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Income Tax Slab rates For Financial Year 2017 – 2018 And Assessment Year 2018-2019

(As Declared in the New Budget) :

 

For Individuals and HUF (Age – Less than 60 years):

Income Tax Slab Tax rate
Up to Rs.2,50,000 NIL
Above Rs.2,50,000 and up to Rs.5,00,000 5%
Above Rs.5,00,000 and up to Rs.10,00,000 20%
Above Rs.10,00,000 30%

 

For Individuals and HUF (Age – 60 years and more, but less than 80 years):

Income Tax Slab Tax rate
Up to Rs.3,00,000 NIL
Above Rs.3,00,000 and up to Rs.5,00,000 5%
Above Rs.5,00,000 and up to Rs.10,00,000 20%
Above Rs.10,00,000 30%

 

For Super Senior Citizens (age - 80 years and more):

Income Tax Slab Tax rate
Up to Rs.5,00,000 NIL
Above Rs.5,00,000 and up to Rs.10,00,000 20%
Above Rs.10,00,000 30%

Note : 

*10% of tax will be imposed as surcharge in case the total income is between Rs.50 Lakhs and Rs.1 crore.

*15% of tax will be imposed as surcharge in case the total income is above Rs.1 crore.

 

Income Tax Slab Rates for Year 2016 – 2017 :

 

For Individuals and HUF (Age – Less than 60 years):

Income Tax Slab Tax Rate
Up to Rs.2,50,000 NIL
Above Rs.2,50,000 and up to Rs.5,00,000 10%
Above Rs.5,00,000 and up to Rs.10,00,000 20%
Above Rs.10,00,000 30%

 

For Senior Citizens (Age – 60 years and more, but less than 80 years):

Income Tax Slab Tax Rate
Up to Rs.3,00,000 NIL
Above Rs.3,00,000 and up to Rs.5,00,000 10%
Above Rs.5,00,000 and up to Rs.10,00,000 20%
Above Rs.10,00,000 30%

 

For Super Senior Citizens (Age - 80 years and more):

Income Tax Slab Tax Rate
Up to Rs.5,00,000 NIL
Above Rs.5,00,000 and up to Rs.10,00,000 20%
Above Rs.10,00,000 30%

Note :

*12% surcharge is imposed in case the total income is above Rs.1 crore.