Income Tax Slab Rates for Individual/HUF for 2016-17 & 2017-18

Income Tax Slab :- The budget 2017 has been updated where the Income Tax rates have been reduced to 5% from 10% for Income of Rs. 2.5 Lakhs to 5 Lakhs. The income of Rs. 5 Lakhs to Rs. 10 Lakhs has to pay income tax of 20% and above Rs 10 Lakhs income need to pay 30% as income tax. The surcharge rates and its applicability is also changed for the financial Year 2017-2018 onwards. The Income Tax Slab Rates in India is different for different taxpayers’ categories.  Now, you can check the same from below.

Income Tax Slab

Income Tax Slab Rates for Individual & HUF

  1. Income Tax Slab for Individuals below 60 years of age (Male & Female) for Financial Year 2016-17:
Income Tax SlabsIncome Tax Rates
Total Income under Rs. 2,50,000NIL
Total Income between Rs. 2,50,000 to Rs. 5,00,00010% of the on Amount on it exceeds Rs. 2,50,000
The Total Income between Rs. 5,00,000 to Rs. 10,00,00020% of the on Amount it exceeds Rs. 5,00,000
The Total Income exceeds Rs. 10,00,00030% of the on the Amount exceeds Rs. 10,00,000

 

The Income Tax Slab Rates for Financial Year 2017-18:

Income Tax SlabsIncome Tax Rates
Total Income under Rs. 2,50,000NIL
Total Income between Rs. 2,50,000 to Rs. 5,00,0005% of the on Amount on it exceeds Rs. 2,50,000
Total Income between Rs. 5,00,000 to Rs. 10,00,00020% of the on Amount on it exceeds Rs. 5,00,000
The Total Income exceeds Rs. 10,00,00030% of the on Amount of it exceeds Rs. 10,00,000

 

  1. The Income Tax Slab Rates for Senior Citizens above 60 years of Age for the Financial Year 2016-17/ Assessment Year 2017-2018
Income Tax SlabsIncome Tax Rates
Total Income under Rs. 3,00,000NIL
Total Income between Rs. 3,00,000 to Rs. 5,00,00010% of the on Amount on it exceeds Rs. 3,00,000
Total Income between Rs. 5,00,000 to Rs. 10,00,00020% of the on Amount on it exceeds Rs. 5,00,000
The Total Income exceeds Rs. 10,00,00030% of the on Amount of it exceeds Rs. 10,00,000

 

  1. Income Tax Slab Rates for Senior Citizens for the Financial Year 2017-18/ Assessment Year 2018-19:
Income Tax SlabsIncome Tax Rates
The Total Income does not exceed Rs. 3,00,000NIL
Total Income between Rs. 3,00,000 to Rs. 5,00,0005% of the on Amount on it exceeds Rs. 3,00,000
Total Income between Rs. 5,00,000 to Rs. 10,00,00020% of the on Amount on it exceeds Rs. 5,00,000
The Total Income exceeds Rs. 10,00,00030% of the on Amount of it exceeds Rs. 10,00,000

 

  1. The Income Tax Slab Rates for Senior Citizens above 80 Years
Income Tax SlabsIncome Tax Rates
The Total Income does not exceed Rs. 5,00,000NIL
Total Income between Rs. 5,00,000 to Rs. 10,00,00020% of the on Amount on it exceeds Rs. 5,00,000
The Total Income exceeds Rs. 10,00,00030% of the on Amount of it exceeds Rs. 10,00,000

Income Tax Slab Rates for Business

  1. The Income Tax Slab Rates for Co-operative Societies:
Income Tax SlabsIncome Tax Rates
The Total Income does not exceed Rs. 10,00010% of the Income
Total Income of Rs. 10,000 to Rs. 20,00020% of the on Amount of it exceeds Rs. 10,000
The Total Income exceeds Rs. 20,00030% of the on Amount of it exceeds Rs. 20,000

 

  1. The Income Tax Slab Rates for Firms and Local Authority: The Income Tax Slab Rates not applicable in case of Firms and Local Authority. The 30% tax on the Total Income should need to pay. Check the Surcharge % details from below table for the Financial Year 2017-18 onwards.
Total IncomeSurcharge %
Income Less than Rs. 1 CroreNo Surcharge
Income More than Rs. 1 Crores12%

 

  1. The Income Tax Slab Rates for Domestic Companies: Income Tax is 30% of Total Income. If with a Turnover of less than Rs. 50 Crores (30% to 25%). If turnover of more than Rs. 50 Crores then the Income Tax will be 30% of Total Income.
Surcharge in case of Domestic Companies for Financial Year 2017-18 onwards
IncomeSurcharge %
Income Less than Rs. 1 Crore No Surcharge
Income between Rs. 1 Crore to Rs. 10 Crore7%
Income More than Rs. 10 Crores12%

 

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