Income Tax Slabs For AY 2018-19 – Tax Planning for FY 2017-18


Income Tax Slabs For AY 2018-19 For Individuals

Income Tax SlabsIncome Tax Slabs for assessment year 2018-19 can be very useful in tax planning for FY 2017-18. There are certain interesting and beneficial revisions to the tax slabs.

Individual resident aged below 60 years

Income Tax Slabs :

Income Slabs Tax Rates
i. Where the taxable income does not exceed INR 2,50,000/-. NIL
ii. Where the taxable income exceeds INR 2,50,000/- but does not exceed INR 5,00,000/-. 5% of amount by which the taxable income exceeds INR 2,50,000/-.
Less : Tax Credit u/s 87A – 10% of taxable income upto INR 350,000. Maximum relief – INR 2500/-.
iii. Where the taxable income exceeds INR 5,00,000/- but does not exceed INR 10,00,000/-. INR 12,500/- + 20% of the amount by which the taxable income exceeds INR 5,00,000/-.
iv. Where the taxable income exceeds INR 10,00,000/-. INR 112,500/- + 30% of the amount by which the taxable income exceeds INR 10,00,000/-.

Surcharge :

  • 10% of the Income Tax, where taxable income is more than INR 50 lacs and upto INR 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of INR 50 lacs by more than the amount of increase in taxable income.
  • 15% of the Income Tax, where taxable income is more than INR 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of INR 1 crore by more than the amount of increase in taxable income.

Education Cess :

3% of the total of Income Tax and Surcharge.

Senior Citizen – Individual resident who is of the age of 60 years or more but below the age of 80 years

Income Tax Slabs :

Income Slabs Tax Rates
i. Where the taxable income does not exceed INR 3,00,000/-
Less : Tax Credit u/s 87A – 10% of taxable income upto INR 350,000. Maximum relief – INR 2500/-.
NIL
ii. Where the taxable income exceeds INR 3,00,000/- but does not exceed INR 5,00,000/- 5% of the amount by which the taxable income exceeds INR 3,00,000/-.
Less : Tax Credit u/s 87A – 10% of taxable income upto a maximum of INR 2000/-.
iii. Where the taxable income exceeds INR 5,00,000/- but does not exceed Rs. 10,00,000/- INR 10,000/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.
iv. Where the taxable income exceeds INR 10,00,000/- INR 110,000/- + 30% of the amount by which the taxable income exceeds INR 10,00,000/-.

Surcharge :

  • 10% of the Income Tax, where taxable income is more than INR 50 lacs and upto INR 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of INR 50 lacs by more than the amount of increase in taxable income.
  • 15% of the Income Tax, where taxable income is more than INR 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of INR 1 crore by more than the amount of increase in taxable income.

Education Cess :

3% of the total of Income Tax and Surcharge.

Super Senior Citizen – Individual resident who is of the age of 80 years or more

Income Tax Slabs :

Income Slabs Tax Rates
i. Where the taxable income does not exceed INR 5,00,000/-. NIL
ii. Where the taxable income exceeds INR 5,00,000/- but does not exceed INR 10,00,000/- 20% of the amount by which the taxable income exceeds INR 5,00,000/-.
iii. Where the taxable income exceeds INR 10,00,000/- INR 100,000/- + 30% of the amount by which the taxable income exceeds INR 10,00,000/-.

Surcharge :

  • 10% of the Income Tax, where taxable income is more than INR 50 lacs and upto INR 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of INR 50 lacs by more than the amount of increase in taxable income.
  • 15% of the Income Tax, where taxable income is more than INR 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of INR 1 crore by more than the amount of increase in taxable income.

Education Cess:

3% of the total of Income Tax and Surcharge.

For more Finance and tax related information, visit our Finance Section.

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