Income Tax Slabs For FA 2017-18

Income Tax Slabs For FA 2017-18

The income tax payers of India were eagerly waiting for the day when the union finance minister Mr. Arun Jaitley would present the union budget of the country, to know the Income Tax Slabs For FA 2017-18.

Income Tax Slabs

. On 1^st February, 2017 the union finance minister of India presented the budget for the financial year 2017-18.  Mr. Jaitley started his speech wishing the countryman a very happy Basant Panchami. The season was of spring that is full of optimism.

The income tax payers of India were assuming that the finance minister will lessen the burden of income tax on them. Respecting the emotions of citizens of India finance Minister Presented the Budget. In the budget 2017-18, Finance Minister has given a big relief to the middle income group of the country. He described about Income Tax Slabs For FA 2017-18.

The finance minister told the rate of income tax in the Parliament. Income Tax Slabs For FA 2017-18 and the assessment year 2018-19 will be as under:-

Income Tax Slabs For FA 2017-18 - Individual Residents-

                                                

Income Slab                                                      Tax Rate

·         Income up to 250000/- Rupees                                                                No Tax

·         Income from 250000-500000/- Rupees                                 5%

·         Income from 500000-1000000/- Rupees                               20%

·         Income more than 1000000/- Rupees                                   30%

Note:-                                  A surcharge of 10% will be imposed on the income tax , where total income is between Rupees 50 lacs to 1 crore.

                                               15% of surcharge will be imposed on the income tax, where  the total income exceeds rupees 1 crore.

                                                              Cess (3%) will be imposed on total of income tax + surcharge

An exemption of income tax will be applicable, where income is upto 250000 per annum for individual and Hindu Undivided Family other than those covered in para (ii) or (iii)

Income Tax Slabs For FA 2017-18 - Senior Citizens-

                                                

Income Slab                                                      Tax Rate               ,

·         Income up to 300000/- Rupees                                                                No Tax

·         Income from 300001-500000/- Rupees                                 5%

·         Income from 500001-1000000/- Rupees                               20%

·         Income more than 1000000/- Rupees                                   30%

Surcharge 10% for taxable income between Rs. 50 lakhs to Rs. 1 crore and 15% for taxable income more than 1 crore

                                                              Cess (3%) will be imposed on total of income tax + surcharge

Income Tax Slabs For FA 2017-18 - Super Senior Citizens-

.

Income Slab                                                                       Tax Rate              

·         Income up to 500000/- Rupees                                                                No Tax

·         Income from 500001-1000000/- Rupees                                               20%

·         Income more than 1000000/- Rupees                                                   30%

Surcharge 10% for taxable income between Rs. 50 lakhs to Rs. 1 crore and 15% for taxable income more than 1 crore

                                                              Cess (3%) will be imposed on total of income tax + surcharge