Income Tax Slab Rates in India – AY 2018-2019 (FY 2017-18)

Income tax slab rates are decided and governed by Income Tax Act 1961 and are subject to change every year. Here are the income tax slab rates for the Financial Year 2017-18 (relevant to Assessment Year 2018-2019 slab rates).

• Income Tax Slab for Individual Tax Payers & HUF (Less Than 60 Years Old)– Part A

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

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

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

*Income tax exemption limit for FY 2017-18 is up to INR  2,50,000 for individual & HUF other than those covered in Part(B) or (C)

• Income Tax Slab for Senior Citizens (60 Years Or More but Less than 80 Years)– Part B

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

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

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

*Income tax exemption limit for FY 2017-18 (relevant to Assessment Year 2018-2019 slab rates) is up to INR  3,00,000 other than those covered in Part(A) or (C)

• Income Tax Slab for Senior Citizens(80 Years Or More) – Part C

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

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

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

*Income tax exemption limit for FY 2017-18  is up to INR  5,00,000 other than those covered in Part(A) or (C)

• Income Tax Slab for Domestic Companies– Part D

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%

• Looking for income tax slabs for other years? Here they are:-

 Income tax slab rates in India – AY 2016-17 (FY 2015-16)

Income tax slab rates in India – AY 2017-18 (FY 2016-17)

Are you yet to file your Income tax return? Please get in touch with our Income tax experts here.

About EbizFiling.com :

EbizFiling.com is a motivated and progressive concept conceived by like-minded people, which helps small, medium and large businesses to fulfill all compliance requirements of Indian Laws. It is a platform managed, operated and driven by CA, CS, IT professionals, Lawyers and Influencers, who have vast experiences into the respective fields. What differentiates us from others is our pricing, TAT, dedicated teams of professionals, whom we call Compliance Managers, digitally advanced platforms for client serving, among other things. Internally at EbizFiling, we have developed unique and customized working methods, which are committed to ensure error-free service delivery, faster execution and quick response time to the clients.

Get in touch for free consultation on info@ebizfiling.com or call 9643203209.