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Government of India – Income Tax Slab Rates for AY 2018-2019



Government of India

Personal Income Tax Rates in India for the Financial Year 2017-2018 and Assessment Year 2018-2019

New Delhi (Delhi, India), September 07, 2017

Indian Government Ups Basic Personal Income Tax Exemption Limit from Rs. 250,000 to Rs. 250,000

The Government of India has increased the basic personal income tax exemption limit from Rs. 250,000 to Rs. 250,000 for the Financial Year 2017-2018 and Assessment Year 2018-2019.

The new income tax rates or Income tax slabs are applicable for the incomes earned or generated from April 01, 2017 to March 31, 2018.

Mr. Arun Jaitley, the Finance Minister of India, announced the new personal income tax slab rates while presenting the Union Budget of India, also called the Indian General Budget, on Wednesday, February 01, 2017 in New Delhi.

Here are the personal income tax slab rates for calculating your income tax for the Financial Year 2017-2018 (Assessment Year 2018-2019).

Income Tax Slabs for the Individual (Male or Female Below 60 Years Age) for the Assessment Year 2018-2019

Income Tax Slab: Rs. 0 to 250,000 Income Tax Rate Payable: No Income Tax

Income Tax Slab: Rs. 250,001 to 500,000 Income Tax Rate Payable: 5%

Income Tax Slab: Rs. 500,001 to 1,000,000 Income Tax Rate Payable: 20%

Income Tax Slab: 1,000,001 and above Income Tax Rate Payable: 30%

Note: Tax Relief Under Section 87A of IT Act – In case of a tax payer, having total income not exceeding Rs. 350,000 in the Financial Year 2017-2018, income tax chargeable on the income or Rs. 2,500, whichever is less.

Income Tax Slabs for the Senior Citizen (Male or Female 60 to 80 Years Age) for the Assessment Year 2018-2019

Income Tax Slab: Rs. 0 to 300,000 Income Tax Rate Payable: No Income Tax



Income Tax Slab: Rs. 300,001 to 500,000 Income Tax Rate Payable: 5%

Income Tax Slab: Rs. 500,001 to 1,000,000 Income Tax Rate Payable: 20%

Income Tax Slab: 1,000,001 and above Income Tax Rate Payable: 30%

Note: Tax Relief Under Section 87A of IT Act – In case of a tax payer, having total income not exceeding Rs. 350,000 in the Financial Year 2017-2018, income tax chargeable on the income or Rs. 2,500, whichever is less.

Income Tax Slabs for the Super Senior Citizen (Male or Female Above 80 Years Age) for the Assessment Year 2018-2019

Income Tax Slab: Rs. 0 to 500,000 Income Tax Rate Payable: No Income Tax

Income Tax Slab: Rs. 500,001 to 1,000,000 Income Tax Rate Payable: 20%

Income Tax Slab: 1,000,001 and above Income Tax Rate Payable: 30%

Surcharge:

10% of the Income Tax, where taxable income of an individual is Rs. 5,000,001 to 10,000,000. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 50 lakhs by more than the amount of increase in taxable income.

15% of the Income Tax, where taxable income of an individual is 10,000,001 or above. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 1 crore by more than the amount of increase in taxable income.

Education Cess:

3% (i.e. Education Cess: 2% + Secondary and Higher Education Cess: 1%) of the total of Income Tax and Surcharge.

Union Budget of India 2017-2018 – Minister of Finance’s Speech
Ministry of Finance, Government of India – Finance Minister’s Budget Speech for Financial Year 2017-2018

Government of India – Personal Income Tax Rates and Slabs
Ministry of Finance, Government of India – Personal Income Tax Rates from FY 1947-1948 to FY 2017-2018

Government of India – Budget Speeches of Minister of Finance
Ministry of Finance, Government of India – Finance Ministers’ Budget Speeches FY 1947-1948 to 2017-2018


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