Highlights of Income-tax Slab 2017-18
· The Slab for Tax-free Income is the same. For FY 2017-18, No Tax on income up to Rs.2.5 lakhs.
· The Government has reduced the tax rate for the income up to Rs 5 lakhs. The new tax rate for income between 2.5 lakhs to 5 lakhs is 5%.
· The Upper limit to claim income tax deduction under section 80C is still at 1.5 lakhs.
· The government has reduced the income tax rebate. Now, it is Rs 2,000 instead of Rs 5000.
· The Upper limit to get the rebate is also reduced. Now, you would be eligible for the rebate if income is less than Rs 3.5 lakhs. Earlier this limit was at 5 lakhs.
· The threshold for surcharge came down. Now, you have to pay a surcharge if your taxable income is more than 50 lakhs (5 million rupees). Earlier, this limit was 1 crore.
Tax Slab for Individuals
This is the general income tax slab. This slab is applicable to those who are less than 60 years old. It means if you born on or after 1ST April 1957, refer to the following tax rates. This slab rate is also applicable to Non-Resident Indian, Hindu undivided family (HUF), Association of Persons, Body of Individuals and Artificial Judicial Person.
Income Tax Slab for 2017- 18 | Tax Rate | Details |
Income Up to Rs. 2,50,000 | 0 | |
Rs. 2,50,000 – Rs. 5,00,000 | 5% | On Amount above and over 2,50,000 |
Rs. 5,00,000 – Rs. 10,00,000 | 20% | On Amount above and over 5,00,000 |
Above Rs. 10,00,000 | 30% | On Amount above and over 10,00,000 |
Click here to Download Automated All in One TDS on Salary for Government & Non-Government Employees For Financial Year 2017-18 with New Tax Slab for A.Y.2018-19
Feature of this Excel Utility:-
1) Automated Individual Tax Compute Sheet
2) Individual Salary Structure for both of the Government & Non-Government Employees
3) Automatic House Rent Exemption Calculation U/s 10(13A)
4) Automated Arrears Relief Calculation with Form 10E from F.Y. 2000-01 to F.Y.2017-18
5) Automated Income Tax Salary Certificate Form 16 Part A & B for F.Y.2017-18
6) Automated Income Tax Salary Certificate Form 16 Part - B for F.Y.2017-18
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| Main Data Sheet for details of Employer & Employees |
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| Individual Salary Structure with Tax Deduction all sections |
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| Automated Tax Computed Sheet |
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| House Rent Exemption Calculation |
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| Automated Arrears Relief Calculation with Form 10E |
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| Automated Form 16 Part A&B |
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| Automated Form 16 Part B |
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