Income Tax Slab For The Financial Year 2017-2018 Slashed

Income Tax Slab For The Financial Year 2017-2018 Slashed

This article provides you the knowledge about the normal tax rates applicable to different tax payers. Following tax slab is applicable for assessment year 2018-2019 and financial year 2017- 2018.

For Individuals below 60 Years of Age

Income Slab

Tax Slab

Upto  Rs. 2,50,000No Tax
Rs. 2,50,000  to Rs. 5,00,0005% of income
Rs. 5,00,000  to Rs. 10,00,00020% of income
Rs. 10,00,000  and above30% of income
Surcharge

10% of income tax, where total income is between Rs. 50 lakhs and Rs.1 crore.
15% of income tax, where total income exceeds Rs.1 crore.

Cess

3% on total income tax + Surcharge

Secondary and Higher Education Cess

1% on total income tax + Surcharge

For Senior Citizens (60 to 80 Years of Age)

Income Slab

Tax Slab

Upto  Rs. 3,00,000No Tax
Rs. 3,00,000  to Rs. 5,00,0005% of income
Rs. 5,00,000  to Rs. 10,00,00020% of income
Rs. 10,00,000  and above30% of income
Surcharge

10% of income tax, where total income is between Rs. 50 lakhs and Rs.1 crore.
15% of income tax, where total income exceeds Rs.1 crore.

Cess

2% on total income tax + Surcharge

Secondary and Higher Education Cess

1% on total income tax + Surcharge

For Super Senior Citizens (Above 80 Years of Age)

Income Slab

Tax Slab

Upto  Rs. 5,00,000No Tax
Rs. 5,00,000  to Rs. 10,00,00020% of income
Rs. 10,00,000  and above30% of income
Surcharge

10% of income tax, where total income is between Rs. 50 lakhs and Rs.1 crore.
15% of income tax, where total income exceeds Rs.1 crore.

Cess

2% on total income tax + Surcharge

Secondary and Higher Education Cess

1% on total income tax + Surcharge

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One comment

  1. hey thanks For sharing this Kind Of Information Keep It Up
    Regard: MirzaMuneeb

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