Income tax slab

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 February 2017 SIR

PLEASE LET ME KNOW THE INCOME TAX SLAB FOR AY 2017-18 , FOR INDIVIDUAL & INDIVIDUAL SENIOR CITIZEN & ALSO LET ME KNOW THE LIMIT FOR 80C BENEFIT TAKEN FOR INDIVIDUAL.

THANKING YOU

MUKESH K SABRI

Tony John

Tony John (Expert)
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22 February 2017 Income Slabs Tax Rates for resident individual below 60 years (AY 2017-18)
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/-. 10% of amount by which the taxable income exceeds Rs. 2,50,000/-.
Less : Tax Credit u/s 87A - upto a maximum of Rs. 5000/-.
iii. Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. Rs. 25,000/- + 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. 125,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.

Tony John

Tony John (Expert)
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22 February 2017 For resident senior citizens, the basic exemption limit is Rs.300000 instead of Rs.250000

Tony John

Tony John (Expert)
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22 February 2017 Also there will be surcharge (@ 15% if total income exceeds 1 crore) and education cess @ 3% applicable
Section 80C deductions are allowed upto Rs.150000