Income Tax Slab & Rate for FY 2018-19, 17-18 & 16-17
- No tax for individuals with income less than ₹ 2,50,000
- 0%-5% tax with income ₹ 2.5 lacs to 5 lacs for different age groups
- 20% tax with income ₹ 5 lacs to 10 lacs
- Investments upto ₹ 1.5 lacs under Sec 80C can save ₹ 45,000 in taxes.
INTRODUCTION FOR SLABS
In India, income tax is levied on individual taxpayers on the basis of a slab system where different tax rates have been prescribed for different slabs and such tax rates keep increasing with an increase in the income slab.Such tax slabs tend to undergo a change during every budget.Further, since the budget 2018 has not announced any changes in income tax slabs this time, it remains the same as that of last year.There are three categories of individual taxpayers:
1.Individuals (below the age of 60 years) which includes residents as well as non-residents
2.Resident Senior citizens (60 years and above but below 80 years of age)
3.Resident Super senior citizens (above 80 years of age) Income Tax Slabs for Individual Tax Payers & HUF (Less Than 60 Years Old) for FY 2018-19 – Part I
Income Tax Slabs Tax Rate Health and Education Cess Income up to Rs 2,50,000* No tax Income from Rs 2,50,000 – Rs 5,00,000 5% 4% of Income Tax Income from Rs 5,00,000 – 10,00,000 20% 4% of Income Tax Income more than Rs 10,00,000 30% 4% of Income Tax
Income Tax Slabs Rates for Previous Years
Individuals & HUF
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Domestic
Companies
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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.
*Income tax exemption limit for FY 2018-19 is up to Rs. 2,50,000 for individual & HUF other than those covered in Part(II) or (III)
Income Tax Slabs for Senior Citizens (60 Years Old Or More but Less than 80 Years Old) for FY 2018-19 – Part II
Income Tax Slabs Tax Rate Health and Education Cess
Income up to Rs 3,00,000* No tax
Income from Rs 3,00,000 – Rs 5,00,000 5% 4% of Income Tax
Income from Rs 5,00,000 – 10,00,000 20% 4% of Income Tax
Income more than Rs 10,00,000 30% 4% of Income Tax
Invest Now & Save Upto ₹ 46,800 on Taxes
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.
*Income tax exemption limit for FY 2018-19 is up to Rs. 3,00,000 other than those covered in Part(I) or (III)
Income Tax Slabs for Senior Citizens(80 Years Old Or More) for FY 2018-19 – Part III
Income Tax Slabs Tax Rate Health and Education Cess
Income up to Rs 5,00,000* No tax
Income from Rs 5,00,000 – 10,00,000 20% 4% of Income Tax
Income more than Rs 10,00,000 30% 4% of Income Tax
Invest Now & Save Upto ₹ 46,800 on Taxes
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.
*Income tax exemption limit for FY 2018-19 is up to Rs. 5,00,000 other than those covered in Part(I) or (II)
Income Tax Slabs for Domestic Companies for FY 2018-19 – Part IV
Turnover Particulars Tax Rate
Gross turnover upto 250 Cr. in the previous year 25%
Gross turnover exceeding 250 Cr. in the previous year 29%
In addition cess and surcharge is levied as follows: Cess: 4% of corporate tax Surcharge: Taxable income is more than 1Cr. but less than 10Cr.: 7% Taxable income is more than 10Cr. :12%
Income Tax Slabs Rates for FY 2017-18(AY 2018-19)
Income Tax Slabs for Individual Tax Payers & HUF (Less Than 60 Years Old) for FY 2017-18 – Part I
Income Tax Slabs Tax Rate Health and Education Cess
Income up to Rs 2,50,000* No tax
Income from Rs 2,50,000 – Rs 5,00,000 5% 3% of Income Tax
Income from Rs 5,00,000 – 10,00,000 20% 3% of Income Tax
Income more than Rs 10,00,000 30% 3% of Income Tax
Invest Now & Save Upto ₹ 46,800 on Taxes
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.
*Income tax exemption limit for FY 2017-18 is up to Rs. 2,50,000 for individual & HUF other than those covered in Part(II) or (III)
Income Tax Slabs for Senior Citizens (60 Years Old Or More but Less than 80 Years Old) for FY 2017-18 – Part II
Income Tax Slabs Tax Rate Health and Education Cess
Income up to Rs 3,00,000* No tax
Income from Rs 3,00,000 – Rs 5,00,000 5% 3% of Income Tax
Income from Rs 5,00,000 – 10,00,000 20% 3% of Income Tax
Income more than Rs 10,00,000 30% 3% of Income Tax
Invest Now & Save Upto ₹ 46,800 on Taxes
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.
*Income tax exemption limit for FY 2017-18 is up to Rs. 3,00,000 other than those covered in Part(I) or (III)
Income Tax Slabs for Senior Citizens(80 Years Old Or More) for FY 2017-18 – Part III
Income Tax Slabs Tax Rate Health and Education Cess
Income up to Rs 5,00,000* No tax
Income from Rs 5,00,000 – 10,00,000 20% 3% of Income Tax
Income more than Rs 10,00,000 30% 3% of Income Tax
Invest Now & Save Upto ₹ 46,800 on Taxes
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.
*Income tax exemption limit for FY 2017-18 is up to Rs. 5,00,000 other than those covered in Part(I) or (II)
Income Tax Slabs for Domestic Companies for FY 2017-18 – Part IV
Turnover Particulars Tax Rate
Gross turnover upto 50 Cr. in the previous year 25%
Gross turnover exceeding 50 Cr. in the previous year 30%
In addition cess and surcharge is levied as follows: Cess: 3% of corporate tax Surcharge: Taxable income is more than 1Cr. but less than 10Cr.: 7% Taxable income is more than 10Cr. :12%
Income Tax Slabs Rates for FY 2016-17(AY 2017-18)
Income Tax Slabs for Individual Tax Payers & HUF (Less than 60 Years Old) for FY 2016-17 – Part I
Income Tax Slabs Tax Rate e-Filing Tax Returns
Income up to Rs 2,50,000* No tax 31st March 2018 is the last date to file tax returns.
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Income from Rs 2,50,000 – Rs 5,00,000 10%
Income from Rs 5,00,000 – 10,00,000 20%
Income more than Rs 10,00,000 30%
Invest Now & Save Upto ₹ 46,800 on Taxes
Surcharge: 15% of income tax, where total income exceeds Rs.1 crore.
Higher education and secondary cess: 3% of Income Tax.
*Income tax exemption limit for FY 2016-17 is up to Rs. 2,50,000 other than those covered in Part(I) or (II)
Income Tax Slabs for Senior Citizens (60 Years Old Or More but Less than 80 Years Old) for FY 2016-17 – Part II
Income Tax Slabs Tax Rate e-Filing Tax Returns
Income up to Rs 3,00,000* No tax 31st March 2018 is the last date to file tax returns.
Don’t miss it! File Now in 7 mins
Income from Rs 3,00,000 – Rs 5,00,000 10%
Income from Rs 5,00,000 – 10,00,000 20%
Income more than Rs 10,00,000 30%
Invest Now & Save Upto ₹ 46,800 on Taxes
Surcharge: 15% of income tax, where total income exceeds Rs.1 crore.
Higher education and secondary cess: 3% of Income Tax.
*Income tax exemption limit for FY 2016-17 is up to Rs. 3,00,000 other than those covered in Part(I) or (III)
Income Tax Slabs for Senior Citizens(80 Years Old Or More) for FY 2016-17 – Part III
Income Tax Slabs Tax Rate e-Filing Tax Returns
Income up to Rs 5,00,000* No tax 31st March 2018 is the last date to file tax returns.
Don’t miss it! File Now in 7 mins
Income from Rs 5,00,000 – 10,00,000 20%
Income more than Rs 10,00,000 30%
Invest Now & Save Upto ₹ 46,800 on Taxes
Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.
Higher education and secondary cess: 3% of Income Tax.
*Income tax exemption limit for FY 2016-17 is up to Rs. 5,00,000 other than those covered in Part(I) or (II)
Income Tax Slabs for Domestic Companies for FY 2016-17 – Part IV
Turnover Particulars Tax Rate
Gross turnover upto 5 Cr. in the previous year 2014-15 29%
Gross turnover exceeding 5 Cr. in the previous year 2014-15 30%
In addition cess and surcharge is levied as follows: Cess: 3% of corporate tax Surcharge: Taxable income is more than 1Cr. but less than 10Cr.: 7% Taxable income is more than 10Cr. :12%
How to Calculate Income Tax from Income Tax Slabs?
Rohit has a total taxable income of Rs 8,00,000. This income has been calculated by including income from all sources such as salary, rental income, and interest income. Deductions under section 80 have also been reduced. Rohit wants to know his tax dues for FY 2017-18 (AY 2018-19).
Income Slabs Tax Rate Tax Calculation
*Income up to Rs 2,50,000 No tax
Income from Rs 2,50,000 – Rs 5,00,000 5% (Rs 5,00,000 – Rs 2,50,000) Rs 12,500
Income from Rs 5,00,000 – 10,00,000 20% (Rs 8,00,000 – Rs 5,00,000) Rs 60,000
Income more than Rs 10,00,000 30% nil
Tax Rs 72,500
Cess 4% of Rs 72,500 Rs 2,900
Total tax in FY 2017-18 (AY 2018-19) Rs 75,400
*Please note that Rohit is an individual assesse having an income tax exemption of Rs 2,50,000. For other assesse as mentioned in table Part II & III, the Income tax limit for availing the exemption would be Rs 3,00,000 & Rs 5,00,000 respectively.
Income Tax Slabs Rates for FY 2015-16 (AY 2016-17)
Income Tax Slabs for Individual Tax Payers & HUF (Less than 60 Years Old) for FY 2015-16 – Part I
Income Tax Slabs Tax Rate e-Filing Tax Returns
Income up to Rs 2,50,000* No tax 31st March 2018 is the last date to file tax returns.
Don’t miss it! File Now in 7 mins
Income from Rs 2,50,000 – Rs 5,00,000 10%
Income from Rs 5,00,000 – 10,00,000 20%
Income more than Rs 10,00,000 30%
Surcharge: 12% of income tax, where the total income exceeds Rs.1 crore.
Higher education and secondary cess: 3% of Income Tax.
*Income tax exemption limit for FY 2015-16 is up to Rs. 2,50,000 for individual & HUF other than those covered in Part(II) or (III)
Income Tax Slabs for Senior Citizens (60 Years Old Or More but Less than 80 Years Old) for FY 2015-16 – Part II
Income Tax Slabs Tax Rate e-Filing Tax Returns
Income up to Rs 3,00,000* No tax 31st March 2018 is the last date to file tax returns.
Don’t miss it! File Now in 7 mins
Income from Rs 3,00,000 – Rs 5,00,000 10%
Income from Rs 5,00,000 – 10,00,000 20%
Income more than Rs 10,00,000 30%
Surcharge: 12% of income tax, where total income exceeds Rs.1 crore.
Higher education and secondary cess: 3% of Income Tax.
*Income tax exemption limit for FY 2015-16 is up to Rs. 3,00,000 other than those covered in Part(I) or (III)
Income Tax Slabs for Senior Citizens(80 Years Old Or More) for FY 2015-16 – Part III
Income Tax Slabs Tax Rate e-Filing Tax Returns
Income up to Rs 5,00,000* No tax 31st March 2018 is the last date to file tax returns.
Don’t miss it! File Now in 7 mins
Income from Rs 5,00,000 – 10,00,000 20%
Income more than Rs 10,00,000 30%
Surcharge: 12% of income tax, where the total income exceeds Rs.1 crore.
Higher education and secondary cess: 3% of Income Tax.
*Income tax exemption limit for FY 2015-16 is up to Rs. 5,00,000 other than those covered in Part(I) or (II)
Income Tax Slabs for Domestic Companies for FY 2015-16 – Part IV
Domestic companies are taxable are at 30%.
In addition cess and surcharge is levied as follows:
Cess: 3% of corporate tax
Surcharge: Taxable income is more than 1Cr. but less than 10Cr.: 7%
Taxable income is more than 10Cr. :12%Contact by email: sharmataxcons@gmail.com