Here we listed income tax slabs and rates for
various financial years from 2015.
Income Tax Slab Rates For Financial Year 2017-18 (AY 2018-19):
For financial year 2017-18, the slab rate for income
tax up to Rs. 5 lakh has gone down from 10% to 5%. Here are more details.
Part – 1: Income Tax Slab For Individual Tax Payers (Below the Age of 60 Years – Both Men & Women):
Income
Slab (Rs.) Tax %
Income up to 2,50,000 Nil
2,50,001 - 5,00,000 5%
5,00,001 to 10,00,000 20%
Above 10,00,000 30%
Surcharge:
·
10% of income tax – If total income
exceeds Rs.50 lakh up to Rs.1 crore.
·
15% of income tax – If the total income
exceeds Rs.1 crore.
Cess:
·
3% on total of income tax + surcharge.
PART - 2: Income Tax Slab For Senior Citizens (Of Age 60 Years to 80 Years - Both Men & Women):
Income
Slab (Rs.) Tax %
Income up to Rs. 3,00,000 No tax
Rs. 3,00,000 – Rs 5,00,000 5%
Rs. 5,00,000 – 10,00,000 20%
More Than Rs. 10,00,000 30%
Surcharge:
·
10% of income tax – If the total income
exceeds Rs.50 lakh, upto Rs.1 crore.
·
15% of income tax - If the total income
exceeds Rs.1 crore.
Cess:
·
3% on total of income tax + surcharge.
PART 3: Income Tax Slab for Senior Citizens (Age is More than 80 Years - Both Men & Women):
Income
Slab (Rs.) Tax %
Income up to Rs 5,00,000 No tax
Rs.5,00,000 – 10,00,000 20%
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.
Important
Note: Under Section 87A, there is a tax rebate of up to
Rs. 2500/- for a taxable income up to Rs. 3.5lakhs.
For more details, read the official website pdf.
Income Tax Slab Rates For Financial Year 2016-17 (AY 2017-18):
Part – 1: Income Tax Slab For Individual Tax Payers (Below the Age of 60 Years – Both Men & Women):
Income
Slab (Rs.) Tax %
Income up to 2,50,000 Nil
2,50,001 - 5,00,000 10%
5,00,001 to 10,00,000 20%
Above 10,00,000 30%
Surcharge:
·
15% of income tax – If the total income
exceeds Rs.1 crore.
Cess:
·
3% on total of income tax + surcharge.
PART - 2: Income Tax Slab For Senior Citizens (Of Age 60 Years to 80 Years - Both Men & Women):
Income
Slab (Rs.) Tax %
Income up to Rs. 3,00,000 No tax
Rs. 3,00,000 – Rs 5,00,000 10%
Rs. 5,00,000 – 10,00,000 20%
More Than Rs. 10,00,000 30%
Surcharge:
·
15% of income tax - If the total income
exceeds Rs.1 crore.
Cess:
·
3% on total of income tax + surcharge.
PART 3: Income Tax Slab for Senior Citizens (Age is More than 80 Years - Both Men & Women):
Income
Slab (Rs.) Tax %
Income up to Rs 5,00,000 No tax
Rs.5,00,000 – 10,00,000 20%
More than Rs.10,00,000 30%
Surcharge:
·
12% of income tax, where total income
exceeds Rs.1 crore.
Cess:
·
3% on total of income tax + surcharge.
Important
Note: Individuals with taxable income below Rs. 5lakhs
are allowed to claim a tax rebate of Rs. 5,000 on tax payable from FY 2016-17.
Income Tax Slab Rates For Financial Year 2015-16 (AY 2016-17):
Part – 1: Income Tax Slab For Individual Tax Payers (Below the Age of 60 Years – Both Men & Women):
Income
Slab (Rs.) Tax %
Income up to 2,50,000 Nil
2,50,001 - 5,00,000 10%
5,00,001 to 10,00,000 20%
Above 10,00,000 30%
Surcharge:
·
15% of income tax – If the total income
exceeds Rs.1 crore.
Cess:
·
3% on total of income tax + surcharge.
PART - 2: Income Tax Slab For Senior Citizens (Of Age 60 Years to 80 Years - Both Men & Women):
Income
Slab (Rs.) Tax %
Income up to Rs. 3,00,000 No tax
Rs. 3,00,000 – Rs 5,00,000 10%
Rs. 5,00,000 – 10,00,000 20%
More Than Rs. 10,00,000 30%
Surcharge:
·
15% of income tax - If the total income
exceeds Rs.1 crore.
Cess:
·
3% on total of income tax + surcharge.
PART 3: Income Tax Slab for Senior Citizens (Age is More than 80 Years - Both Men & Women):
Income
Slab (Rs.) Tax %
Income up to Rs 5,00,000 No tax
Rs.5,00,000 – 10,00,000 20%
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.
For more information about latest tax slab rates, visit this page regularly.
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