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Rate of Income Tax For "Individuals" (Males and Females both below the age of 60 years), HUFs, AOPs, BOls

New Tax Rates For FY 2017-18 & AY 2018-19 (Budget 2017)

A. Normal Rates of tax

 

SR No

Total Income

Rate of tax

1

Up to  Rs. 250000/-

Nil

2

Rs 2,50,001/-  to Rs.5,00,000/-

5 % of the amount by which the total income exceeds Rs.2,50,000/-

3

Rs 5,00,001/- to  Rs. 10,00,000/-.

Rs. 12,500/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-.

4

Exceeds Rs. 10,00,000/-.

Rs. 1,12,500/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-


B. Rates of tax for every individual, resident in India, who is of the age of sixty years or more but less than eighty years at any time during the Financial year:

 

SR No

Total Income

Rate of tax

1

Up to  Rs. 3,00,000/-

Nil

2

Rs 3,00,001/-  to Rs.5,00,000/-

5% per cent of the amount by which the total income exceeds Rs.3,00,000/-

3

Rs 5,00,001/- to  Rs. 10,00,000/-.

Rs. 10,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-.

4

Exceeds Rs. 10,00,000/-.

Rs. 1,10,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-


C. In case of every individual being a resident in India, who is of the age of eighty years or more at any time during the financial year:

 

SR No

Total Income

Rate of tax

1

Up to  Rs. 5,00,000/-

Nil

2

Rs 5,00,001/- to  Rs. 10,00,000/-.

 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-.

3

Exceeds Rs. 10,00,000/-.

Rs. 1,00,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-

 

  • Surcharge:
    • If the total income exceeds Rs 50 Lakhs but below Rs 1 crore, a surcharge of 10% will be levied.
    • 15% surcharge on income tax if the total income is over and above Rs 1 cr.
  • Rebate under Section 87ATax rebate of Rs 2,500 for individuals with income of up to Rs 3.5 Lakh has been proposed. While the taxation liability of people with income upto Rs 5 lakhs will be reduced to half, all the other categories of tax payers in the subsequent slabs will also get a uniform benefit of Rs 12,500/- per tax assessee.
  • Tax deductions limits under sections like Section 80C, 80D for FY 2017-18 etc., have been kept unchanged.
  • Other Taxation proposals :
    • Holding period for Long term capital gain for all immovable properties has been reduced to 2 years from 3 year. The base year for calculation of Indexation is going to be 2001.
    • Proposal to have one page ITR forms.
    • Transactions worth above Rs 3 Lakh can not be done in Cash mode.
    • All Indian Political parties have to file their Income Tax Returns.
    • Proposal to have one page Income Tax Return Forms for the category of individuals having taxable income up to Rs 5 lakhs other than business income.

Education Cess on Income tax:


The amount of income-tax including the surcharge if any, shall be increased by Education Cess on Income Tax at the rate of two percent of the income-tax.


Secondary and Higher Education Cess on Income-tax:


An additional education cess is chargeable at the rate of one percent of income-tax including the surcharge if any, but not including the Education Cess on income tax
 
For A.Y. 2014-2015

Income Slab

Rates of income tax

(1)

where the total income does not exceed Rs. 2,00,000

Nil;

(2)

where the total income exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000 

10% of the amount by which the total income exceeds Rs. 2,00,000;

(3)

where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000

Rs. 30,000 plus 20%  of the amount by which the total income exceeds Rs. 5,00,000;

(4)

where the total income exceeds Rs. 10,00,000

Ps. 1,30,000 plus 30% of the amount by which the total income exceeds Rs. 10,00,000

 

Important Note : For F. Y. -2013-2014 (A. Y .2014-2015), Tax Rebate of 2000 for individuals having total income upto 5 Lakh. This credit will not be available to HUF, AOP, BOl, etc

For A.Y. 2015-2016

 

Income Slab

Rates of income tax -

(1)

where the total income does not exceed Rs. 2,50,000

Nil;

(2)

where the total income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000

10% of the amount by which the total income exceeds Rs. 2,50,000;

(3)

where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000

Rs. 25,000 plus 20% of the amount by which income exceeds Rs. 5,00,000;

(4)

where the total income exceeds Rs. 10,00,000

Rs. 1,25,000 plus 30% of the amount by which the total income exceeds Rs. 10,00,000.

 

 

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