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  1. Income Tax slab for AY 2017-18: Want to calculate taxable income for efiling I-T return? Know the income tax slabs

Income Tax slab for AY 2017-18: Want to calculate taxable income for efiling I-T return? Know the income tax slabs

Every person – whether 'natural' or 'artificial' – is liable to pay income tax to the government at the rate or rates prescribed in the Income Tax Act for that relevant assessment year.

By: | Updated: August 5, 2017 3:14 PM
Income Tax Slab, I-T slabs, calculate, taxable income, income tax return, income tax slabs, AY2017-18 The income tax slab rates are different for various categories of taxpayers in India.

Every person having taxable income is liable to pay income tax to the government. In other words, every person, whose total income of the previous year (from April 1 to March 31) exceeds the maximum amount which is not chargeable to tax, is chargeable to income tax in the assessment year. As per tax laws, income tax is levied on the annual income (financial year in this case) of a person. The year in which an income is earned is called previous year, while the year in which the income is charged to tax is called Assessment Year.

However, every person – whether ‘natural’ or ‘artificial’ – is liable to pay income tax to the government at the rate or rates prescribed in the Income Tax Act for that relevant assessment year. People’s incomes are grouped into blocks called tax brackets or tax slabs. The income tax slab rates are different for various categories of taxpayers in India.

The I-T slab rates for the following three categories are described below:

# Individual or HUF or Association of Person or Body of Individual or Artificial Juridical Person

# Resident senior citizen

# Resident super senior citizen

Income Tax Slab Rates for Assessment Year 2017-18

For Individual or HUF or Association of Person or Body of Individual or Artificial Juridical Person

Less: Rebate u/s 87A – It is only applicable to resident individuals with income up to Rs 5,00,000. The maximum amount of rebate allowed is Rs 5,000.
Add: Surcharge – A Surcharge @ 15% of tax is applicable if income exceeds Rs 1 crore. However, Surcharge is subject to marginal relief as stated:

If income exceeds Rs 1 crore, the applicable tax plus surcharge should not exceed the part of income which is in excess to Rs 1 crore.

Add: “Education Cess” and “Secondary and Higher Education Cess” shall be levied at the rate of 2% and 1%, respectively, on the amount of tax computed, inclusive of surcharge.

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For resident senior citizen (between 60 and 80 years of age)

Less: Rebate u/s 87A – It is only applicable to resident individual with income up to Rs 5,00,000. The maximum amount of rebate allowed is Rs 5,000.
Add: Surcharge – A Surcharge @ 15% of tax is applicable if income exceeds Rs. 1 crore. However, Surcharge is subject to marginal relief.

Watch this also:

If income exceeds Rs. 1 crore, the applicable tax plus surcharge should not exceed the part of income which is in excess to Rs. 1 crore.

Add: “Education Cess” and “Secondary and Higher Education Cess” shall be levied at the rate of 2% and 1% respectively, on the amount of tax computed, inclusive of surcharge.

For resident super senior citizen (80 years and above)

Slab Rates for AY 2017-18 (FY 2016-17)

Add: Surcharge – A Surcharge @ 15% of tax is applicable if income exceeds Rs 1 crore. However, Surcharge is subject to marginal relief.

If income exceeds Rs. 1 crore, the applicable tax plus surcharge should not exceed the part of income which is in excess to Rs. 1 crore.

Add: “Education Cess” and “Secondary and Higher Education Cess” shall be levied at the rate of 2% and 1% respectively, on the amount of tax computed, inclusive of surcharge.

(With inputs from Chetan Chandak, Head of Tax Research, H&R Block India)

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