Income Tax Slabs for FY 2017-18
Your income from salary, business or other income like income from fixed/recurring deposits etc are taxed as per income tax slabs. Budget 2017 has made slight changes to the tax slab rates:
There is NO separate tax slab for men and women. Earlier women used to have slight benefit over men in terms of lower taxes!
The tax slabs are determined on age of person. As of today there are 3 slab rates based on age:
How much tax you Save from Budget 2017 Download FY 2017-18 Income Tax Calculator
The table below gives the tax slab rates:
| 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% |
|
|
Also Read: 25 Ways Budget 2017 Impacts Your Taxes and Investments
| 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% |
| |
| Income Slab | Tax Rate |
| Income up to Rs 2,50,000 | No Tax |
| Income from Rs 2,50,000 – Rs 5,00,000 | No Tax |
| Income from Rs 5,00,000 – 10,00,000 | 20% |
| Income more than Rs 10,00,000 | 30% |
| |
| Company Turnover | Tax Rate |
| Less than 50 crore | 25% |
| More than 50 crore | 30% |
Surcharge:
Education Cess: 2% cess on income tax including surcharge Secondary and Higher Education Cess: 1% cess on income tax including surcharge | |
Also Read: 25 Tax Free Incomes & Investments in India
A partnership firm (including LLP) income is taxable at 30%.
Surcharge: 12% surcharge on income tax if the total income exceeds Rs 1 crore
Education Cess: 2% cess on income tax including surcharge
Secondary and Higher Education Cess: 1% cess on income tax including surcharge
Some income related to capital gains are taxed at special rates as shown below:
| Capital Gains | Tax Rate |
| Short term capital gains from assets (Other than shares & mutual funds) | At Income Tax Slab rates listed above |
| Long term capital gains from assets (Other than shares & mutual funds) | 20% (+3% edu cess) |
| Short term capital gains on shares and equity mutual funds | 15% (+3% edu cess) |
| Long term capital gains on shares and equity mutual funds | NIL |
| Short term capital gains on debt mutual funds | At Income Tax Slab rates listed above |
| Long term capital gains on debt mutual funds | At 20% (+3% edu cess) with indexation |
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View Comments
Very accurate,informative and useful
Thanks you :)
I am a strong BJP supporter. Jaitley can never match Chidambaram in changing social mood for tax compliance and broadening d base. No bold decisions. He is not suitable as FM in a cabinet lead by a dashing n daring path breaker like MODI. He appears to me like refined senior govt. employe who does tinkering job on the documents prepared by juniors.
The limit under 87A has been reduced from 5 lakhs to 3.5 lakhs.Benefits of senior citizens above 60 has been with drawn.This should be reviewed.
The benefit for Senior citizen has not been withdrawn. Its for people above 80 years of age where the taxable limit starts at Rs 5 lakh and hence it does not impact them anyway!
It's 80 yrs
Thanks - updated :)
as it is expected BJP govt is running a business concern but not a govt.
the person's paying it is only 5% that too many of them are employees. instead of sqoozing the employees try to bring the defaulters into tax system. use the staff to check crores of property with some persons unaccounted.
oil prices are dropping in the international market where as oil prices are shooting up in India
tax exemption to middle class is the slogan in budget.who is the middle class.a clearly in govt an average salary ₹65000 per month.he has to pay about ₹ 70000 as tax.almost no change .there is no tax relief to him. so to say he is not middle class. he is aristocrat.
BJP is master in gobbles propoganda.