Income Tax Slab Rate for the F.Y. 2017-18 (AY 2018-19) & F.Y 2018-19 (AY 2019-20)

Income Tax Slab Rate for the

F.Y. 2017-18 (AY 2018-19) & F.Y 2018-19 (AY 2019-20)

 

 

As you all know that due date for filling of income tax return for financial year 2017-18 i.e. income earned up to 31.03.2018 is 31st July 2018.

So, one should keep in mind income tax slab for filing income tax return:

So, let it discussed one by one for different financial year.

Income Tax Slabs Rates for FY-2017-18 (AY 2018-19)

Categories of Tax Payers that will be covered:

1. Individuals (below the age of 60 years) including non-resident individuals & HUF.

2. Senior Citizens Residents (age 60 or more years).

3. Super Senior Citizen Residents (Age more than 80 years).

Individuals (below the age of 60 years) including non-resident individuals & HUF.

 Income Tax Slabs

Tax Rate

Up to Rs. 2,50,000/-

Nil

2,50,000 to 5,00,000

5%

5,00,000-10,00,000

20%

Greater than 10,00,000

30%

Senior Citizens Residents (age 60 or more years).

Income Tax Slab

Tax Rate

Up to  3,00,000

Nil

3,00,000 to 5,00,000

5%

5,00,000 to 10,00,000

20%

Greater than 10,00,000

30%

Super Senior Citizen Residents (Age more than 80 years).  

Income Tax Slab

Tax Rate

Up to  5,00,000

Nil

5,00,000 to 10,00,000

20%

Greater than 10,00,000

30%

 

Rebate u/s 87A

Also rebate u/s 87A amounting to Rs. 2500 would also be available to taxpayers.

Criteria to be satisfied to claim rebate.

1. An individual must be resident of India.

2. Total income i.e. after deduction u/s 80C to 80U should not exceed Rs. 3,50,000.

Rebate is to applied on Total Tax before adding Health & Education Cess.            

Rebate under section 87A is allowed up to a maximum of Rs 2,500. It means the amount of rebate will be lower of either Rs. 2,500 or 100% of the income-tax liability.

Note:

1. Surcharge: 10% of income tax, if income exceeds 50 lacs & up to Rs. 1Cr.         

2. Surcharge: 15% of income tax, if income exceeds Rs. 1Cr.

3. Health & Education Cess: 3% of income tax (including surcharge if any) will also be levied.

Income Tax Slab for F.Y. 2018-19 (A.Y.2019-20) would be same as for F.Y. 2017-18 mentioned above, Except that Health & Education cess  4% of income tax will be levied which was earlier 3% for F.Y. 2017-18

 

Team GST Sansaar

CA Ashish Arora

CA Jitesh Kakkar