Join My whatsapp GroupInstructions to the state Govt.Employees Income Tax Deductions -By IncomeTax Department
Instructions to the state Govt.Employees Income Tax Deductions -By IncomeTax Department
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INCOME TAX SLABS FOR FY
2017-2018 (A.Y 2018-2019)
1)
Income Tax Slab for HUFs & Individuals (below 60 years – for both Men &
Women)
Income
Slab
Tax Rate
Income
up to Rs 2,50,000
No Tax
Income
from Rs 2,50,000 – Rs 5,00,000 5%
Income
from Rs 5,00,000 – 10,00,000
20%
Income
more than Rs 10,00,000
30%
Surcharge:
10%
surcharge on income tax if the total income exceeds Rs 50 Lakhs but below Rs 1
crore
15%
surcharge on income tax if the total income exceeds Rs 1 crore
Education
Cess: 2% cess on income tax including surcharge
Secondary
and Higher Education Cess: 1% cess on income tax including surcharge
Rebate
under Section 87A: Rs 2,500 or 100% of income tax (whichever is lower) for
individuals with income below Rs 3.5 Lakhs
2)
Income tax slab for senior citizens (60 years to less than 80 years old) (both
men & women)
Income
Slab
Tax Rate
Income
up to Rs 3,00,000
No Tax
Income
from Rs 3,00,000 – Rs 5,00,000 5%
Income
from Rs 5,00,000 – 10,00,000
20%
Income
more than Rs 10,00,000
30%
Surcharge:
10%
surcharge on income tax if the total income exceeds Rs 50 Lakhs but below Rs 1
crore
15%
surcharge on income tax if the total income exceeds Rs 1 crore
Education
Cess: 2% cess on income tax including surcharge
Secondary
and Higher Education Cess: 1% cess on income tax including surcharge
Rebate
under Section 87A: Rs 2,500 or 100% of income tax (whichever is lower) for
individuals with income below Rs 3.5 Lakhs
3)
Income tax slab for Very senior citizens (80 years or more) (both men &
women)
Income
Slab
Tax Rate
Income
up to Rs 2,50,000 No Tax
Income
from Rs 2,50,000 – Rs 5,00,000 No
Tax
Income
from Rs 5,00,000 – 10,00,000
20%
Income
more than Rs 10,00,000
30%
Surcharge:
10%
surcharge on income tax if the total income exceeds Rs 50 Lakhs but below Rs 1
crore
15%
surcharge on income tax if the total income exceeds Rs 1 crore
Education
Cess: 2% cess on income tax including surcharge
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