Income Tax Slab 2017-18

Income Tax Slab 2017-18, Income Tax Slab For Ay 2018-19


Income Tax is a type of tax that is levied by the government on an individual’s earning/salary. The government uses the collected tax money to improve infrastructure, defense and various other purposes including the development of the country. The income tax is counted as a stable source of income for the government to facilitate a diverse range of services to the people of the nation. The income tax is also used for paying government employees their salary.

Calculation of Income Tax

The income tax is calculated differently for individuals based on various factors such as the type of income, amount of income, age, etc. In order to calculate the income tax from salary, an individual will require declaring the total amount of earning and the total amount of deductions. The government allows the individual to draw exemption on particular types of investment. The following income tax slab will help you in calculating your taxable income for all types of income slabs. Read here for How to file Income Tax Return Online in India. Linking PAN with Aadhar is now so easy. See here for more info: How to Link PAN Card with Aadhar Card. If you don't know your PAN number, get details for How to know PAN Number

Income Tax Slabs for Financial Year 2017 - 2018


Income Tax Slab Rate: Income tax slab rates are for different categories of taxpayers, who are taxed progressively higher based on their earning. The income tax slab rate can be broadly classified into the following categories:

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

Income tax slab for individual tax payers & HUF (less than 60 years old) (both men & women)
Income Slab Tax Rate
Income up to Rs. 2,50,000*                    No Tax
Income from Rs. 2,50,000 – Rs. 5,00,000 5%
Income from Rs. 5,00,000 – 10,00,000 20%
Income more than Rs. 10,00,000 30%

Surcharge: 10% of income tax, where total income is between Rs. 50 lakhs and Rs.1 crore. 15% of income tax, where total income exceeds Rs. 1 crore. Cess: 3% on total of income tax + surcharge. * Income upto Rs. 2,50,000 is exempt from tax if you are less than 60 years old.

Income tax slab for individual tax payers & HUF (60 years old or more but less than 80 years old) (both men & women)

Income Slab Tax Rate
Income up to Rs. 3,00,000* No Tax
Income from Rs. 3,00,000 – Rs. 5,00,000 5%
Income from Rs. 5,00,000 – 10,00,000 20%
Income more than Rs. 10,00,000 30%

Surcharge: 10% of income tax, where total income is between Rs. 50 lakhs and Rs.1 crore. 15% of income tax, where total income exceeds Rs.1 crore. Cess: 3% on total of income tax + surcharge. * Income up to Rs. 3,00,000 is exempt from tax if you are more than 60 years but less than 80 years of age.

Income tax slab for super senior citizens (80 years old or more) (both men & women)

Income Slab Tax Rate
Income up to Rs. 2,50,000* No Tax
Income up to Rs. 5,00,000* No Tax
Income from Rs. 5,00,000 – 10,00,000 20%
Income more than Rs. 10,00,000 30%

Surcharge: 10% of income tax, where total income is between Rs. 50 lakhs and Rs.1 crore. 15% of income tax, where total income exceeds Rs.1 crore. Cess: 3% on total of income tax + surcharge. *Income up to Rs. 5,00,000 is exempt from tax if you are more than 80 years old.

If you are new to e-filling, you can read here for How to file Income Tax Return Online in India