Income Tax Relief for Individuals For FY 2017-18

Income-Tax-Relief-for-Individuals-For-FY-2017-18

Income Tax Relief for Individuals For FY 2017-18

Today on 01/02/2017 the Finance Minister Shri Arun Jaitley presented the union budget for the F.Y. 2017-18. After the Demonetisation everyone was expecting that the income tax slabs shall be increased but contrary to the expectations income tax slabs remain unchanged for the F.Y. 2017-18 (A.Y.2018-19), however the income tax rate for the slab 2.5 lakh to 5 lakh has been reduced from 10% to 5%.

The Income Tax Rate for Individuals for FY 2017-18 shall be as under :

S. No.
Income Tax Slabs
Individual below the age of 60 years and HUF
Individual age of 60 years or more but less than 80 years
Individual age of 80 years or more
1
If Taxable Income is Upto Rupees 2.5 lacs
NIL
NIL
NIL
2
If Taxable Income is More than 2.5 lacs upto 3 lacs
5%
NIL
NIL
3
If Taxable Income is More than 3 lacs upto 5 lacs
5%
5%
NIL
4
If Taxable Income is More than 5 lacs upto 10 lacs
20%
20%
20%
5
If Taxable Income is Above  10 lacs
30%
30%
30%
Surcharge : For individuals whose total annual income is more than 50 lakh but upto 1 crore rate of surcharge is 10% and if the annual income is more than 1 crore than surcharge shall be 15%.

Cess : Education Cess @ 2% and Secondary and Higher Education Cess @ 1% shall be levied on the income tax calculated as per the tax rates given in the above table plus on surcharge if applicable.
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