Income-tax slab rates for Individual for FY 2016-17 / AY 2017-18 – myITreturn Help Center

Rates of Income-tax

1.Normal Rates of tax (applicable to all Individuals who are less than 60 years of age)

Sr No.	Income	Applicable Rate of tax
1.	Income up to Rs. 2,50,000/-	NIL
2.	Income more than Rs. 2,50,000 but less than Rs. 5,00,000/-	10 per cent of amount in excess of Rs. 2,50,000/-
3.	Income more than Rs. 5,00,000/- but less than Rs. 10,00,000/-	Rs. 25,000/- + 20 per cent of the amount in excess of Rs. 5,00,000/-
4.	Income more than Rs. 10,00,000/-	Rs. 1,25,000/- + 30 per cent of the amount in excess of Rs. 10,00,000/-

2. Resident Senior Citizen (having age of 60 years or more but less than 80 years)

Sr No	Income	Applicable Rate of tax
1.	Income up to Rs. 3,00,000/-	NIL
2.	Income more than Rs. 3,00,000 but less than Rs. 5,00,000/-	10 per cent of amount in excess of Rs. 3,00,000/-
3.	Income more than Rs. 5,00,000/- but less than Rs. 10,00,000/-	Rs. 20,000/- + 20 per cent of the amount in excess of Rs. 5,00,000/-
4.	Income more than Rs. 10,00,000/-	Rs. 1,20,000/- + 30 per cent of the amount in excess of Rs. 10,00,000/-

3.Resident Super Senior Citizen (having age of 80 years or more)

Sr No.	Income	Applicable Rate of tax
1.	Income up to Rs. 5,00,000/-	NIL
2.	Income more than Rs. 5,00,000/- but less than Rs. 10,00,000/-	20 per cent of the amount in excess of Rs. 5,00,000/-
3.	Income more than Rs. 10,00,000/-	Rs. 1,00,000/- + 30 per cent of the amount in excess of Rs. 10,00,000/-

Rebate u/s 87A:

A resident individual whose total income does not exceed Rs. 5 lakh, is eligible for rebate of 100 % of income tax or Rs.5000 , whichever is lower. Rebate is increased from Rs.2000 to Rs.5000 from AY 2017-18

Surcharge on Income-tax:

Rate of Surcharge applicable Individual is as under

Sr No.	Income	Surcharge tax
1.	Income up to Rs. 1,00,00,000/-	NIL
2.	Income more than Rs. 1,00,00,000/-	15% of Income Tax Computed*

* Marginal Relief is available if Surcharge is more than incremental income.

Education Cess and Secondary and Higher Education Cess on Income tax:-

Education Cess and Higher Secondary Education Cess are required to be paid additionally along with Income Tax by All Assessee.

Rates of Education Cess and Higher Secondary Education Cess are as under.

Sr No.	Income	Rates
1.	Education Cess	2% of (Income Tax + Surcharge, if any)
2.	Higher Secondary Education Cess	1% of (Income Tax + Surcharge, if any)

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