Indian Finance Minister, Shri Arun Jaitley has tabled today, the Union General Budget 2017-18 in the Parliament. Below are the latest Income Tax Slab Rates for Financial Year 2017-18 & Assessment Year 2018 -19.
Latest Income Tax Slab Rates for FY 2017-18
The income tax slabs & rates are categorized as below;
* Individual resident aged below 60 years.
* Senior Citizen ( an Individual resident who is of the age of 60 years or more but below the age of 80 years at any time during the previous year) &.
*Super Senior Citizen ( an Individual resident who is of the age of 80 years or more at any time during the previous year).
- 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 87A: Tax 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 up to Rs 5 lakhs will be reduced to half, all the other categories of taxpayers 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.
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