Income Tax Rate for the Financial Year 2017 – 2018 & A.Y 2018 – 2019
Dear Tax Payers, We know that Income Tax Slab Rates applicable to a resident individual in India depend on their age & category.
For the purpose of ascertainment of the applicable Income tax slab rates, an individual can be classified as follows:
- Individual (Both Men & Women) below 60 Years of Age
- Senior Citizen (Both Men & Women) above 60 Years of Age
- Super Senior Citizen (Both Men & Women) 80 Years of Age
Recommended Read: Income Tax Slab Rate for FY 2016-2017 & AY 2017-2018
So, based on above classification of individual, Income Tax Slabs are as follows:
Income Tax Slab Rates for Individual & HUF
(Both Men & Women below 60 Years of Age)
| S.No. | Income Tax Slabs | Income Tax Rates |
| 1 | Income up to Rs. 250,000* | Nil |
| 2 | Income between Rs. 250,000 – Rs. 500,000 | 5% of the amount exceeding Rs. 250,000 |
| 3 | Income between Rs. 500,000 – Rs.10,00,000 | 20% of the amount exceeding Rs. 500,000 |
| 4 | Income above Rs.10,00,000 | 30% of the amount exceeding Rs. 10,00,000 |
Note:
Surcharge @10% of income tax will be levied, where taxable income exceeds Rs.50 lakh up to Rs.1 Crore.
Surcharge@15% of income tax will be levied, where the taxable income exceeds Rs.1 Crore.
Cess@3% will be levied on total of income tax + surcharge.
Tax Relief u/s 87A – In case of tax payers, having total income not exceeding Rs. 3,50,000/-, income tax chargeable on the income or Rs. 2,500/-, whichever is less.
Income Tax Slab Rates for Senior Citizen
(Both Men & Women above 60 Years of Age but less than 80 Years)
| S.No. | Income Tax Slabs | Income Tax Rates |
| 1 | Income up to Rs. 300,000 | Nil |
| 2 | Income between Rs. 300,000 – Rs. 500,000 | 5% of the amount exceeding Rs. 300,000 |
| 3 | Income between Rs. 500,000 – Rs.10,00,000 | 20% of the amount exceeding Rs. 500,000 |
| 4 | Income above Rs.10,00,000 | 30% of the amount exceeding Rs. 10,00,000 |
Note:
Surcharge @10% of income tax will be levied, where taxable income exceeds Rs.50 lakh up to Rs.1 Crore.
Surcharge@15% of income tax will be levied, where the taxable income exceeds Rs.1 Crore.
Cess@3% will be levied on total of income tax + surcharge.
Tax Relief u/s 87A – In case of tax payers, having total income not exceeding Rs. 3,50,000/-, income tax chargeable on the income or Rs. 2,500/-, whichever is less
Income Tax Slab Rates for Super Senior Citizen
(Both Men & Women 80 Years of Age)
| S.No. | Income Tax Slabs | Income Tax Rates |
| 1 | Income up to Rs. 500,000 | Nil |
| 2 | Income between Rs. 500,000 – Rs. 10,00,000 | 20% of the amount exceeding Rs. 500,000 |
| 3 | Income above Rs.10,00,000 | 30% of the amount exceeding Rs. 10,00,000 |
Note:
Surcharge @10% of income tax will be levied, where taxable income exceeds Rs.50 lakh up to Rs.1 Crore.
Surcharge@15% of income tax will be levied, where the taxable income exceeds Rs.1 Crore.
Cess@3% will be levied on total of income tax + surcharge.
Recommended Read:
Income Tax Slab Rate for Individual: A.Y. 2019-20
Income Tax Slab Rate for FY 2016-2017 & AY 2017-2018