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Ghanshyam ParmarIncome Tax Slabs Rates for Financial Year 2017-18 (Assessment year 2018-19)

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[h1]Income Tax Slabs Rates for Financial Year 2017-18 (Assessment year 2018-19)[/h1]
In India, tax is levied as per the slab system where a gradually increase in tax rate is levied upon different range of taxable income. These slabs go through changes every year at the Budgetary discussion

Individual Tax Payers & HUF (Less Than 60 Years Old) (Both Men & Women)


                   
Net Income RangeIncome tax rates and cess
Income up to ₹ 2,50,000Nil
Income from ₹ 2,50,000 – ₹ 5,00,0005% of (Total income minus Rs 2,50,000)
Income from ₹ 5,00,000 – ₹ 10,00,000Rs 12,500 + 20% of (Total income minus Rs 5,00,000)
Income more than ₹ 10,00,000Rs 1,12,500 + 30% of (Total income minus Rs 10,00,000)
Surcharge: 10% of income tax, where total income exceeds ₹ 50 lakh up to ₹1 crore and 15% of income tax, where the total income exceeds ₹1 crore.
Cess: 3% on total of income tax + surcharge.

Income Tax Slab for Senior Citizens (60 Years Old Or More but Less than 80 Years Old)(Both Men & Women)


                   
Net Income RangeIncome tax rates and cess
Income up to ₹ 3,00,000Nil
Income from ₹ 3,00,000 – ₹ 5,00,0005% of (Total income minus Rs 3,00,000)
Income from ₹ 5,00,000 – ₹ 10,00,000Rs 10,000 + 20% of (Total income minus Rs 5,00,000)
Income more than ₹ 10,00,000Rs 1,10,000 + 30% of (Total income minus Rs 10,00,000)
Surcharge: 10% of income tax, where total income exceeds ₹ 50 lakh upto ₹ 1 crore and 15% of income tax, where the total income exceeds ₹ 1 crore
Cess: 3% on total of income tax + surcharge.

Income Tax Slab for Senior Citizens (80 Years Old Or More) (Both Men & Women)


                   
Net Income RangeIncome tax rates and cess
Income up to ₹ 2,50,000Nil
Income up to ₹ 5,00,000Nil
Income from ₹ 5,00,000 – ₹ 10,00,00020% of (Total income minus Rs 5,00,000)
Income more than ₹ 10,00,000Rs 1,00,000 + 30% of (Total income minus Rs 10,00,000)
Surcharge: 15% of income tax, where total income exceeds Rs.1 crore.
Cess: 3% on total of income tax + surcharge.
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