The Finance Budget F.Y.2017-18 has already passed and some changes which effect from the 1st April 2017. The Income Tax has changed in this Financial Year 2017-18. The Tax Slab is given below for the Financial Year 2017-18 as per the Finance Budget 2017.
Individuals Below 60 Yrs – Income Tax Slab 2017-18 (A.Y 2018-19)
Income Tax Slab | Income Tax Rate |
Income upto Rs. 2,50,000 | Nil |
| Income between Rs. 2,50,001 – Rs. 500,000 | 5% of Income exceeding Rs. 2,50,000 |
Income between Rs. 500,001 – Rs. 10,00,000 | 20% of Income exceeding Rs. 5,00,000 |
Income above Rs. 10,00,000 | 30% of Income exceeding Rs. 10,00,000 |
Senior Citizens (60-80 yrs) : Income Tax Slab 2017-18 (A.Y 2018-19)
Income Tax Slab | Income Tax Rate |
Income upto Rs. 3,00,000 | Nil |
| Income between Rs. 3,00,001 – Rs. 500,000 | 5% of Income exceeding Rs. 3,00,000 |
Income between Rs. 500,001 – Rs. 10,00,000 | 20% of Income exceeding Rs. 5,00,000 |
Income above Rs. 10,00,000 | 30% of Income exceeding Rs. 10,00,000 |
Super Senior Citizens ( above 80 yrs) : Income Tax Slab 2017-18 (A.Y 2018-19)
Income Tax Slab | Income Tax Rate |
Income up to Rs. 5,00,000 | Nil |
Income between Rs. 500,001 – Rs. 10,00,000 | 20% of Income exceeding Rs. 5,00,000 |
Income above Rs. 10,00,000 | 30% of Income exceeding Rs. 10,00,000 |
The existing rebate of Rs. 5,000 available for individuals with an income between Rs. 2,50,000 to Rs. 5,00,000 is reduced to Rs. 2,500. Also, the rebate will now be available only for individuals with an Income less than Rs. 350,000.
From FY 2017-18, Those with annual income between Rs. 50 lakh to Rs. 1 crore will be levied a surcharge of 10 per cent.
From FY 2017-18, The maximum amount of loss from house property which can be adjusted from any other head of income is restricted to Rs. 2 Lakhs.
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