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Income Tax three Years Slabs

Income Tax three Years Slabs





Income-tax slab rates for Individual for FY 2017-18 (AY 2018-19)

Normal Rates of tax (applicable to all Individuals who are less than 60 years of age)

Taxable Income
(Total Income minus Deductions)
Tax Rate
Up to Rs. 2,50,000
Nil
Rs. 2,50,000 to Rs. 5,00,000
5% of amount in excess of Rs. 2,50,000/-
Rs. 5,00,000 to Rs. 10,00,000
Rs. 12,500/-+20% of the amount in excess of Rs. 5,00,000/-
Above Rs. 10,00,000
Rs. 1,12,500/- + 30% of the amount in excess of Rs. 10,00,000/-

Resident Senior Citizen (having age of 60 years or more but less than 80 years)

Taxable Income
Tax Rate
Up to Rs. 3,00,000
Nil
Rs. 3,00,000 to Rs. 5,00,000
5% of amount in excess of Rs. 3,00,000/-
Rs. 5,00,000 to Rs. 10,00,000
Rs. 10,000/-+20% of the amount in excess of Rs. 5,00,000/-
Above Rs. 10,00,000
Rs. 1,10,000/- + 30% of the amount in excess of Rs. 10,00,000/-

Resident Super Senior Citizen (having age of 80 years or more)

Taxable Income
Tax Rate
Up to Rs. 5,00,000
Nil
Rs. 5,00,000 to Rs. 10,00,000
20% of amount in excess of Rs. 5,00,000/-
Above Rs. 10,00,000
Rs. 1,00,000/-+ 30% of the amount in excess of Rs. 10,00,000/-

Rebate u/s 87A

A resident Individual whose Taxable Income does not exceed Rs. 3,50,000 (after deductions), is eligible for rebate of 100 % of Income-tax or Rs.2,500, whichever is lower. Rebate has been reduced from Rs.5000 to Rs.2500 from  AY 2018-19.

 

Surcharge on Income-tax

Rate of Surcharge applicable on Individual is as under:
Total Income
Surcharge Tax
Income exceeding Rs. 50,00,000/- but upto Rs. 1,00,00,000/-
10%*of Income-tax Computed
Income more than Rs. 1,00,00,000/-
15%*of Income-tax Computed

*Marginal Relief is available if Surcharge is more than incremental Income.

Education Cess and Secondary and Higher Education Cess on Income-tax

Education Cess and Higher Secondary Education Cess are required to be paid additionally along with Income-tax by all assessee.
Rates of Education Cess and Higher Secondary Education Cess are as under.
Cess
Rates
Education Cess
2% of (Income-tax + Surcharge, if any)
Higher Secondary Education Cess
1% of (Income-tax + Surcharge, if any)

Income-tax slab rates for Individual for FY 2016-17 / AY 2017-18

1.Normal Rates of tax (applicable to all Individuals who are less than 60 years of age)
Sr No.
                                 Income
          Applicable Rate of tax
1.
Income up to Rs. 2,50,000/-
NIL
2.
Income more than Rs. 2,50,000 but less than Rs. 5,00,000/-
10 per cent of amount in excess of Rs. 2,50,000/-
3.
Income more than Rs. 5,00,000/- but less than Rs. 10,00,000/-
Rs. 25,000/- + 20 per cent of the amount in excess of Rs. 5,00,000/-
4.
Income more than Rs. 10,00,000/-
Rs. 1,25,000/- + 30 per cent of the amount in excess of Rs. 10,00,000/-
 2. Resident Senior Citizen (having age of 60 years or more but less than 80 years)
Sr
No
                                  Income
             Applicable Rate of tax
1.
Income up to Rs. 3,00,000/-
NIL
2.
Income more than Rs. 3,00,000 but less than Rs. 5,00,000/-
10 per cent of amount in excess of Rs. 3,00,000/-
3.
Income more than Rs. 5,00,000/- but less than Rs. 10,00,000/-
Rs. 20,000/- + 20 per cent of the amount in excess of Rs. 5,00,000/-
4.
Income more than Rs. 10,00,000/-
Rs. 1,20,000/- + 30 per cent of the amount in excess of Rs. 10,00,000/- 

3.Resident Super Senior Citizen (having age of 80 years or more)
Sr No.
                                 Income
Applicable Rate of tax
1.
Income up to Rs. 5,00,000/-
NIL
2.
Income more than Rs. 5,00,000/- but less than Rs. 10,00,000/-
20 per cent of the amount in excess of Rs. 5,00,000/-
3.
Income more than Rs. 10,00,000/-
Rs. 1,00,000/- + 30 per cent of the amount in excess of Rs. 10,00,000/-
Rebate u/s 87A:
A resident individual whose total income does not exceed Rs. 5 lakh, is eligible for rebate of 100 % of income tax or Rs.5000 , whichever is lower. Rebate is increased from Rs.2000 to Rs.5000 from  AY 2017-18
Surcharge on Income-tax:
Rate of Surcharge applicable Individual is as under
Sr No.
Income
Surcharge tax
1.
Income up to Rs. 1,00,00,000/-
NIL
2.
Income more than Rs. 1,00,00,000/-
  15% of Income Tax Computed*
* Marginal Relief is available if Surcharge is more than incremental income.
Education Cess and Secondary and Higher Education Cess on Income tax:-
Education Cess and Higher Secondary Education Cess are required to be paid additionally along with Income Tax by All Assessee.
Rates of Education Cess and Higher Secondary Education Cess are as under.
Sr No.
Income
Rates
1.
Education Cess
    2% of (Income Tax + Surcharge, if any)
2.
Higher Secondary Education Cess
   1% of (Income Tax + Surcharge, if any)

RATES OF INCOME-TAX FOR F.Y. 2015-16 (A.Y. 2016-17)

As per the Finance Act, 2015, Rates of Income Tax Applicable for the financial year 2015-16 (i.e. Assessment Year 2016-17) are as under:

A. Normal Rates of tax (applicable to all Individuals who are less than 60 years of age)

Sr No.IncomeApplicable Rate of tax
1.
Income up to Rs. 2,50,000/-
NIL
2.
Income more than Rs. 2,50,000 but less than Rs. 5,00,000/-
10 per cent of amount in excess of Rs. 2,50,000/-
3.
Income more than Rs. 5,00,000/- but less than Rs. 10,00,000/-
Rs. 25,000/- + 20 per cent of the amount in excess of Rs. 5,00,000/-
4.
Income more than Rs. 10,00,000/-
Rs. 1,25,000/- + 30 per cent of the amount in excess of Rs. 10,00,000/-

B. Resident Senior Citizen (having age of 60 years or more but less than 80 years) 

Sr
No
Income
Applicable Rate of tax
1.
Income up to Rs. 3,00,000/-
NIL
2.
Income more than Rs. 3,00,000 but less than Rs. 5,00,000/-
10 per cent of amount in excess of Rs. 3,00,000/-
3.
Income more than Rs. 5,00,000/- but less than Rs. 10,00,000/-
Rs. 20,000/- + 20 per cent of the amount in excess of Rs. 5,00,000/-
4.
Income more than Rs. 10,00,000/-
Rs. 1,20,000/- + 30 per cent of the amount in excess of Rs. 10,00,000/-

C. Resident Super Senior Citizen (having age of 80 years or more)

Sr No.
Income
Applicable Rate of tax
1.
Income up to Rs. 5,00,000/-
NIL
2.
Income more than Rs. 5,00,000/- but less than Rs. 10,00,000/-
20 per cent of the amount in excess of Rs. 5,00,000/-
3.
Income more than Rs. 10,00,000/-
Rs. 1,00,000/- + 30 per cent of the amount in excess of Rs. 10,00,000/-

D. Rebate u/s 87A:
For All Indian Resident Taxpayers, if Total Income after considering deductions is less than Rs 5,00,000/-, Rebate u/s 87A upto Rs 2,000/- is allowed against tax liability.
E. Surcharge on Income-tax:
Rate of Surcharge applicable Individual is as under 
Sr No.
Income
Surcharge tax
1.
Income up to Rs. 1,00,00,000/-
NIL
2.
Income more than Rs. 1,00,00,000/-
12% of Income Tax Computed*
 * Marginal Relief is available if Surcharge is more than incremental income.

F. Education Cess and Secondary and Higher Education Cess on Income-tax:

Education Cess and Higher Secondary Education Cess are required to be paid additionally along with Income-tax by all assessee.
Rates of Education Cess and Higher Secondary Education Cess are as under. 
Sr No.
Income
Surcharge tax
1.
Education Cess
2% of (Income-tax + Surcharge, if any)
2.
Higher Secondary Education Cess
1% of (Income-tax + Surcharge, if any)
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