Tax

Income Tax Slab Rate & Deductions - FY 2017-18 (AY 2018-19)

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HDFC Life provides the latest income tax slab rates in India for different age groups and tax benefits offered by various life insurance policies, for the financial year 2017-18.
Income Tax Slabs* for Financial Year 2017-18 (Assessment Year 17-18)

What is Income Tax Slab?

Income tax is that percentage of income paid to the government by the taxpayers for the betterment of the public at large. This income is categorized into different groups on the basis of the amount of income. Each such group is known as a Tax Slab. Tax is charged at different rates on the range of income falling under different income tax slabs.
The Income Tax Act 1961 is the law that governs the provisions for our income tax in India.
The income tax slab rates are usually revised every year during the budget. Various deductions that are allowed to a taxpayer under Section 80C, Section 80D etc.

Income Tax Slab Rate Post Budget 2017

The tax is calculated according to the income tax slabs announced by the government every year in the Budget. The finance minister has announced the changes in the tax slab structure in union budget for 2017.
Following are the income tax slab rates and deductions in India for different categories of tax payers:

Income Tax Slab Rate For Men below 60 Years of Age

Income Tax Slab

Income Tax Rate

Education Cess

Secondary and Higher Education Cess

Income upto Rs. 2,50,000

Nil

Nil

Nil

Income between Rs. 2,50,001 - Rs. 500,000

5% of Income exceeding Rs. 2,50,000

2% of income tax

1% of income tax

Income between Rs. 500,001 - Rs. 10,00,000

20% of Income exceeding Rs. 5,00,000

2% of income tax

1% of income tax

Income above Rs. 10,00,000

30% of Income exceeding Rs. 10,00,000

2% of income tax

1% of income tax


Income Tax Slab Rate For Women below 60 Years of Age

Income Tax Slab

Income Tax Rate

Education Cess

Secondary and Higher Education Cess

Income upto Rs. 2,50,000

Nil

Nil

Nil

Income between Rs. 2,50,001 - Rs. 500,000

5% of Income exceeding Rs. 2,50,000

2% of income tax

1% of income tax

Income between Rs. 500,001 - Rs. 10,00,000

20% of Income exceeding Rs. 5,00,000

2% of income tax

1% of income tax

Income above Rs. 10,00,000

30% of Income exceeding Rs. 10,00,000

2% of income tax

1% of income tax


Income Tax Slab Rate For Senior Citizens (Age 60 years or more but less than 80 years)

Income Tax Slab

Income Tax Rate

Education Cess

Secondary and Higher Education Cess

Income upto Rs. 3,00,000

Nil

Nil

Nil

Income between Rs. 3,00,001 - Rs. 500,000

5% of Income exceeding Rs. 3,00,000

2% of income tax

1% of income tax

Income between Rs. 500,001 - Rs. 10,00,000

20% of Income exceeding Rs. 5,00,000

2% of income tax

1% of income tax

Income above Rs. 10,00,000

30% of Income exceeding Rs. 10,00,000

2% of income tax

1% of income tax


Income Tax Slab Rate For Senior Citizens (Age 80 years or more)

Income Tax Slab

Income Tax Rate

Education Cess

Secondary and Higher Education Cess

Income upto Rs. 5,00,000

Nil

Nil

Nil

Income between Rs. 500,001 - Rs. 10,00,000

20% of Income exceeding Rs. 5,00,000

2% of income tax

1% of income tax

Income above Rs. 10,00,000

30% of Income exceeding Rs. 10,00,000

2% of income tax

1% of income tax

 

Income Tax Slab Rate Hindu Undivided Families (HUF)

Income Tax Slab

Income Tax Slab Rate

Up to Rs.2,50,000

Nil

Rs.2,50,000 to Rs.5,00,000

10%Income exceeding Rs. 2,50,000

Rs.5,00,000 to Rs.10,00,000

20%Income exceeding Rs. 5,00,000

Over Rs.10,00,000

30%Income exceeding Rs. 10,00,000


Income Tax Slab Rate Legal Entities Registered as Associations of Persons

Income Tax Slab

Income Tax Slab Rate

Up to Rs.2,50,000

Nil

Rs.2,50,000 to Rs.5,00,000

10%Income exceeding Rs. 2,50,000

Rs.5,00,000 to Rs.10,00,000

20%Income exceeding Rs. 5,00,000

Over Rs.10,00,000

30%Income exceeding Rs. 10,00,000


Income Tax Slab Rate Legal Entities Registered as Bodies of Individuals

Income Tax Slab

Income Tax Slab Rate

Up to Rs.2,50,000

Nil

Rs.2,50,000 to Rs.5,00,000

10%Income exceeding Rs. 2,50,000

Rs.5,00,000 to Rs.10,00,000

20%Income exceeding Rs. 5,00,000

Over Rs.10,00,000

30%Income exceeding Rs. 10,00,000


Partnership Firms:

Partnership Firms and LLPs (Limited Liability Partnerships) are to be taxed at the rate of 30%

Local Authorities:

Local Authorities are to be taxed at the rate of 30%.

Domestic Companies:

Domestic Companies are to be taxed at the rate of 30%

 

Income Tax Slab RateCo-operative Societies

Income Tax Slab

Income Tax Slab Rate

Up to Rs.10,000

10%Income

Rs.10,000 to Rs 20,000

20%Income exceeding Rs. 10,000

Over Rs. 20,000

30%Income exceeding Rs. 20,000


Also,

Surcharge:

  1. 2% of the income tax amount (If income is greater than Rs.1,00,00,000/-)

  2. 5% of the income tax amount. Subject to marginal relief (If income is greater than Rs.10,00,00,000/-)

Education Cess:2% extra (charged on the amount of income tax + surcharge being paid)

Secondary and Higher Education Cess:1% extra (charged on the amount of income tax + surcharge being paid)

Comparison Of Income Tax Slabs For FY 2017-18 and FY 2016-17

Income Tax Slab

Income Tax For FY 2017-18

Income Tax For FY 2016-17

Income upto Rs. 2,50,000

Nil

Nil

Income between Rs. 2,50,001 - Rs. 500,000

5% of Income exceeding Rs. 2,50,000

10% of Income exceeding Rs. 2,50,000

Income between Rs. 500,001 - Rs. 10,00,000

20% of Income exceeding Rs. 5,00,000

20% of Income exceeding Rs. 5,00,000

Income above Rs. 10,00,000

30% of Income exceeding Rs. 10,00,000

30% of Income exceeding Rs. 10,00,000

Save tax with HDFC Life’s various online insurance products.

Tax Slab* for Financial Year 2013-14
Tax Slab* for Financial Year 2014-15
Tax Slab* for Financial Year 2016-17

 

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