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
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
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/-.
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/-.
22 February 2017
For resident senior citizens, the basic exemption limit is Rs.300000 instead of Rs.250000
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
Section 80C deductions are allowed upto Rs.150000
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- DELIVERY GOLD & SILVER AND OTHER ETF TRADING PROFIT AS BUSINESS INCOME
- GSTR-1A How to update Invoice
- Excess salary payment.
- 3cd- cash system of accounting is allowed?
- Provision for loans that are under Revenue Recovery
- APPLICABILITYOF GST ON STUDENT HOSTEL FEES
- Form 121-contradictory opinions
- TDS on Purchase of Immovable Property by NRI from NRI
- Is Personal Guarantee of Director is Compulsory in case of loan to company ??
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
