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Income Tax 2017-07-31T10:02:45+00:00


Individual Income Tax Slab for A.Y. 2018-19 (F.Y. 2017-18)

Sr.No. Income Tax Rates
1 Income up to 2.5 lakh NIL
2 Income From 2.5 Lakh to 5 Lakh 5% on income over Rs. 2.5 Lakh
3 Income from 5 Lakh to 10 Lakh Rs. 12,500/- plus 20% on above income 5 lakh
4 Income above 10 lakh Rs. 1 lakh 12.5 thousand plus 30% on income above 10 lakh
5 Surcharge rate @ 10% if total Income of Rs. 50 Lakhs to 1 Crore
6 Surcharge rate @ 15% if total income exceeds 1 crore
7 3% Education Cess, Secondary & Higher Education Cess will be applicable on income tax & surcharge


Note – Rebate u/s 87A for Individuals: Rs. 2,500 or 100% of income tax, whichever is less – if total income is less than Rs. 3,50,000



Income Tax Slabs for Individuals for 60 years or above but below 80 years A.Y.2018-19

Sr.No. Income Tax Rates
1 Income up to 3 Lakh NIL
2 Income From 3 Lakh to 5 Lakh 5 % on income over Rs.3 Lakh
3 Income From 5 Lakh to 10 lakh Rs. 10,000/- plus 20% on above income 5 lakh
4 Income above 10 lakh Rs. 1 lakh 10 thousand plus 30% on income above 10 lakh
5 Surcharge rate @ 10% if total Income of Rs. 50 Lakhs to 1 Crore
6 Surcharge rate @ 15% if total income exceeds 1 crore.
7 3% Education Cess, Secondary & Higher Education Cess will be applicable on income tax & surcharge




Income Tax Slab for Individuals Over 80 Years A.Y.2018-19

Sr.No. Income Tax Rates
1 Income up to 5 Lakh NIL
2 Income From 5 Lakh to 10 Lakh 20% on income over Rs.5 Lakh
3 Income above 10 lakh Rs. 1 lakh plus 30% on income above 10 lakh
4 Surcharge rate @ 10% if total Income of Rs. 50 Lakhs to 1 Crore
5 Surcharge rate @ 15% if total income exceeds 1 crore.
6 3% Education Cess, Secondary & Higher Education Cess will be applicable on income tax & surcharge

Individual Income Tax Slab for A.Y. 2017-18 (F.Y. 2016-17)

Sr.No. Income Tax Rates
1 Income up to 2.5 lakh NIL
2 Income From 2.5 Lakh to 5 Lakh 10% on income over Rs. 2.5 Lakh
3 Income from 5 Lakh to 10 Lakh Rs. 25,000/- plus 20% on above income 5 lakh
4 Income above 10 lakh Rs. 1 lakh 25 thousand plus 30% on income above 10 lakh
5 Exclusive of surcharge @ 15% whose total income exceeds 1 crore.
6 3% Education Cess, Secondary & Higher Education Cess will be applicable on income tax & surcharge


Note – Rebate under Section 87A: The rebate is available to a resident individual if his total income does not exceed Rs. 5, 00,000. The amount of rebate shall be 100% of income-tax or Rs. 5,000, whichever is less.



Income Tax Slabs for Individuals for 60 years or above but below 80 years

Sr.No. Income Tax Rates
1 Income up to 3 Lakh NIL
2 Income From 3 Lakh to 5 Lakh 10% on income over Rs.3 Lakh
3 Income From 5 Lakh to 10 lakh Rs. 20,000/- plus 20% on above income 5 lakh
4 Income above 10 lakh Rs. 1 lakh 20 thousand plus 30% on income above 10 lakh
5 Surcharge will be applicable @ 15% when total taxable income is over 1 crore.
6 3% education cess will be applicable on income tax & surcharge




Income Tax Slab for Individuals Over 80 Years

Sr.No. Income Tax Rates
1 Income up to 5 Lakh NIL
2 Income From 5 Lakh to 10 Lakh 20% on income over Rs.5 Lakh
3 Income above 10 lakh Rs. 1 lakh plus 30% on income above 10 lakh
4 Exclusive of surcharge @ 15% whose total income exceeds 1 crore.
5 3% education cess will be applicable on income tax & surcharge

TDS Rate Chart Amended by Finance bill 2016 (Budget 2016)

Made to Resident Limit Co-op Soc. Local Authority HUF Or Invalid PAN
Sec. Description Amt. Rate Rate Rate
194A Int. Payable by Bank 10,000 10 10 20
Int. Payable by other 5,000 10 10 20
194B Winning from Lotteries/Crossword Puzzle 10,000 30 30 30
 194C Payment to Contractors – Single Transaction 30,000 2 1 20
 Payment to Contractor – Aggregate during FY 1,00,000 2 1 20
194D Insurance Commission 15,000 5/10* 5 20
194DA Non-Exempt Payment Made under Life Insurance Policy 1,00,000 1 1 20
194H Commission / Brokerage 15,000 5 5 20
194I Rent 1,80,000 10 10 20
Rent-Plant / Machinery 1,80,000 2 2 20
194J Professional Fees 30,000 10 10 20
Director Fees 10 10 20
194 Dividends 2,500 10 10 20
194BB Winning from Horse Race 10,000 30 30 30
194F Repurchase Units by MF’s 20 20 20
194G Commission – Lottery 15,000 5 5 20
194LA Immovable Property (Compulsory Acquisition) 2,50,000 10 10 20
194IA Transfer of Immovable Property, other than Agricultural land 50,00,000 1 1 20


* Tax should be deducted @10% in case the payee is Company Assessees.