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Income tax

Poosaperumal T (accounts officer) (36 Points)

03 February 2017

what is income tax slab in fy 2017-18?

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Saurabh Sachdeva (Transfer Pricing Consultant) (168 Points)
Replied 03 February 2017

Upto 250000 - nil

250,000 to 500,000 - 5℅ (amended by finance bill 2017)

5 lac to 10 lac - 10℅

Above 10 lac - 20℅

Rebate u/s 87A of 2500 on tax has been limited to persons whose taxable income is upto 3.5 lac only (earlier it was upto 5lac)

Surcharge for income holders more than 50 lac and below 1 crore at 10℅, while surcharge for income holders above 1 crore is 15℅

For senior citizens above slab is exempt upto 3 lac..rest everything remains same.

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CA Harshal Totla (Chartered Accountant) (2229 Points)
Replied 03 February 2017

Rates for F.Y. 2017-18 i.e. A.Y. 2018-19
Income upto Rs. 2,50,000- Nil
Income between Rs. 2,50,001 to Rs. 500,000 -5% of Income exceeding Rs. 2,50,000(rebate u/s 87A - Rs.2500)
Income between Rs. 500,001 to Rs. 10,00,000- 20% of Income exceeding Rs. 5,00,000
Income above Rs. 10,00,000 - 30% of Income exceeding Rs. 10,00,000.

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Poosaperumal T (accounts officer) (36 Points)
Replied 04 February 2017

Originally posted by : Saurabh Sachdeva
	Upto 250000 - nil250,000 to 500,000 - 5℅ (amended by finance bill 2017)5 lac to 10 lac - 10℅Above 10 lac - 20℅ Rebate u/s 87A of 2500 on tax has been limited to persons whose taxable income is upto 3.5 lac only (earlier it was upto 5lac) Surcharge for income holders more than 50 lac and below 1 crore at 10℅, while surcharge for income holders above 1 crore is 15℅ For senior citizens above slab is exempt upto 3 lac..rest everything remains same.