Income Tax Rates for FY 2017-2018

Income Tax rates depends on your total yearly income. If your yearly income exceeds these slabs you need to pay tax on your income depending on your income. Even, if you are earning less than taxable income, it is advisable to file your tax returns.

income tax rates

Income tax exemption limit for FY 2017-18 is up to Rs. 2,50,000 for individual & HUF

Income Slab Tax Rate
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.
Credit: https://incometaxindiaefiling.gov.in/


Income Tax Slab Senior Citizens (60-80 Years Old Men & Women)

Income Slab Tax Rate
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.
Credit: https://incometaxindiaefiling.gov.in/

Income Tax Slab Senior Citizens Above 80 Years Old For Men & Women

Income Slab Tax Rate
Income up to Rs 2,50,000* No tax
Income up to Rs 5,00,000* No tax
Income from Rs 5,00,000 hjm – 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.
Credit: https://incometaxindiaefiling.gov.in/

Above Income tax rates are applicable for Individuals and HUFs.

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Disclaimer:
All efforts are made to keep the content as accurate as possible. We take no responsibly of any errors. You are advised to consult your Chartered accountant for any query on income tax.