Tax Slabs for Financial Year 2017-18

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income tax slabs
income tax slab

After the union budget 2018, there were certain changes in the Tax Slab which would be applicable to the individual taxpayers for the Financial Year 2017-18. Here are the tax slabs for the individual taxpayers for the FY 2017-18: –

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Income tax slabs for taxpayers (salaried individuals and HUFs) up to 60 years of age, for FY 2017-18:

Income Tax SlabTax Rate
Up to Rs. 2,50,000No Tax
From Rs. 2,50,000 – Rs. 5,00,0005%
From Rs. 5,00,000 – Rs. 10,00,00020%
Above Rs. 10,00,00030%
Surcharge:

  • 10% of income tax will be applicable on the taxpayers with income between Rs. 50 lakhs to 1 Cr.
  • 15% of income tax will be applicable on the taxpayers with income that exceeds Rs. 1 Cr.
A Cess of 3% on the total of income tax + surcharge will be also applicable to tax payment.

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Income Tax Slabs for taxpayers (salaried Individuals and HUFs) who are 60-80 years old

IT SlabRate
Up to Rs. 3,00,000*No Tax
From Rs. 3,00,000 –  Rs. 5,00,0005%
From Rs. 5,00,000 –  Rs. 10,00,00020%
Above Rs. 10,00,00030%
Surcharge:

  • 10% of income tax will be applicable on the taxpayers with income between Rs. 50 lakhs to Rs. 1 Cr.
  • 15% of IT will be applicable on the taxpayers, if their earning exceeds Rs. 1 Cr.
A Cess of 3% on the total of IT + surcharge will be also applicable to tax payment.
* In the case of individuals belonging to the group of the age of 60 years-80 years, income up to Rs. 3,00,000 is non-taxable.

 

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Income Tax slab for salaried individuals & HUFs (Above 80 years of age)

Filing Income Tax Return

Tax SlabTax Rate
Up to INR 5,00,000*No Tax
From INR 5,00,000 – INR 10,00,00020%
Above INR 10,00,00030%
Surcharge:

  • 10% of income tax will be applicable on the taxpayers with income between INR 50 lakhs to 1 Cr.
  • 15% of income tax will be applicable on the taxpayers with income above INR 1 Cr.
A Cess of 3% on the total of income tax + surcharge will be also applicable to tax payment.
* In the case of individuals of the age group above 80 years, income up to INR 5,00,000 non-taxable.

 

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