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.