Income Tax Slab For AY 2017-18

Income Tax Slab For AY 2017-18

Income Tax Slab For AY 2017-18: The 2017 Indian Union Budget, given by minister of finance Mr. Arun Jaitley on Wednesday, 1st February 2017, was mainly focused on ten very important issues. But, here I will only talk about personal income tax part:

A big sigh of relief for individual income tax payers. The previous tax slab was devided into simple three parts – 10%, 20% and 30%. But according to the new budget 2017 there is no 10% slab that has come down to 5%.   Today our finance minister Mr. Arun Jaitley announced that persons or individuals with annual income (business or job) upto Rs 3 lakh of rupees will not be liable pay income tax, what previously was –  2 lakh 50 thousand and if any individual’s income is  upto Rs 5 lakh will be liable to pay income tax at 5%.

 Present Income Tax Slab:

Income Slab 2017 – 18 Tax Rate
If annual income is up to Rs 3,00,000 Nil
If annual income is up to Rs 3 lakh to 5 lakhs 5%
If annual income is from Rs 5 lakh to Rs 10 lakh 20%
If annual income is more than Rs 10 lakh 30%
If annual income is above Rs 50 lakh 30% + 10% surcharge
If annual income is above Rs 1 crore 30% + 15% surcharge

Previous Income Tax Slab:

Income Slab Tax Rate
If Annual income was up to Rs 2,50,000* No Tax
If annual income was from Rs 2,50,000 – Rs 5,00,000 10%
If annual income was from Rs 5,00,000 – 10,00,000 20%
If income was more than Rs 10,00,000 30%

Surcharge was: 12% of income tax, if your total anual income exceeds 1 crore Rupees.
Cess was: 3% on total of anual income tax + the surcharge.

Written by FatSage Sankar

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