Sunday, December 3, 2017

Income Tax Slabs | Rates for 2017-18 (AY 2018-19)



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Individual resident aged below 60 years (i.e. born on or after 1st April 1958)

Income Tax :
Income SlabsTax Rates
i.Where the taxable income does not exceed Rs. 2,50,000/-.NIL
ii.Where the taxable income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/-.5% of amount by which the taxable income exceeds Rs. 2,50,000/-.
Tax Relief u/s 87A - In case of tax payers, having total income not increasing Rs. 3,50,000/-, income tax chargeable on the income or Rs. 2,500/-, whichever is less.
iii.Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-.Rs. 12,500/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.
iv.Where the taxable income exceeds Rs. 10,00,000/-.Rs. 112,500/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.
Surcharge :
  • 10% of the Income Tax, where taxable income is more than Rs. 50 lacs and upto Rs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 50 lacs by more than the amount of increase in taxable income.
  • 15% of the Income Tax, where taxable income is more than Rs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 1 crore by more than the amount of increase in taxable income.
Education Cess : 3% of the total of Income Tax and Surcharge.

Senior Citizen (Individual resident who is of the age of 60 years or more but below the age of 80 years i.e. born on or after 1st April 1938 but before 1st April 1958)

Income Tax :
Income SlabsTax Rates
i.Where the taxable income does not exceed Rs. 3,00,000/-NIL
ii.Where the taxable income exceeds Rs. 3,00,000/- but does not exceed Rs. 5,00,000/-5% of the amount by which the taxable income exceeds Rs. 3,00,000/-.
Tax Relief u/s 87A - In case of tax payers, having total income not increasing Rs. 3,50,000/-, income tax chargeable on the income or Rs. 2,500/-, whichever is less.
iii.Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-Rs. 10,000/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.
iv.Where the taxable income exceeds Rs. 10,00,000/-Rs. 110,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.
Surcharge :
  • 10% of the Income Tax, where taxable income is more than Rs. 50 lacs and upto Rs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 50 lacs by more than the amount of increase in taxable income.
  • 15% of the Income Tax, where taxable income is more than Rs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 1 crore by more than the amount of increase in taxable income.
Education Cess : 3% of the total of Income Tax and Surcharge.

Super Senior Citizen (Individual resident who is of the age of 80 years or more i.e. born before 1st April 1938)

Income Tax :
Income SlabsTax Rates
i.Where the taxable income does not exceed Rs. 5,00,000/-.NIL
ii.Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.
iii.Where the taxable income exceeds Rs. 10,00,000/-Rs. 100,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.
Surcharge :
  • 10% of the Income Tax, where taxable income is more than Rs. 50 lacs and upto Rs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 50 lacs by more than the amount of increase in taxable income.
  • 15% of the Income Tax, where taxable income is more than Rs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 1 crore by more than the amount of increase in taxable income.
Education Cess : 3% of the total of Income Tax and Surcharge.


Tax applicable for individuals below 60 years
Annual IncomeTax RatesEducation CessSecondary and Higher Education Cess
Up to Rs.2,50,000NilNilNil
Rs.2,50,001-Rs.5,00,0005%2% of income tax1% of income tax
Rs.5,00,001-Rs.10,00,000Rs.12,500 + 20%2% of income tax1% of income tax
Above Rs.10,00,000Rs.1,12,500 + 30%2% of income tax1% of income tax

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