Sunday, October 20, 2019
Finance

INCOME TAX EXEMPTION LIMIT- 2017-18

Basic Slabs for those who under 60 years :-
Less than 2,50,000 NIL
Rs. 2,50,000 to Rs. 5, 00,000 5% of amount by which income exceeds Rs.2.5 Lakhs
Rs. 5,00,000 to Rs. 10,00,000 Rs. 12,500 Plus 20% of amount by which income exceeds Rs. 5 Lakhs
Above Rs. 10,00,000 Rs. 1,12,500 Plus 30% of amount by which income exceeds Rs. 10 Lakhs
Basic Slabs for age between 60-80 years :-
Less than 3,00,000 NIL
Rs. 3, 00,00 to Rs. 5,00,000 5% of amount by which income exceeds Rs.3 Lakhs
Rs. 5,00,000 to Rs. 10,00,000 Rs. 10000 Plus 20% of amount by which income exceeds Rs. 5 Lakhs
Above Rs. 10,00,000 Rs. 1,10,000 Plus 30% of amount by which income exceeds Rs. 10 Lakhs
Basic Slabs for Senior Citizen age above 80 years during previous year :-
Less than Rs. 5,00,000 NIL
Rs. 5,00,001 to Rs. 10,00,000 20% of amount by which income exceeds Rs.5 Lakhs
Above Rs. 10,00,000 Rs. 1 Lakhs plus 30% of amount by which income exceeds Rs.10 Lakhs
 

Note:

  • Surcharge of 10% of tax payable on categories of individuals whose annual taxable income is between Rs 50 lakhs and Rs 1 crore

  • The 15 %  surcharge on incomes above Rs 1 crore will continue to be charged.