Income tax slab for financial year 2017-18

KEY POINTS

• Tax slab for males or females below 60 years :
  annual income - between 0 to 2.5 lakh ; income tax - 0 %
  annual income - between 2.5 to 3.5 lakhs ; income tax - 5 % on income exceeding 2.5 lakhs ; rebate - 2500 ; tax range - 0-2500
  annual income - between 3.5 to 5 lakhs ; income tax - 5 % on income exceeding 2.5 lakhs ; tax range - 5000 to 12500
  annual income - between 5 to 10 lakhs ; income tax - 20 % on income exceeding 5 lakhs ; tax range - 12500 to 112500
  annual income - exceding 10 lakhs ; income tax - 30 % on income exceeding 10 lakhs ; tax range - 112500 to depends on your income
• Tax slab for senior citizens ( 60 - 80 years ) :
  annual income - between 0 to 3 lakh ; income tax - 0 %
  annual income - between 3 to 5 lakhs ; income tax - 5 % of income exceeding 3 lakhs ; rebate - 2500 ; tax range - 0-2500
  annual income - between 5 to 10 lakhs ; income tax - 20 % of income exceeding 5 lakh ; tax range - 12500 to 112500
  annual income - exceeding 10 lakhs ; income tax - 30 % of income exceeding 10 lakh ; tax range - 112500 to depends on your income
• Tax slab for super senior citizens ( greater than 80 years ) :
  annual income - between 0 to 5 lakh ; income tax - 0 %
  annual income - between 5 to 10 lakhs ; income tax - 20 % of income exceeding 5 lakhs ; tax range - 12500 to 112500
  annual income - exceeding 10 lakhs ; income tax - 30 % of income exceeding 10 lakh ; tax range - 112500 to depends on your income
• Rebate : a partial refund to someone who has paid too much for tax, rent, or a utility

AIM

• make every citizen of country to pay income taxes properly and make each and every citizen free from black money

Do you want to know details of more Central government schemes then Click here

Subscribe(must and should verify) & Follow to get more Updates via E-mail