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What are the Income Tax Rates for Indian citizens for Financial Year 2017-2018?

Thursday, July 13, 2017

Income Tax Slab and Rates given below are for Indian citizens of age less than 60. This rates are applicable for the Financial Year 2017-2018

Income Tax Slab Rates
Financial Year 2017-2018
Assessment Year 2018-19






Income Tax Slab Rates SLAB 1

Individuals whose total income not exceeding Rs. 2,50,000 ( 2.5 lakhs )
They are exempted from paying income tax.



Income Tax Slab Rates SLAB 2

Individuals whose total income is greater than Rs. 2,50,000 but less than Rs. 5,00,000 ( 5 lakhs )
They have to pay 5% of the Income amount by which it exceeds Rs. 2,50,000.

Illustration:
If a person's total income is Rs 3,50,000.
The Income tax will be 5% of 1,00,000 (3,50,000 - 2,50,000 ). Ie, Rs 5,000.


Income Tax Slab Rates SLAB 3

Individuals whose total income is greater than Rs. 5,00,000 but less than Rs. 10,00,000 ( 10 lakhs )
Should pay
5% of the Rs 2,50,000. (5,00,000 - 2,50,000 )
20% of the Amount by which it exceeds Rs. 5,00,000

Illustration:
If a person's total income is Rs 7,00,000.
The Income tax will be 5% of Rs 2,50,000 (ie, Rs 12,500) added to
20% of 2,00,000 (7,00,000 - 5,00,000 ). ie, Rs 40,000.
Total Income Tax amount he should pay is Rs 52,000.


Income Tax Slab Rates SLAB 4

Individuals whose total income is greater than Rs. 10,00,000 ( 10 lakhs )

They should pay
5% of Rs 2,50,000 added to
20% of Rs. 5,00,000 added to
30% of the Amount by which it exceeds Rs. 10,00,000

Illustration:
If a person's total income is Rs 11,00,000.
The Income tax will be 5% of Rs 2,00,000 (ie, Rs 12,500) added to
20% of 5,00,000 ie, Rs 1,00,000.
30% of 1,00,000 ie, Rs 30,000.
Total Income Tax amount he should pay is Rs 1,42,500.

For Income Tax Slab and Rates for senior Indian citizens of age above 60 visit Income tax rate for senior Indians and retirees.

How to reduce tax deduction on your income
Investments upto 1,50,000 is exempted from tax based on various sections of Income tax act.
Invest in mutual funds, Public provident funds, Mediclaim health care investments, Post office savings, LIC
Tuition fee of 2 children
Donations to some charities and relief funds

Tags:
How income tax calculated in India
Income tax calculation for individuals
Indian citizen income tax payment
Sample calculation of income tax
Tax on income of employees
income tax slabs for indian citizens
Income tax rates for Financial year 2017 -2018






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