Thursday, May 11, 2017

Income tax slab rate for A.Y. 2017-2018 (i.e. from 01.04.2016 to 31.03.2017)

For Individual (Male or Female both below age of 60 Year.), HUF and Non resident Indian.


Income below 2,50,000
 Nil
Income Exceeds 2,50,000 but up to 5,00,000  
  10 per cent of the amount by which total income exceeds Rs. 2,50,000
Income Exceeds Rs. 5,00,000 but up to 10,00,000
   Rs. 25,000 plus 20 percent of the amount by which income exceeds Rs. 5,00,000
Income Exceed Rs. 10,00,000
 Rs. 1,25,000 plus 30 percent of the amount by which income exceeds Rs. 10,00,000

For Individual Senior citizens (individual Who is age of 60 Year. or more but less then 80Year.)
 

Income below 3,00,000
 Nil
Income Exceeds 3,00,000 but up to 5,00,000  
  10 per cent of the amount by which total income exceeds Rs. 3,00,000
Income Exceeds Rs. 5,00,000 but up to 10,00,000
   Rs. 20,000 plus 20 percent of the amount by which income exceeds Rs. 5,00,000
Income Exceed Rs. 10,00,000
 Rs. 1,20,000 plus 30 percent of the amount by which income exceeds Rs. 10,00,000


For Individual Super Senior Citizen  (individual who is age of 80 year. or more)

Income below 5,00,000
 Nil
Income Exceeds Rs. 5,00,000 but up to 10,00,000
 20 percent of the amount by which income exceeds Rs. 5,00,000
Income Exceed Rs. 10,00,000
 Rs. 1,00,000 plus 30 percent of the amount by which income exceeds Rs. 10,00,000

Note:-   1. 15% Surcharge on individual, HUF , if total income exceeds Rs. 1 Crore.(Marginal relief if applicable)
2. Education Cess 3% of income tax.
3. Tax rebate of Rs. 5000 Under section 87A of income tax Act, 1961 only for individual having total income upto Rs. 5,00,000. (This rebate not for HUF)

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