Income Tax Slab 2017-18 for individuals, senior citizens and super senior citizens

| TIMESOFINDIA.COM | Jul 7, 2018, 13:17 IST

Here is the detailed income tax slab for the Financial Year 2016-... Read More

NEW DELHI: Filing income tax return on time is the duty of every responsible citizen. But for that, you need to know the rules of Income Tax set by the tax department. Here is the income tax slab for the Financial Year 2016-17 or Assessment Year 2017-18, which will help you find out your income tax bracket and tax liability as per the IT norms:

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Income Tax Slabs for Individual below the age of 60 years FY 2016-17/AY 2017-18

Income Slabs	Tax Rates
Total income does not exceed Rs 2,50,000/-	NIL
Total income exceeds Rs 2,50,000/- but does not exceed Rs 5,00,000/-	10% of amount by which the total income exceeds Rs 2,50,000/-
Total income exceeds Rs 5,00,000/- but does not exceed Rs 10,00,000/-	Rs 25,000/- + 20% of the amount by which the total income exceeds Rs 5,00,000/-
Total income exceeds Rs 10,00,000/-	Rs 1,25,000/- + 30% of the amount by which the total income exceeds Rs 10,00,000/-

Income Tax Slabs for Senior Citizens (60 years or more but less than 80 years) FY 2016-17/AY 2017-18

Income Slabs	Tax Rates
Total income does not exceed Rs 3,00,000/-	NIL
Total income exceeds Rs 3,00,000/- but does not exceed Rs 5,00,000/-	10% of the amount by which the total income exceeds Rs 3,00,000/
Total income exceeds Rs 5,00,000/- but does not exceed Rs 10,00,000/-	Rs 20,000/- + 20% of the amount by which the total income exceeds Rs 5,00,000/-
Total income exceeds Rs 10,00,000/-	Rs 120,000/- + 30% of the amount by which the total income exceeds Rs 10,00,000/-

Income Tax Slabs for Super Senior Citizens (age eighty years or more) FY 2016-17/AY 2017-18

Income Slabs	Tax Rates
Total income does not exceed Rs 5,00,000/-	NIL
Total income exceeds Rs 5,00,000/- but does not exceed Rs 10,00,000/-	20% of the amount by which the total income exceeds Rs 5,00,000/-
Total income exceeds Rs 10,00,000/-	Rs 100,000/- + 30% of the amount by which the total income exceeds Rs 10,00,000/-

Income Tax slabs applicable for Senior Citizens who are 80 years old or more

Annual Income	Tax rates	Health and Education Cess
Up to Rs.5 lakh*	Nil	Nil
Rs.5,00,001-Rs.10 lakh	20%	4% of Income Tax
Above Rs.10 lakh	30%	4% of Income Tax

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Top Comment

Basha G

2392 days ago

Hardly 2% of people pay their income tax, why do we have this in the first place. We pay tax on everything then why income tax as well?

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Income Tax Slab 2017-18 for individuals, senior citizens and super senior citizens

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