Income Tax Department released Income Tax Slab for financial year 2017-18 and for assessment year 2018-19. And these are normal tax rates which apply to tax payers depending on their income. Here you also know about income tax slabs for AY 2017-18 and FY 2016-17. On other hand as you know August 5 is last date to file so if you did not file tax returns then go for e filing of taxes.
On this page you will understand slab rates for income tax for FY 2016-17 or AY 2017-18. This would further help you to know how much or in which income slab rate you fall. And this helps you in filing income tax online at official website. You now keep reading to know more about it.
Case 1: Normal tax rates for resident individual who is less that 60 years old and for AOP / Artificial juridical person / BOI
Below you find tax rates that apply for resident individual who was born either on or after 1 April 1958. These tax rates also apply to AOP or Artificial juridical person or even BOI.
| Net income range | Income tax rate | Education cess | Secondary and higher education cess |
| Up to Rs. 2, 50, 000 | Nil | Nil | Nil |
| Rs. 2, 50, 000 to Rs. 5, 00, 000 | 5 % of total income – Rs. 2, 50, 000 (*) | 2 % of income tax | 1 % of income tax |
| Rs. 5, 00, 000 – Rs. 10, 00, 000 | Rs. 12, 500 + 20 % of total income – Rs. 5, 00, 000 | 2 % of income tax | 1 % of income tax |
| Above Rs. 10, 00, 000 | Rs. 1, 12, 500 + 30 % of total income – Rs. 10, 00, 000 | 2 % of income tax | 1 % of income tax |
(*) here resident individual may avail rebate and it is according to Section 87 A. However this condition fulfils when net income does not cross Rs. 3, 50, 000. Besides it happens to be deductible from income tax before calculation of education cess takes place. Therefore rebate amount will be 100 % of income tax or Rs. 2, 500. It depends on whichever is less.
Case 2: Normal tax rates for resident individual of 60 years or above that but below 80 years
If resident individual falls in this category then individual must be born between 1 April 1938 and 31 March 1958.
| Net income range | Income tax rate | Education cess | Secondary and higher education cess |
| Up to Rs. 3, 00, 000 | Nil | Nil | Nil |
| Rs. 3, 00, 000 to Rs. 5, 00, 000 | 5 % of total income – Rs. 3, 00, 000 (*) | 2 % of income tax | 1 % of income tax |
| Rs. 5, 00, 000 to Rs. 10, 00, 000 | Rs. 10, 000 + 20 % of total income – Rs. 5, 00, 000 | 2 % of income tax | 1 % of income tax |
| Above Rs. 10, 00, 000 | Rs. 1, 10, 000 + 30 % of total income – Rs. 10, 00, 000 | 2 % of income tax | 1 % of income tax |
(*) authorities allow resident individuals to avail rebate. But it is under Section 87 A. If you wish to use this option then net income should not be more than Rs. 3, 50, 000. It is also deductible from income tax before calculation and it is only if there is education cess.
As a result rebate amount is either Rs. 2, 500 or 100 % of income tax plus it is based on whichever is less.
Also read how to register at Income Tax e filing site.
Case 3: Income tax rates for resident individual 80 years old or above that
Below you find income tax slab rates for individuals who were born before 1 April 1937.
| Net income range | Income tax rate | Education cess | Secondary and higher education cess |
| Up to Rs. 5, 00, 000 | Nil | Nil | Nil |
| Rs. 5, 00, 000 to Rs. 10, 00, 000 | 20 % of total income – Rs. 5, 00, 000 | 2 % of income tax | 1 % of income tax |
| Above Rs. 10, 00, 000 | Rs. 1, 00, 000 + 30 % of total income – Rs. 10, 00, 000 | 2 % of income tax | 1 % of income tax |
Case 4: Non resident individual (no age bar) and for resident or non resident Hindu Undivided Family
Below given income tax slabs are for non resident individual. Moreover this tax slab applies for resident as well as non resident Hindu Undivided Family or HUF.
| Net income range | Income tax rate | Education cess | Secondary and higher education cess |
| Rs. 2, 50, 000 to Rs. 5, 00, 000 | 5 % of total income – Rs. 2, 50, 000 (*) | 2 % of income tax | 1 % of income tax |
| Rs. 5, 00, 000 to Rs. 10, 00, 000 | Rs. 12, 500 + 20 % of total income – Rs. 5, 00, 000 | 2 % of income tax | 1 % of income tax |
| Above Rs. 10, 00, 000 | Rs. 1, 12, 500 + 30 % of total income – Rs. 10, 00, 000) | 2 % of income tax | 1 % of income tax |
Note:
Only resident individuals get rebate under section 87 A. While it is not applicable to non resident individual.
Case 5: Tax rates for co operative societies
| Net income | Income tax rate |
| Up to Rs. 10, 000 | 10 % |
| Rs. 10, 000 to Rs. 20, 000 | 20 % |
| Above Rs. 20, 000 | 30 % |
Thus these are the income tax slab for FY 2016-17 and AY 2017-18. You can also know how to file ITR online in easy steps.