Income Tax Slab – A.Y. 2018-19 | A.Y. 2017-18 | 2016-17 and Previous Years

Here you can check income tax slabs for A.Y.2018-19 (Budget 2017) A.Y. 2017-18 A.Y. 2016-17, A.Y. 2015-16 in a very simple manner. So that every layman can understand and calculate income tax in a very easy way. Go direct to:

You can also download Income Tax Slabs from A.Y. 2015-16 to A.Y.2018-19 in PDF format from here.  [button color=”blue” size=”large” type=”” target=”” link=”http://www.cutmytax.com/wp-content/uploads/2017/02/income-tax-slabs.pdf”]Download Income Tax Slab[/button]

Income Tax Slabs (A.Y. 2018-19) (Proposed in Budget 2017)

1) Individual Residents Aged Below 60 Years (born on or after 1st April 1957)

Read below notes also to calculate income tax.

Slabs (A.Y.2018-19) (Below Age 60 Yr.)
Rates
Income up to Rs. 2,50,000/- NIL
Income from 2,50,010/- to 5,00,000/- 5%
Income from 5,00,010/- to 10,00,000/- 20%
Income Over 10,00,010/- 30%

2) Senior Citizen (Individual Residents Aged of 60 Years or More but below age of 80 Years) (born on or after 1st April 1937 but before 1st April 1957)

Slabs (A.Y.2018-19) (Senior Citizens) Rates
Income up to Rs.3,00,000/- NIL
Income from 3,00,010/- to 5,00,000/- 5%
Income from 5,00,010/- to 10,00,000/- 20%
Income Over 10,00,010/- 30%

3) Very Senior Citizen (Individual Residents Aged of 80 Years or More) (born before 1st April 1937)

Slabs (A.Y.2018-19) (Very Sr. Citizens) Rates
Income up to Rs.5,00,000/- NIL
Income from 5,00,010/- to 10,00,000/- 20%
Income Over 10,00,010/- 30%

Important Notes:

  • Surcharge: 10% of Income Tax, If income is between Rs.50 Laks and Rs. 1 Crore. 15% of Income Tax (if income is more than Rs. 1 Crore)
  • Education Cess: 3% of total of income tax and surcharge (2% education cess + 1 % Secondary and Higher Education cess)
  • Rebate of Income Tax under section 87A: The rebate is allowed to an individual who is resident in India and whose total income does not exceed Rs.3,50,000/-. The rebate available shall be 100% of income tax payable (before cess) or Rs. 2500 Whichever is less.

Income Tax Slabs (A.Y. 2017-18)

1) Individual Residents Aged Below 60 Years (born on or after 1st April 1957)

Read below notes also to calculate income tax.

Slabs (A.Y.2017-18) (Below Age 60 Yr.)
Rates
Income up to Rs.2,50,000/- NIL
Income from 2,50,010/- to 5,00,000/- 10%
Income from 5,00,010/- to 10,00,000/- Rs.25,000 + 20%
Income Over 10,00,010/- Rs.1,25,000 + 30%

 

2) Senior Citizen (Individual Residents Aged of 60 Years or More but below age of 80 Years) (born on or after 1st April 1937 but before 1st April 1957)

Slabs (A.Y.2017-18) (Senior Citizens) Rates
Income up to Rs.3,00,000/- NIL
Income from 3,00,010/- to 5,00,000/- 10%
Income from 5,00,010/- to 10,00,000/- Rs.20,000 + 20%
Income Over 10,00,010/- Rs.1,20,000 + 30%

 

3) Very Senior Citizen (Individual Residents Aged of 80 Years or More) (born before 1st April 1937)

Slabs (A.Y.2017-18) (Very Sr. Citizens) Rates
Income up to Rs.5,00,000/- NIL
Income from 5,00,010/- to 10,00,000/- 20%
Income Over 10,00,010/- Rs.1,00,000/- + 30%

Important Notes:

  • Surcharge: 15% of Income Tax (if income is more than Rs. 1 Crore)
  • Education Cess: 3% of total of income tax and surcharge (2% education cess + 1 % Secondary and Higher Education cess)
  • Rebate of Income Tax under section 87A: The rebate is allowed to an individual who is resident in India and whose total income does not exceed Rs.5,00,000/-. The rebate available shall be 100% of income tax payable (before cess) or Rs. 5000 (Rs.2000 upto A.Y.2016-17), Whichever is less.
  • Margin Relief: The total amount payable as income-tax and surcharge on total income exceeding Rs.1 crore shall not exceed the total amount payable as income-tax on a total income of Rs.1 crore by more than the amount of income that exceeds Rs. 1 crore.

Income Tax Slab (A.Y. 2016-17)

1) Individual Residents Aged Below 60 Years (born on or after 1st April 1956)

Read below notes also to calculate income tax.

Slabs (A.Y.2016-17) (Below Age 60 Yr.)
Rates
Income up to Rs.2,50,000/- NIL
Income from 2,50,010/- to 5,00,000/- 10%
Income from 5,00,010/- to 10,00,000/- Rs.25,000 + 20%
Income Over 10,00,010/- Rs.1,25,000 + 30%

 

2) Senior Citizen (Individual Residents Aged of 60 Years or More but below age of 80 Years) (born on or after 1st April 1936 but before 1st April 1956)

Slabs (A.Y.2016-17) (Senior Citizens) Rates
Income up to Rs.3,00,000/- NIL
Income from 3,00,010/- to 5,00,000/- 10%
Income from 5,00,010/- to 10,00,000/- Rs.20,000 + 20%
Income Over 10,00,010/- Rs.1,20,000 + 30%

 

3) Very Senior Citizen (Individual Residents Aged of 80 Years or More) (born before 1st April 1936)

Slabs (A.Y.2016-17) (Very Sr. Citizens) Rates
Income up to Rs.5,00,000/- NIL
Income from 5,00,010/- to 10,00,000/- 20%
Income Over 10,00,010/- Rs.1,00,000/- + 30%

Important Notes:

  • Surcharge: 12% of Income Tax (if income is more than Rs. 1 Crore)
  • Education Cess: 3% of total of income tax and surcharge (2% education cess + 1 % Secondary and Higher Education cess)
  • Rebate of Income Tax under section 87A: The rebate is allowed to an individual who is resident in India and whose total income does not exceed Rs.5,00,000/-. The rebate available shall be 100% of income tax payable (before cess) or Rs. 2000 (Rs.5000 for A.Y. 2017-18), Whichever is less.
  • Margin Relief: The total amount payable as income-tax and surcharge on total income exceeding Rs.1 crore shall not exceed the total amount payable as income-tax on a total income of Rs.1 crore by more than the amount of income that exceeds Rs. 1 crore.

Download Income Tax Slab (A.Y. 2016-17)


Income Tax Slab (A.Y. 2015-16)

1) Individual Residents Aged Below 60 Years (born on or after 1st April 1955)

Read below notes also to calculate income tax.

Slabs (A.Y.2015-16) (Below Age 60 Yr.)
Rates
Income up to Rs.2,50,000/- NIL
Income from 2,50,010/- to 5,00,000/- 10%
Income from 5,00,010/- to 10,00,000/- Rs.25,000 + 20%
Income Over 10,00,010/- Rs.1,25,000 + 30%

2) Senior Citizen (Individual Residents Aged of 60 Years or More but below age of 80 Years) (born on or after 1st April 1935 but before 1st April 1955)

Slabs (A.Y.2015-16) (Senior Citizens) Rates
Income up to Rs.3,00,000/- NIL
Income from 3,00,010/- to 5,00,000/- 10%
Income from 5,00,010/- to 10,00,000/- Rs.20,000 + 20%
Income Over 10,00,000/- Rs.1,20,000 + 30%

3) Very Senior Citizen (Individual Residents Aged of 80 Years or More) (born before 1st April 1935)

Slabs (A.Y.2017-18) (Very Sr. Citizens) Rates
Income up to Rs.5,00,000/- NIL
Income from 5,00,010/- to 10,00,000/- 20%
Income Over 10,00,010/- Rs.1,00,000/- + 30%

Important Notes:

  • Surcharge10% of Income Tax (if income is more than Rs. 1 Crore)
  • Education Cess3% of total of income tax and surcharge (2% education cess + 1 % Secondary and Higher Education cess)
  • Margin Relief: The total amount payable as income-tax and surcharge on total income exceeding Rs.1 crore shall not exceed the total amount payable as income-tax on a total income of Rs.1 crore by more than the amount of income that exceeds Rs. 1 crore. 

Check Income Tax Slab for Others

Persons Visit Here
Individuals HUFs, AOPs, BOIs Check Here
Partnership Firms & LLPs Check Here
Companies Check Here
Capital Gains Taxes Check Here
TDS Rates Check Here

 

42 Comments

Add a Comment
  1. Very good information in simple way.
    Thanks

    1. Yeah..Thats correct.Very successful information

  2. very usefull informations

  3. Ready Reckoner and latest information up dating point to point Very Good

  4. I m appreciate with this tax slab

  5. aprt from 80c, any other option to save tax, who is earning above 10 lakhs, please let me know, it would be great help!

    1. You also donate to any NGO. Under section 80G for 50%, Under Section 35AC for 125% and 351&2 and 35 1&3 for 175%

  6. What are the income tax rules for proprietary business in india.
    Please share details

  7. My annual income is 8 lacs , and my tax is coming to 96000/- approx. can u please tell me how to save maximum of this . some thing like 100% tax saving, if any.

    1. you can donate 4 lacs to prime minister relief fund and take ded 150000 of 80 c.

  8. Namboodiri bimban

    In which case Rs.20000 in income is deductible?

  9. Very informative and simple. Thanks

  10. My total I.come is 497356. Can u tell.me how can I save my tax

    1. you can get rebarte under sec.80c of rs 150000 in which include lic,ppf,tution fees,insurance of any bank,tax saving fdr,repayment of loan.and your saving bank interest also exempt under section 80TTA.Without this you can claim mediclaim u/s 80 D and donation also u/s 80 G.

  11. this is a few details
    please give 2-4 example
    how you calculate total
    income than rebate u/s
    last total income & total tax
    payble or refundeble

  12. Jagadeesh Bharadwaj

    Thanks a lot. It is quite useful.

  13. tax credit of Rs.2000/- maximum for below Rs.5,00,000/- is applicable for A.Y.2015-16 kindly confirm.

  14. Verygood and senior citizen well lookedafter

  15. my mother turns 80 yrs in september 2014.Is she eligible for over 80 yrs slab in FY2014-2015

  16. Shirshendu Nandy

    please inform me about the rule regarding exemption of IT of Rs.2000 in 2014-15 F Y

  17. srinivasarao kankatala

    thanks a lot . it is quite useful.

  18. Dear Sir,
    My salary is Rs 320000/- p.a, my savings under 80 c is Rs 1 lakh, i get Rs 50000/- p.a as interest from Rs 5 lakhs fixed deposit kept in bank,
    ‘ does iam eligible to give Form 15G to the bank to get exemption of tds for Rs 5 lakhs fixed deposit a/c , as my taxable limit crosses Rs 2 lakhs’
    kindly advice me, sir
    thank u..

  19. very good information

  20. I would like to know the Tax rates for A.O.P. for the F. Y. 2013-14 and 2014-15.

    I would also like to know if i have a interest income in A. O. P. say about Rs. 75,000 then if i have paid the salary for accounting charges like Rs. 20,000 , then net income will be Rs. 55,000
    So my question is how the income tax calculate on this for the above two Financial Years.

    I hope you will help me out to understand.
    Thanks

    1. if interest income is ur hand so taxable in ur income.
      if the interest recd from aop it will also show as well as income less : expences(accountancy charges-cheque/draft payment)

  21. had a doubt..
    i am an individual and wish to do some business online and i open it with my individual bank account!
    so my question is will i be taxed for entire turnover amount of my business?
    ex:- i own a data entry site! so i get money from clints and advertisers and pay for my users!
    lets say i get 10 lacks from clints and i pay 6 lacks for members as there remuneration! so will i need to pay tax for entire 10 lacks?
    if so how much percentage???

    1. no way
      income recd from client is ur gross totall income
      income tax applicable on net income from bussiness (gross totall income- operating expences )

  22. Nagaraj N Nyamati

    It is very good ready recker for all type of people. But some people asked small clarification, If you clarify it would be nice.

  23. please give me a rate for partnership firm lump sum rate

  24. when referring to “Slabs of Income”, in the Table of Income tax to be paid, it would have been extremely helpful if you had clarified that the Slabs referred to “Net Income” slabs and not “Gross Income”

  25. salary+ interest less standard deduction = comes under slab or without standard deduction comes under slab

  26. P R VARADARAJAN

    Pl correct the error in the coloured table for senior citizens below 80 years the second stage upto 5 laks attracts 10% pl verify

  27. For senior citizens in blue colour it indicates for RS three to five lacs , there will be no tax is it ok.
    I doubted plz rectify the same.

  28. Avinash Bhargav

    Very useful guidance and information

  29. V. Useful information given by simple way
    Thanks.

  30. Very good information….Thanks

  31. 8 November 2016 se kon sa slab ayega kiso ko jankari hai to btaye

  32. Sir kindly send me the income tax slab for multi-state housing co-op society for AY 2015-16 & 2016-17.
    Sir is there any change in taxation slabs of current account of my co-op society as compare to any saving account?
    If any amount go through my saving account to co-op society current account then may I have to pay taxes on my both accounts? Kindly reply me.

  33. Great Good Information ……Thanks

  34. Senior citizens with their savings to live in future find difficult with taxation proposal not changing slabs.now a days by paying rental residence, Rs1000/-p.mfor medical expenses+doc. Consultations
    hence forth food expenses Rs56/- a k.g of rice , dhall Rs129/- ,cooking oil Rs 91/- per liter and LPG Rs 700/- milk 50/-,per litre. Provision on an average Rs 200/- per kg., life becomes miserable to live in India with old age husband/wife.
    Taxation in India has to be taught revised. Proportionately. With living conditions

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