EXISTING SLAB RATE

INCOME TAX
UPTO 250000 Nil
250000-500000 10% of Income Greater than 250000
500000-1000000 20% of Income Greater than 500000+25000
>1000000 30% of Income Greater than 500000+125000

(Applicable for ITR of Financial Year 2016-17 (AY 2017-18)
(Applicable for Payroll till 31 March 2017)

Note:- For Senior Citizens (60 years -80 Years),Upto 300000 exempt

Note:- For Super Senior Citizens (80 years or above),Upto 500000 exempt


NEW SLAB RATES

INCOME TAX
UPTO 250000 Nil
250000-500000 5% of Income Greater than 250000
500000-1000000 20% of Income Greater than 500000+12500
>1000000 30% of Income Greater than 500000+112500

(Applicable for ITR of Financial Year 2017-18 (AY 2018-19)
Also applicable for Payroll from 1 April 2017

 

Note:- For Senior Citizens (60 years -80 Years),Upto 300000 exempt

Note:- For Super Senior Citizens (80 years or above),Upto 500000 exempt

 

Change in Rebates

Existing
Rebate of Max 5000 if Income between 250000-500000

New
Rebate of 2500 if Income between 250000-350000


Surcharge

Existing
if Income More than 1 Crores,then 15% Surcharge

New
if Income between 50 lacs to 1 Crores,then 10% Surcharge
if Income More than 1 Crores,then 15% Surcharge


 

  1. Practical Income Tax
  2. Important Changes in Income Tax 2017-18
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CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 8 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .