TAX RATES FOR INDIVIDUALS FOR FINANCIAL YEAR-2017-18
PART I: Income Tax Slab for Individual Tax Payers & HUF (Less Than 60 Years Old) (Both Men & Women)
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% 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.
Cess: 3% on total of income tax + surcharge.
PART II: Income Tax Slab for Senior Citizens (60 Years Old Or More but Less than 80 Years Old)(Both Men & Women)
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% of income tax, where total income exceeds Rs.50 lakh upto Rs.1 crore.
Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.
Cess: 3% on total of income tax + surcharge.
PART III: Income Tax Slab for Senior Citizens(80 Years Old Or More) (Both Men & Women)
Income up to Rs 2,50,000*
No Tax
Income up to 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: 15% of income tax, where total income exceeds Rs.1 crore.
Cess: 3% on total of income tax + surcharge.
