000
3 Income between Rs. 500,000 – Rs.10,00,000 20% of the amount exceeding Rs. 500,000
4 Income above Rs.10,00,000 30% of the amount exceeding Rs. 10,00,000

Note:

Surcharge @10% of income tax will be levied, where taxable income exceeds Rs.50 lakh up to Rs.1 Crore.

[email protected]% of income tax will be levied, where the taxable income exceeds Rs.1 Crore.

[email protected]% will be levied on total of income tax + surcharge.

Tax Relief u/s 87A – In case of tax payers, having total income not exceeding Rs. 3,50,000/-, income tax chargeable on the income or Rs. 2,500/-, whichever is less

 

Income Tax Slab Rates for Super Senior Citizen

(Both Men & Women 80 Years of Age)

S.No. Income Tax Slabs Income Tax Rates
1 Income up to Rs. 500,000 Nil
2 Income between Rs. 500,000 – Rs. 10,00,000 20% of the amount exceeding Rs. 500,000
3 Income above Rs.10,00,000 30% of the amount exceeding Rs. 10,00,000

 

Note:

Surcharge @10% of income tax will be levied, where taxable income exceeds Rs.50 lakh up to Rs.1 Crore.

[email protected]% of income tax will be levied, where the taxable income exceeds Rs.1 Crore.

[email protected]% will be levied on total of income tax + surcharge.

 

Recommended Read:

Income Tax Slab Rate for Individual: A.Y. 2019-20

 

Income Tax Slab Rate for FY 2016-2017 & AY 2017-2018

 

Shubham Anand

Shubham Anand is the founder of RupeeFox.com (earlier known as SaveMoneyTax.com). He is a qualified Chartered accountant, law graduate, personal finance enthusiast. He loves to write on topic related to Taxation, personal finance, Tax Planning, Money & Tax saving tips.

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