Income Tax Slab Rates for FY 2017-18, AY 2018-19 in India

Basic updates about Income Tax Slab Rates for FY 2017-18:

What is income tax: Revenue in the form of Income tax is the prime revenue of Indian Government.An income tax is a government tax collected from tax payers who earn various income or profits. Every Indian citizen/corporates who earns various income so as that it become tax paying necessary would have to pay income tax as per the Income tax slab rates given as below.

Income tax slab are announced by Finance Minister of India in the budget for the upcoming year. Last time Mr. Arun Jaitley had announced the budget and he didn’t make any major changes in the income tax slab rates for AY 2018-19 but few little changes.

Below we have provided the income tax slab for AY 2018-19 / FY 2017-2018. Details of Income tax slab rates for AY 2018-19 for Male, Female, Senior Citizen & Super Senior Citizen, Firm, Corporates.

Also Read: GST Tax Rate in India: Final GST Rate Out

Income Tax Slabs for AY 2018-2019

Income tax slab rates for AY 2018-19 for various assesses are sorted here in sub headings so that you can jump to income tax slab rate which you opted to check.

Income tax slabs for FY 2017-2018 for Individuals (Male & Female) & HUF Below 60 Years

Its worth to note that Income tax slab rates for FY 2017-18 for Male and Female assesses are same, so the below given table for Income tax slab rates for FY 2017-18 stands for male & female both.

 

Income tax slab (in Rs.) Tax
0 to 2,50,000 No tax
2,50,001 to 5,00,000 5%
5,00,001 to 10,00,000 20%
Above 10,00,000 30%

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 of income tax + surcharge.

Income tax slab Rates for FY 2017-18 for Senior citizens (Aged 60 years but less than 80 years)

Indian Government grants a benefit of extra 50,000 Rs. for Senior citizens who are aged for >60 years but <80 years. So, the income tax slab rates for FY 2017-18 for senior citizens would be as under.

Income tax slab (in Rs.) Tax
0 to 3,00,000 No tax
3,00,001 to 5,00,000 5%
5,00,001 to 10,00,000 20%
Above 10,00,000 30%

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 of income tax + surcharge.

Income tax slabs 2016-2018 for very senior citizens (Aged 80 and above)

Income tax slab (in Rs.) Tax
0 to 5,00,000 No tax
5,00,001 to 10,00,000 20%
Above 10,00,000 30%

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 of income tax + surcharge.

Income Tax Slab Rates for Co-operative Society

Income Slabs Tax Rates
i. Where the taxable income does not exceed Rs. 10,000/-. 10% of the income.
ii. Where the taxable income exceeds Rs. 10,000/- but does not exceed Rs. 20,000/-. Rs. 1,000/- + 20% of income in excess of Rs. 10,000/-.
iii. Where the taxable income exceeds Rs. 20,000/- Rs. 3.000/- + 30% of the amount by which the taxable income exceeds Rs. 20,000/-.

Surcharge : 12% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
Education Cess : 3% of the total of Income Tax and Surcharge.

 

Income Tax Slab Rates for Firm

Income Tax : 30% of taxable income.

Surcharge : 12% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)

Education Cess : 3% of the total of Income Tax and Surcharge.

Income Tax Slab Rates for Domestic Company

Income tax slab rates for Domestic company is fixed at 30% of taxable income from a long period of time but this time Finance Minister made a little change in the income tax rate in form of surcharge.

Income Tax : 30% of taxable income.

Surcharge : The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge

  • At the rate of 7% of such income tax, provided that the taxable income exceeds Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
  • At the rate of 12% of such income tax, provided that the taxable income exceeds Rs. 10 crores.

Education Cess : 3% of the total of Income Tax and Surcharge.

Further updates for Income tax slab rates would be updated im the upcoming days.

Stay tuned with CACracker.in.

1 thought on “Income Tax Slab Rates for FY 2017-18, AY 2018-19 in India”

  1. Pl. Inform me that How we calculate the rebate of 80CCD (1B) if an employee invest 1.5 lac inn EPF and 10% NPS deducted by employer. How employer will calculate TDS for this employee.

    Thanks

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