Kuchh Baat Aapke Interest Ki Login

Income Tax Slab for FY 2017-18 vs FY 2016-17

Tax slabs, exemption limit for individuals, women, senior citizens

Union budget announced by Finance Minister Arun jaitley on 1st Feb 2017 has provided relief in taxation to two classes of taxpayers – individuals with income upto Rs. 50 lakhs and companies with gross turnover upto Rs. 50 crores.

Income tax slab for individual male and female tax payers of age less than 60 years and HUF FY 2017-18

Income range per annum Tax Rate FY 2017-18, AY 2018-19 Tax Rate FY 2016-17, AY 2017-18
Up to Rs. 2.5 lakhs No Tax No Tax
Above Rs. 2.5 lakhs to Rs. 5 lakhs 5% + 3% cess 10% + 3% cess
Above Rs. 5 lakhs to Rs. 10 lakhs 20% + 3% cess 20% + 3% cess
Above Rs. 10 lakhs to Rs. 50 lakhs 30% + 3% cess 30% + 3% cess
Above Rs. 50 lakhs to Rs. 1 crore 30% + 10% surcharge + 3% cess 30% + 3% cess
Above Rs. 1 crore 30% +15% surcharge + 3% cess 30% +15% surcharge + 3% cess
Rebate under section 87(A) 100% tax rebate subject to maximum of Rs. 2,500 available to resident individual whose total income does not exceed Rs. 3.5 lakhs 100% tax rebate subject to maximum of Rs. 5,000 available to resident individual whose total income does not exceed Rs. 5 lakhs

Income tax slabs for senior citizens including both male and female taxpayers of age more than 60 years but less than 80 years FY 2017-18

Income range per annum Tax Rate FY2017-18, AY 2018-19 Tax Rate FY2016-17, AY 2017-18
Up to Rs. 3 lakhs No Tax No Tax
Above Rs. 3 lakh to Rs. 5 lakhs 5% + 3% cess 10% + 3% cess
Above Rs. 5 lakhs to Rs. 10 lakhs 20% + 3% cess 20% + 3% cess
Above Rs. 10 lakhs to Rs. 50 lakhs 30% + 3% cess 30% + 3% cess
Above Rs. 50 lakhs to Rs. 1 crore 30% + 10% surcharge + 3% cess 30% + 3% cess
Above Rs. 1 crore 30% +15% surcharge + 3% cess 30% +15% surcharge + 3% cess
Rebate under section 87(A) 100% tax rebate subject to maximum of Rs. 2,500 available to resident individual whose total income does not exceed Rs. 3.5 lakhs 100% tax rebate subject to maximum of Rs. 5,000 available to resident individual whose total income does not exceed Rs. 5 lakhs

Income tax slab for super senior citizen including both male and female taxpayers of age more than 80 years FY 2017-18

Income range per annum Tax Rate FY 2017-18, AY 2018-19 Tax Rate FY 2016-17, AY 2017-18
Up to Rs. 2.5 lakhs per annum No Tax No Tax
Up to Rs. 5 lakhs per annum No Tax No Tax
Above Rs. 5 lakhs to Rs. 10 lakhs 20% + 3% cess 20% + 3% cess
Above Rs. 10 lakhs to Rs. 50 lakhs 30% + 3% cess 30% + 3% cess
Above Rs. 50 lakhs to Rs. 1 crore 30% + 10% surcharge + 3% cess 30% + 3% cess
Above Rs. 1 crore 30% +15% surcharge + 3% cess 30% +15% surcharge + 3% cess

For tax rates on capital gains, refer to MyLoanCare Capital Gains tax Slabs Blog

Exempted income

Check if some of your income may be exempted from income tax. Read MyLoanCare exempted income guide.

Tax slabs for Firms and Domestic Companies FY 2017-18

Tax Head Firms Domestic Companies
Income Tax for turnover upto Rs. 50 crores 30% 25%
Income Tax for turnover above Rs. 50 crores 30% 30%
Surcharge as % of income tax 12% of tax in case the total income exceeds Rs. 1 crore
  • 5% of tax in case income is more than Rs. 1 crore but less than Rs. 10 crore.
  • 10% of tax in case income is more than Rs. 10 crore.
Cess as % of tax and surcharge 3% of tax plus surcharge 3% of tax plus surcharge

The above table highlights the latest tax slabs for the firms and domestic companies. The tax treatment in both the cases differs from the tax treatment of individuals and HUFs.

*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. MyLoanCare is an independent professional service provider and is not related to the government or government bodies or any regulator or any credit information bureau in any way. Information carried at this website is not and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not undertake any liability with respect to the correctness of the content, information and calculations. Information is subject to change without notice. By submitting your query or using any tools or calculators, you authorize MyLoanCare to share your information with lender(s), consent for such lender(s) to access your credit information report and contact you regarding your query overriding your number being in National Do Not Call Registry. This is a free service and no charges are payable by the borrower to MyLoanCare. The Company may receive remuneration from lenders for services provided to them.