Know Your Income Tax Rates Income Tax Slabs

With the financial year for 2017-18 just ending, you might have just declared your finances in your company for tax deductions. It is now time to declare your investments for the coming year. By knowing the tax rates, you can make sound financial investments that will give you the best returns and tax benefits.

There are not great differences in the tax slab from the last year. The changes are as follows

• New cess of 4% called education and health cess has been introduced which subsumes the education cess from last year   
• There is not a separate medical bill claim of Rs. 15,000 and transport allowance which will all come under a general deduction of Rs. 40,000
• A long-term capital gains tax of 10% on equity mutual funds of over Rs.1 lakh has been introduced

Income Tax Slab Rates for FY 2018-19 (AY 2019-20)

Income Tax Slab for Individual Tax Payers & Hindu Undivided Family (Less Than 60 Years Old) for FY 2018-19

 

Income Tax Slab	Tax Rate	Health and Education Cess
Income up to Rs 2,50,000*	No tax
Income from Rs 2,50,000 – Rs 5,00,000	5%	4% of Income Tax
Income from Rs 5,00,000 – 10,00,000	20%	4% of Income Tax
Income more than Rs 10,00,000	30%	4% of Income Tax

 

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.

 Income Tax Slab for Senior Citizens (60 Years Old or More but Less than 80 Years Old) for FY 2018-19

 

Income Tax Slab	Tax Rate	Health and Education Cess
Income up to Rs 3,00,000*	No tax
Income from Rs 3,00,000 – Rs 5,00,000	5%	4% of Income Tax
Income from Rs 5,00,000 – 10,00,000	20%	4% of Income Tax
Income more than Rs 10,00,000	30%	4% of Income Tax

 

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.

Income Tax Slab Rates for FY 2017-18(AY 2018-19)

Income Tax Slab for Individual Tax Payers & Hindu Undivided Family (Less Than 60 Years Old) for FY 2017-18    

 

Income Tax Slab	Tax Rate	Health and Education Cess
Income up to Rs 2,50,000*	No tax
Income from Rs 2,50,000 – Rs 5,00,000	5%	3% of Income Tax
Income from Rs 5,00,000 – 10,00,000	20%	3% of Income Tax
Income more than Rs 10,00,000	30%	3% of Income Tax

 

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.

 

Income Tax Slab for Senior Citizens (60 Years Old or More but Less than 80 Years Old) for FY 2017-18

Income Tax Slab	Tax Rate	Health and Education Cess
Income up to Rs 3,00,000*	No tax
Income from Rs 3,00,000 – Rs 5,00,000	5%	3% of Income Tax
Income from Rs 5,00,000 – 10,00,000	20%	3% of Income Tax
Income more than Rs 10,00,000	30%	3% of Income Tax

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.

Income Tax Slab for Senior Citizens (80 Years Old or More) for FY 2017-18

 

Income Tax Slab	Tax Rate	Health and Education Cess
Income up to Rs 5,00,000*	No tax
Income from Rs 5,00,000 – 10,00,000	20%	3% of Income Tax
Income more than Rs 10,00,000	30%	3% of Income Tax

 

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.

We hope that knowing the tax slabs would give you an edge while filing returns and declaring investments.