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Income Tax slabs for the financial year 2017-2018

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Wednesday, February 1, 2017
New Delhi

Union Finance Minister Arun Jaitely in his budget speech has reduced the rate of tax of 5 per cent instead of 10 per cent as of now for the financial year 2017-2018 for those earning between Rs.2.5 lakhs to Rs.5 lakhs.

Jaitely announced that all the other categories of taxpayers in the subsequent slabs will also get a uniform benefit of Rs.12,500 per person. The existing rebate for those earning Rs.5 lakh or less would now be reduced to Rs.2,500 and available only to those earning up to Rs.3.5 lakh. He proposed to levy a surcharge of 10 per cent on those whose annual taxable income is between Rs.50 lakh and Rs. 1 crore. The existing surcharge of 15 per cent of tax on people earning more than Rs.1 crore will continue.

Income Tax slabs for those below 60 years:

  • Annual income less than Rs.2.5 lakh no tax
  • Rs.2.5 lakh to Rs.5 lakh : 5 per of amount by which income exceeds Rs.2.5 lakh.
  • Rs.5 lakh to Rs.10 lakh: Rs.12,500 plus 20% of amount by which income exceeds Rs.5 lakh.
  • More than Rs.10 lakh: Rs. 1,12,500 plus 30 per cent of amount by which income exceeds Rs.10 lakh.

Annual income for the persons between age 60 to 80 years:

  • Less than Rs.3 lakh – nil
  • Rs.3 lakh to Rs.5 lakh: 5 per cent of amount by which income exceeds Rs.3 lakh.
  • Rs.5 lakh to 10 lakh : Rs.10,000 plus 20per cent of amount by which income exceeds Rs.5 lakh.
  • More than Rs.10 lakh: Rs.1,10,000 plus 30 per cent of amount by which income exceeds Rs.10 lakh.

Annual income for the persons age above 80 years during previous year:

  • Less than Rs.5 lakh : nil
  • Rs.5 lakh to Rs.10 lakh : 20 per cent amount by which income exceeds Rs.5 lakh
  • More than Rs.10lakh: Rs.1 lakh plus 30 per cent of amount by which income exceeds Rs.10 lakh.

Surcharges:

  • Rs.50 lakh to Rs.1 crore : 10 per cent of income tax
  • Rs.1 crore and above : 15 per cent of income tax



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