Welcome User
Group's Other Sites Advocate Jindal Agrawal Samaj Jindal Informatics Be-Easy

Financial Year 2017-18, Assessment Year 2018-2019

Union Finance Minister Arun Jaitley today said his Union Budget for 2017-18 allocates more towards rural areas, welfare schemes and infrastructure, while ensuring that government finances do not go out of control.

Presenting his fourth budget in the Lok Sabha, the Finance Minister also outlined 10 themes for his latest exercise. "My approach in preparing the budget is to spend more on rural areas, infrastructure and poverty alleviation with fiscal prudence," he said.

On demonetisation, he said it has long-term benefits and will create an economy that is bigger and cleaner. "The pace of remonetisation has also picked up and will soon reach comfortable levels. The effects of demonetisation are not expected to spill over to the next year."

Highlights of Arun Jaitley's Union Budget speech:                     Top

 

Tax Rates        Top

Proposed Income Tax Slabs & Rates for AY 2018-19

Income Tax Slabs and Rates for the Assessment Year 2018-19 (applicable on income earned during 01.04.2017 to 31.03.2018) for various categories of Indian Income Tax payers.

Individual resident aged below 60 years (i.e. born on or after 1st April 1958)

Income Tax :

Income Slabs Tax Rates
i. Where the taxable income does not exceed Rs. 2,50,000/-. NIL
ii. Where the taxable income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/-. 5% of amount by which the taxable income exceeds Rs. 2,50,000/-.
Tax Relief u/s 87A - In case of tax payers, having total income not increasing Rs. 3,50,000/-, income tax chargeable on the income or Rs. 2,500/-, whichever is less.
iii. Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. Rs. 12,500/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.
iv. Where the taxable income exceeds Rs. 10,00,000/-. Rs. 112,500/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.

Surcharge :

  • 10% of the Income Tax, where taxable income is more than Rs. 50 lacs and upto Rs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 50 lacs by more than the amount of increase in taxable income.
  • 15% of the Income Tax, where taxable income is more than Rs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 1 crore by more than the amount of increase in taxable income.

Education Cess : 3% of the total of Income Tax and Surcharge.

Senior Citizen (Individual resident who is of the age of 60 years or more but below the age of 80 years i.e. born on or after 1st April 1938 but before 1st April 1958)

Income Tax :

Income Slabs Tax Rates
i. Where the taxable income does not exceed Rs. 3,00,000/- NIL
ii. Where the taxable income exceeds Rs. 3,00,000/- but does not exceed Rs. 5,00,000/- 5% of the amount by which the taxable income exceeds Rs. 3,00,000/-.
Tax Relief u/s 87A - In case of tax payers, having total income not increasing Rs. 3,50,000/-, income tax chargeable on the income or Rs. 2,500/-, whichever is less.
iii. Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/- Rs. 10,000/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.
iv. Where the taxable income exceeds Rs. 10,00,000/- Rs. 110,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.

Surcharge :

  • 10% of the Income Tax, where taxable income is more than Rs. 50 lacs and upto Rs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 50 lacs by more than the amount of increase in taxable income.
  • 15% of the Income Tax, where taxable income is more than Rs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 1 crore by more than the amount of increase in taxable income.

Education Cess : 3% of the total of Income Tax and Surcharge.

Super Senior Citizen (Individual resident who is of the age of 80 years or more i.e. born before 1st April 1938)

Income Tax :

Income Slabs Tax Rates
i. Where the taxable income does not exceed Rs. 5,00,000/-. NIL
ii. Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/- 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.
iii. Where the taxable income exceeds Rs. 10,00,000/- Rs. 100,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.

Surcharge :

  • 10% of the Income Tax, where taxable income is more than Rs. 50 lacs and upto Rs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 50 lacs by more than the amount of increase in taxable income.
  • 15% of the Income Tax, where taxable income is more than Rs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 1 crore by more than the amount of increase in taxable income.

Education Cess : 3% of the total of Income Tax and Surcharge.

Any NRI or HUF or AOP or BOI or AJP

Income Tax :

Income Slabs Tax Rates
i. Where the taxable income does not exceed Rs. 2,50,000/-. NIL
ii. Where the taxable income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/-. 5% of amount by which the taxable income exceeds Rs. 2,50,000/-.
iii. Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. Rs. 12,500/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.
iv. Where the taxable income exceeds Rs. 10,00,000/-. Rs. 112,500/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.

Surcharge :

  • 10% of the Income Tax, where taxable income is more than Rs. 50 lacs and upto Rs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 50 lacs by more than the amount of increase in taxable income.
  • 15% of the Income Tax, where taxable income is more than Rs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 1 crore by more than the amount of increase in taxable income.

Education Cess : 3% of the total of Income Tax and Surcharge.

* Abbreviations used :
   NRI - Non Resident Individual; HUF - Hindu Undivided Family; AOP - Association of Persons; BOI - Body of Individuals; AJP - Artificial Judicial Person