Income Tax Slabs F.Y. 2018-19 | F.Y. 2017-18 | F.Y. 2016-17 - A Detailed Guide [Updated Aug 2018]

I. Income Tax Slab for Indian Individuals

Income Tax Slab for Individuals less than 60 years for F.Y. 2017-18 ( For Male)

Income Tax Slab for Individuals less than 60 years for F.Y. 2017-18 ( For Female)

Income Tax Slab for Individuals more than or equal to 60 years but less than 80 years known as Senior Citizens for F.Y. 2017-18 (Both Male and Female)

Income Tax Slab for Individuals more than or equal to 80 years known as Super Senior Citizens For F.Y. 2017-18 (Both Male and Female)

II. Income Tax Slabs For Non-Residents

III. Income Tax Slabs For Hindu Undivided Family(HUF)

Income Tax Slab for AY 2018-19 for HUF (F.Y. 2017-18)

IV. Income Tax Slabs For Body of Individuals(BOI)

IncomeTax Slab for BOI for F.Y. 2017-18

V. Income Tax Slabs For Association of Person(AOP)

Income Tax Slab for AOP for F.Y. 2017-18. Mention below below AOP income tax rates 2018-19

VI. Income Tax Rate for Firms and LLP

VII. Income Tax Rate for Indian Company

For F.Y.2017-18( A.Y. 2018-19) the income tax slab for Indian Company. Mentioned below is the income tax rate for AY 2018-19 for companies.

VIII. Income Tax Rate for Foreign Company

IX. Income Tax Rate for Co-operative Societies

For F.Y.2017-18( A.Y. 2018-19 ) the new income tax slab 2018-19 for co-operative society

X. Income Tax Rate for Local Authorities

Surcharge : The amount of income-tax shall be increased by a surcharge at the rate specified in the table, where total income exceeds the specified amount:

EC & SHEC

Education Cess(EC) : The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at 2 percent of income tax and surcharge.

Secondary & Higher Education Cess(SHEC) : The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at 1 percent of income tax 2018-19 and surcharge.

Rebate under Section 87A : Section 87A of the Act states that if a resident individual's total income does not exceed Rs. 3.5 lakhs then the individual will get benefit of rebate. The amount of rebate shall be 100% of income-tax or Rs. 2,500, whichever is less.

Prior to the union budget 2017, it was on the taxable income up to INR 5 lakh and the benefit was of Rs. 5000/-.

For F.Y. 2016-17 ( A.Y. 2017-18) the Income Tax Slab for various persons-

I. Income Tax Slab for Indian Individuals

Income Tax Slab for F.Y.2016-17 for individuals (Both Male & Female) below the age of 60 years:

Income Tax Slab for F.Y.2016-17 for individuals (Both Male & Female) more than or equal to 60 years but less than 80 years

Income Tax Slab for F.Y.2016-17 for individuals (Both Male & Female) 80 year or more than 80 years

II. Income Tax Slab for F.Y.2016-17 for NRI's

III. Income Tax Slabs for F.Y. 2016-17 for HUF/AOP/BOI

IV. Income Tax Rate for Firms/ LLP/Indian Company/Local Authority

V. Income Tax Rate for Foreign Company

VI. Income Tax Rate for Co-operative Societies

For F.Y.2016-17, A.Y. 2017-18 the income tax slab for co-operative society

Notes:

Surcharge : The amount of income-tax shall be increased by a surcharge at the rate specified in the table, where total income exceeds the specified amount:

EC & SHEC

Education Cess(EC) : The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at 2 percent of income tax and surcharge.

Secondary & Higher Education Cess(SHEC) : The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at 1 percent of income tax and surcharge.

Rebate under Section 87A : Section 87A of the Act states that if an individual's total income does not exceed Rs. 5 lakhs then the individual will get benefit of rebate. The amount of rebate shall be 100% of income-tax or Rs. 5,000, whichever is less.

What has changed in the Income Tax Slab in F.Y. 2017-18 in comparison to F.Y. 2016-17?

The changes in Income Tax Slab in F.Y. 2017-18 are-

• Income Tax Slab Reduced : New Tax slab rates for all resident individuals, NRIs, HUF, AOP, BOI and Artificial juridical persons reduced from 10% to 5%.
• Reduction in relief under section 87A : The rebate under section 87A reduced.In F.Y.2017-18, rebate of Rs.2,500 is available to resident individuals whose total income does not exceed Rs.3,50,000. Earlier,Section 87A provided a relief up to Rs.5,000 to a resident individual if his total income did not exceed Rs.5,00,000.
• Surcharge on income above Rs.50 lakhs : For F.Y. 2016-17 surcharge used to be there when income exceeded Rs.1 crore in case of an individual, HUF, AOP, BOI or artificial juridical person. For F.Y. 2017-18, the surcharge has become 10% on the income of individual exceeding 50 lakhs but less than 1 crore.

I am salaried employee, which income tax slab is applicable on me?

For a salaried employee the income tax slab for individuals will be applicable.Choose the correct table according to your age.Please note there is no difference in the tax slab based on gender.

Which income tax slab rates would be applicable if I am filing my Income Tax Return for F.Y. 2016-17?

For calculating your income tax rate for F.Y. 2016-17, you need to check the Income Tax Slab for F.Y. 2016-17.

How to calculate my Income Tax amount from the Income Tax Slab?

Let us take example of Ms. Ruchi, age 29 years with an income of Rs.10,50,000, income tax deduction under section 80C Rs.150000 to understand how to calculate the income tax amount for F.Y 17-18.

First we will check the applicable income tax slab, in her case the first slab for individuals less than 60 years would be applicable.
Her income to be considered for calculating the Income tax amount =
Total Income - Income Tax Deductions
10,50,000 - 1,50,000 = 9,00,000

Now,

Calculation of total amount of tax payable

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