Income Tax Rates

Income Tax Rates For FY 2017-18 (AY 2018-19): All You Need to Know

Income Tax Rates

Income Tax Rates For FY 2017-18 (AY 2018-19): All You Need to Know

Tax Calculation of a Person:

How to calculate tax of a person is a very common question. Everybody wants a answer to the question, How to calculate tax? Tax is calculated on the total income of an assessee relating to previous years in the assessment year. Total income depends upon the residential status of the assessee in the relevant previous year. To compute the total income of an assessee it is divided into five heads:
1. Income from Salaries
2. Income from House Property
3. Income from Profit and Gains of Business Profession
4. Income from Capital Gains
5. Income from Other Sources
Income from all these heads shall be computed separately according to the provisions given in the act. Income computed under these heads shall be aggregated and the total so arrived at is known as Gross Total Income. Out of Gross Total Income certain dedications under section 80 are allowed. After allowing these deductions the figures which we arrive at is called Total Income and on this figure tax is computed at the prescribed rates.

Income Tax Rates/ Income Tax Slabs for the Financial Year 2017-18 (Assessment Year 2018-19):

Income Tax Slabs For Individual (less than 60 years) (Both men and women), HUF, AOP or BOI, Artificial Juridical Person:

Income Tax Rate
Upto Rs.250000 Nil
Income Between Rs.2,50,001-Rs.5,00,000 5%
Income Between Rs.5,00,001-Rs.10,00,000 20%
Income Above Rs.10,00,000 30%
Surcharge: 10% of Income Tax if total income exceeds Rs.50 lakh and upto Rs. 1 Crore and 15% of Income tax where total income exceeds 1 Crore
Education Cess: 2% of Tax and Surcharge
Secondary and Higher Education Cess: 1% of Income Tax and Surcharge

Income Tax Slabs For Individual (Senior Citizens) (60 years old or more but less than 80 years) (Both men and women)

Income Tax Rate
Upto Rs.300000 Nil
Income Between Rs.3,00,001-Rs.5,00,000 5%
Income Between Rs.5,00,001-Rs.10,00,000 20%
Income Above Rs.10,00,000 30%
Surcharge: 10% of Income Tax if total income exceeds Rs.50 lakh and upto Rs. 1 Crore and 15% of Income tax where total income exceeds 1 Crore
Education Cess: 2% of Tax and Surcharge
Secondary and Higher Education Cess: 1% of Income Tax and Surcharge

Income Tax Slabs For Individual (Super Senior Citizens) (80 years old or more ) (Both men and women)

Income Tax Rate
Upto Rs.500000 Nil
Income Between Rs.5,00,001-Rs.10,00,000 20%
Income Above Rs.10,00,000 30%
Surcharge: 10% of Income Tax if total income exceeds Rs.50 lakh and upto Rs. 1 Crore and 15% of Income tax where total income exceeds 1 Crore
Education Cess: 2% of Tax and Surcharge
Secondary and Higher Education Cess: 1% of Income Tax and Surcharge

Income Tax Rates/ Income Tax Slabs for the Financial Year 2016-17 (Assessment Year 2017-18)

Income Tax Slabs For Individual (less than 60 years) (Both men and women), HUF, AOP or BOI, Artificial Juridical Person:

Income Tax Rate
Upto Rs.250000 Nil
Income Between Rs.2,50,001-Rs.5,00,000 10%
Income Between Rs.5,00,001-Rs.10,00,000 20%
Income Above Rs.10,00,000 30%
Surcharge: 15% of Income tax where total income exceeds 1 Crore
Education Cess: 2% of Tax and Surcharge
Secondary and Higher Education Cess: 1% of Income Tax and Surcharge

Income Tax Slabs For Individual (Senior Citizens) (60 years old or more but less than 80 years) (Both men and women)

Income Tax Rate
Upto Rs.300000 Nil
Income Between Rs.3,00,001-Rs.5,00,000 10%
Income Between Rs.5,00,001-Rs.10,00,000 20%
Income Above Rs.10,00,000 30%
Surcharge: 15% of Income tax where total income exceeds 1 Crore
Education Cess: 2% of Tax and Surcharge
Secondary and Higher Education Cess: 1% of Income Tax and Surcharge

Income Tax Slabs For Individual (Super Senior Citizens) (80 years old or more ) (Both men and women)

Income Tax Rate
Upto Rs.500000 Nil
Income Between Rs.5,00,001-Rs.10,00,000 20%
Income Above Rs.10,00,000 30%
Surcharge: 15% of Income tax where total income exceeds 1 Crore
Education Cess: 2% of Tax and Surcharge
Secondary and Higher Education Cess: 1% of Income Tax and Surcharge

Must See: Six Steps of e-Filing and e-Verification of Income tax Return

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