|
Income Tax Slab Rates for FY 2017-18 & 2018-19 (AY 2018-19 & 2019-20)
For FY 2017-18 & 2018-19, the slab rate for income tax up to Rs. 5 lakh has gone down from 10% to 5%.
PART I: Income Tax Slab for Individual Tax Payers & HUF (Less Than 60 Years Old) (Both Men & Women)
Income up to Rs 2,50,000* - No tax
Income from Rs 2,50,000 – Rs 5,00,000 - 5%
Income from Rs 5,00,000 – 10,00,000 - 20%
Income more than Rs 10,00,000 - 30%
Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.
Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.
Cess: 3% on total of income tax + surcharge.
*Income tax exemption limit for FY 2017-18 & 2018-19 is up to Rs. 2,50,000 for individual & HUF other than those covered in Part(II) or (III)
PART II: Income Tax Slab for Senior Citizens (60 Years Old Or More but Less than 80 Years Old)(Both Men & Women)
Income up to Rs 3,00,000* - No tax
Income from Rs 3,00,000 – Rs 5,00,000 - 5%
Income from Rs 5,00,000 – 10,00,000 - 20%
Income more than Rs 10,00,000 - 30%
Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh upto Rs.1 crore.
Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.
Cess: 3% on total of income tax + surcharge.
*Income tax exemption limit for FY 2017-18 & 2018-19 is up to Rs. 3,00,000 other than those covered in Part(I) or (III)
PART III: Income Tax Slab for Senior Citizens(80 Years Old Or More) (Both Men & Women)
Income up to Rs 2,50,000* - No tax
Income up to Rs 5,00,000* - No tax
Income from Rs 5,00,000 – 10,00,000 - 20%
Income more than Rs 10,00,000 - 30%
Surcharge: 15% of income tax, where total income exceeds Rs.1 crore.
Cess: 3% on total of income tax + surcharge.
*Income tax exemption limit for FY 2017-18 & 2018-19 is up to Rs. 5,00,000 other than those covered in Part(I) or (II)
Please also note that there is also a tax rebate of up to Rs.2,500 for a taxable income up to Rs. 3.5 lakhs.
The tax rate for companies with an annual turnover of up to Rs 50 crore has been brought down to 25% from 30%.
…………………………………………………………………………………………………………………………………………… |
