Income Tax Slabs and Rates

For Individuals tax payers and Hindu undivided Family (HUF)

Total Income  Slab                             Tax Rates

Up to Rs. 2,50,000                                            NIL

Rs. 2,50,001 to Rs. 5,00,000                            5%

Rs. 5,00,001 to Rs. 10,00,000                        20%

Rs. 10,00,001 and above                                30%

  1. In case of resident individual of the age 60 years and above but below 80 years, the basic exemption limit is Rs. 3,00,000.
  2. In case of resident individual of the age 80 years and above, the basic exemption limit is Rs. 5,00,000.
  3.  n case of individuals having total income of less than 3,50,000, a tax rebate of lower of actual tax liability or Rs. 2,500 is provided for.
  4. Where income exceeds Rs. 1 Crore a surcharge of 15% is applicable on base tax and where income exceeds Rs. 50 lakhs but does not exceed Rs. 1 Crore a surcharge of 10% is applicable
  5. Health and education cess of 4% on aggregate of base tax and surcharge (wherever applicable) is payable

Also Read New in Tax Rules for FY 2018-19

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