Income Tax Rates for Individuals and HUFs for FY 2017-18 (AY 2018-19)

A. Individuals and HUFs

I. In case of individual Upto the Age of 60 years:-

 Income Level / SlabsIncome Tax Rate
i. Where the total income does not exceed Rs.250,000/-. NIL
ii. Where the total income exceeds Rs.2,50,000/- but does not exceed Rs.5,00,000/-. 5% of amount by which the total income exceeds Rs. 2,50,000/-
Less (Tax Credit u/s 87A - 10% of taxable income upto Rs. 350,000. Maximum relief - Rs. 2500/-.)
iii. Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/-. Rs. 12,500/- + 20% of the amount by which the total income exceeds Rs.5,00,000/-.
iv. Where the total income exceeds Rs.10,00,000/-. Rs. 112,500/- + 30% of the amount by which the total income exceeds Rs.10,00,000/-.

Surcharge :

  • 10% of the Income Tax, where taxable income is more than Rs. 50 lacs and upto Rs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 50 lacs by more than the amount of increase in taxable income.
  • 15% of the Income Tax, where taxable income is more than Rs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 1 crore by more than the amount of increase in taxable income.

    Education Cess:3% of the Income-tax.


    II. In case of an individual resident who is of the age of 60 years or more but less than 80 years at any time during the previous year:-

     Income Level / SlabsIncome Tax Rate
    i. Where the total income does not exceed Rs.3,00,000/-. NIL
    ii. Where the total income exceeds Rs.3,00,000/- but does not exceed Rs.5,00,000/- 5% of the amount by which the total income exceeds Rs.3,00,000/-.
    Less (Tax Credit u/s 87A - 10% of taxable income upto Rs. 350,000. Maximum relief - Rs. 2500/-.)
    iii. Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/- Rs.10,000/- + 20% of the amount by which the total income exceeds Rs.5,00,000/-.
    iv. Where the total income exceeds Rs.10,00,000/- Rs.110,000/- + 30% of the amount by which the total income exceeds Rs.10,00,000/-.

    Surcharge :

  • 10% of the Income Tax, where taxable income is more than Rs. 50 lacs and upto Rs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 50 lacs by more than the amount of increase in taxable income.
  • 15% of the Income Tax, where taxable income is more than Rs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 1 crore by more than the amount of increase in taxable income.

    Education Cess:3% of the Income-tax.

    III. In case of an individual resident who is of the age of 80 years or more at any time during the previous year:-

     Income Level / SlabsIncome Tax Rate
    i. Where the total income does not exceed Rs.5,00,000/-. NIL
    ii. Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/- 20% of the amount by which the total income exceeds Rs.5,00,000/-.
    iv. Where the total income exceeds Rs.10,00,000/- Rs.100,000/- + 30% of the amount by which the total income exceeds Rs.10,00,000/-.

    Surcharge :

  • 10% of the Income Tax, where taxable income is more than Rs. 50 lacs and upto Rs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 50 lacs by more than the amount of increase in taxable income.
  • 15% of the Income Tax, where taxable income is more than Rs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 1 crore by more than the amount of increase in taxable income.

    Education Cess:3% of the Income-tax.

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