Slab Rates. Income tax is levied on individual taxpayers on the basis of a slab system where different tax rates have been prescribed for different slabs and such tax rates keep increasing with an increase in the income slab.

Such tax slabs tend to undergo a change during every budget.

Further, since the budget 2018 has not announced any changes in income tax slabs this time, it remains the same as that of last year.

There are three categories of individual taxpayers:

1.Individuals (below the age of 60 years) which includes residents as well as non-residents

2.Resident Senior citizens (60 years and above but below 80 years of age)

3.Resident Super senior citizens (above 80 years of age)

Tax Slabs for Individual Taxpayers & HUF (Less Than 60 Years Old) for FY 2018-19 – Part I

Slabs 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

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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 exemption limit for FY 2018-19 is up to Rs. 2,50,000 for individual & HUF other than those covered in Part(II) or (III)

Tax Slabs for Senior Citizens (60 Years Old Or More but Less than 80 Years Old) for FY 2018-19 – Part II

Slabs 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

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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 exemption limit for FY 2018-19 is up to Rs. 3,00,000 other than those covered in Part(I) or (III)

Income Tax Slabs for Senior Citizens(80 Years Old Or More) for FY 2018-19 – Part III

 Slabs 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% 4% of Income Tax
Income more than Rs 10,00,000 30% 4% of Income Tax

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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 exemption limit for FY 2018-19 is up to Rs. 5,00,000 other than those covered in Part(I) or (II)

Slabs for Domestic Companies for FY 2018-19 – Part IV

Turnover Particulars Tax Rate
Gross turnover up to 250 Cr. in the previous year 25%
Gross turnover exceeding 250 Cr. in the previous year 29%

In addition, cess and surcharge are levied as follows: Cess: 4% of corporate tax Surcharge: Taxable income is more than 1Cr. but less than 10Cr.: 7% of Taxable income is more than 10Cr. :12%

Tax Slabs for Individual Taxpayers & HUF (Less Than 60 Years Old) for FY 2017-18 – Part I

 Slabs 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

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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 exemption limit for FY 2017-18 is up to Rs. 2,50,000 for individual & HUF other than those covered in Part(II) or (III)

Tax Slabs for Senior Citizens (60 Years Old Or More but Less than 80 Years Old) for FY 2017-18 – Part II

 Slabs 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

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Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.

Surcharge: 15% of the income tax, where the total income exceeds Rs.1 crore.

*Income tax exemption limit for FY 2017-18 is up to Rs. 3,00,000 other than those covered in Part(I) or (III)

Income Tax Slabs for Senior Citizens(80 Years Old Or More) for FY 2017-18 – Part III

 Slabs 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

Invest Now & Save Upto ₹ 46,800 on Taxes

Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.

Surcharge: 15% of the income tax, where the total income exceeds Rs.1 crore.

*Income tax exemption limit for FY 2017-18 is up to Rs. 5,00,000 other than those covered in Part(I) or (II)

Tax Slabs for Domestic Companies for FY 2017-18 – Part IV

Turnover Particulars Tax Rate
Gross turnover upto 50 Cr. in the previous year 2015-16 25%
Gross turnover exceeding 50 Cr. in the previous year 2015-16 30%

In addition cess and surcharge is levied as follows: Cess: 3% of corporate tax Surcharge: Taxable income is more than 1Cr. but less than 10Cr.: 7% Taxable income is more than 10Cr. :12%

 Tax Slabs for Individual Taxpayers & HUF (Less than 60 Years Old) for FY 2016-17 – Part I

 Slabs Tax Rate e-Filing Tax Returns
Income up to Rs 2,50,000* No tax 31st March 2018 is the last date to file tax returns.
Income from Rs 2,50,000 – Rs 5,00,000 10%
Income from Rs 5,00,000 – 10,00,000 20%
Income more than Rs 10,00,000 30%

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Surcharge: 15% of income tax, where total income exceeds Rs.1 crore.

Higher education and secondary cess: 3% of Income Tax.

*Income tax exemption limit for FY 2016-17 is up to Rs. 2,50,000 other than those covered in Part(I) or (II)

 Tax Slabs for Senior Citizens (60 Years Old Or More but Less than 80 Years Old) for FY 2016-17 – Part II

Slabs Tax Rate e-Filing Tax Returns
Income up to Rs 3,00,000* No tax 31st March 2018 is the last date to file tax returns.
Income from Rs 3,00,000 – Rs 5,00,000 10%
Income from Rs 5,00,000 – 10,00,000 20%
Income more than Rs 10,00,000 30%

Slab Rates.

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Surcharge: 15% of income tax, where total income exceeds Rs.1 crore.

Higher education and secondary cess: 3% of Income Tax.

*Income tax exemption limit for FY 2016-17 is up to Rs. 3,00,000 other than those covered in Part(I) or (III)

Tax Slabs for Senior Citizens(80 Years Old Or More) for FY 2016-17 – Part III

Slabs Tax Rate e-Filing Tax Returns
Income up to Rs 5,00,000* No tax 31st March 2018 is the last date to file tax returns.
Income from Rs 5,00,000 – 10,00,000 20%
Income more than Rs 10,00,000 30%

 

Slab Rates.

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Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.

Higher education and secondary cess: 3% of Income Tax.

*Income tax exemption limit for FY 2016-17 is up to Rs. 5,00,000 other than those covered in Part(I) or (II)

 Tax Slabs for Domestic Companies for FY 2016-17 – Part IV

Turnover Particulars Tax Rate
Gross turnover upto 5 Cr. in the previous year 2014-15 29%
Gross turnover exceeding 5 Cr. in the previous year 2014-15 30%

In addition cess and surcharge is levied as follows: Cess: 3% of corporate tax Surcharge: Taxable income is more than 1Cr. but less than 10Cr.: 7% Taxable income is more than 10Cr. :12%

How to Calculate Income Tax from Income Tax Slab Rates. ?

Rohit has a total taxable income of Rs 8,00,000. This income has been calculated by including income from all sources such as salary, rental income, and interest income. Deductions under section 80 have also been reduced. Rohit wants to know his tax dues for FY 2017-18 (AY 2018-19).

Income Slabs Tax Rate Tax Calculation
*Income up to Rs 2,50,000 No tax
Income from Rs 2,50,000 – Rs 5,00,000 5% (Rs 5,00,000 – Rs 2,50,000) Rs 12,500
Income from Rs 5,00,000 – 10,00,000 20% (Rs 8,00,000 – Rs 5,00,000) Rs 60,000
Income more than Rs 10,00,000 30% nil
Tax Rs 72,500
Cess 4% of Rs 72,500 Rs 2,900
Total tax in FY 2017-18 (AY 2018-19) Rs 75,400

*Please note that Rohit is an individual assessee having an income tax exemption of Rs 2,50,000. For other assessee as mentioned in table Part II & III, the Income tax limit for availing the exemption would be Rs 3,00,000 & Rs 5,00,000 respectively.

 

Tax Slabs for Individual Taxpayers & HUF (Less than 60 Years Old) for FY 2015-16 – Part I

Slabs Tax Rate e-Filing Tax Returns
Income up to Rs 2,50,000* No tax 31st March 2018 is the last date to file tax returns.
Income from Rs 2,50,000 – Rs 5,00,000 10%
Income from Rs 5,00,000 – 10,00,000 20%
Income more than Rs 10,00,000 30%

Surcharge: 12% of income tax, where the total income exceeds Rs.1 crore.

Higher education and secondary cess: 3% of Income Tax.

*Income tax exemption limit for FY 2015-16 is up to Rs. 2,50,000 for individual & HUF other than those covered in Part(II) or (III)

Income Tax for Senior Citizens (60 Years Old Or More but Less than 80 Years Old) for FY 2015-16 – Part II

Slabs Tax Rate e-Filing Tax Returns
Income up to Rs 3,00,000* No tax 31st March 2018 is the last date to file tax returns.
Income from Rs 3,00,000 – Rs 5,00,000 10%
Income from Rs 5,00,000 – 10,00,000 20%
Income more than Rs 10,00,000 30%

Surcharge: 12% of income tax, where total income exceeds Rs.1 crore.

Higher education and secondary cess: 3% of Income Tax.

*Income tax exemption limit for FY 2015-16 is up to Rs. 3,00,000 other than those covered in Part(I) or (III)

Income Tax for Senior Citizens(80 Years Old Or More) for FY 2015-16 – Part III

Slabs Tax Rate e-Filing Tax Returns
Income up to Rs 5,00,000* No tax 31st March 2018 is the last date to file tax returns.
Income from Rs 5,00,000 – 10,00,000 20%
Income more than Rs 10,00,000 30%

Surcharge: 12% of income tax, where the total income exceeds Rs.1 crore.

Higher education and secondary cess: 3% of Income Tax.

*Income tax exemption limit for FY 2015-16 is up to Rs. 5,00,000 other than those covered in Part(I) or (II)

Tax Slabs for Domestic Companies for FY 2015-16 – Part IV

Domestic companies are taxable are at 30%.

In addition cess and surcharge is levied as follows:

Cess: 3% of corporate tax

Surcharge: Taxable income is more than 1Cr. but less than 10Cr.: 7%

Taxable income is more than 10Cr. :12%

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Sneha is a full-time writer at Nvestweekly and is passionate about Blockchain Technology. Leveraging over three years of experience in media, she covers the daily developments in the crypto ecosystem.

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