Income tax slab
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 February 2017
SIR
PLEASE LET ME KNOW THE INCOME TAX SLAB FOR AY 2017-18 , FOR INDIVIDUAL & INDIVIDUAL SENIOR CITIZEN & ALSO LET ME KNOW THE LIMIT FOR 80C BENEFIT TAKEN FOR INDIVIDUAL.
THANKING YOU
MUKESH K SABRI
PLEASE LET ME KNOW THE INCOME TAX SLAB FOR AY 2017-18 , FOR INDIVIDUAL & INDIVIDUAL SENIOR CITIZEN & ALSO LET ME KNOW THE LIMIT FOR 80C BENEFIT TAKEN FOR INDIVIDUAL.
THANKING YOU
MUKESH K SABRI
22 February 2017
Income Slabs Tax Rates for resident individual below 60 years (AY 2017-18)
i. Where the taxable income does not exceed Rs. 2,50,000/-. NIL
ii. Where the taxable income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/-. 10% of amount by which the taxable income exceeds Rs. 2,50,000/-.
Less : Tax Credit u/s 87A - upto a maximum of Rs. 5000/-.
iii. Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. Rs. 25,000/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.
iv. Where the taxable income exceeds Rs. 10,00,000/-. Rs. 125,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.
i. Where the taxable income does not exceed Rs. 2,50,000/-. NIL
ii. Where the taxable income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/-. 10% of amount by which the taxable income exceeds Rs. 2,50,000/-.
Less : Tax Credit u/s 87A - upto a maximum of Rs. 5000/-.
iii. Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. Rs. 25,000/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.
iv. Where the taxable income exceeds Rs. 10,00,000/-. Rs. 125,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.
22 February 2017
For resident senior citizens, the basic exemption limit is Rs.300000 instead of Rs.250000
22 February 2017
Also there will be surcharge (@ 15% if total income exceeds 1 crore) and education cess @ 3% applicable
Section 80C deductions are allowed upto Rs.150000
Section 80C deductions are allowed upto Rs.150000
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