New Income Tax Slab Rate of Individual/HUF For A.Y. 2017-18

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New Income Tax Slab Rate of Individual/HUF For A.Y. 2017-18

In the union budget 2017-18 announced by Finance Minister on 1st February 2017, New Income tax slab rate for Assessment Year 2017-18 has been declared. In this new Income tax slab rate, mostly salaried class will be benefited.

New Income tax rate for Assessment Year 2017-18 are as below :

  For Individual/ HUF/ AOP/BOI/ Every Artificial Judicial person upto Age 60 Years :

Income Slab Limit Income Tax Rate Surcharge Rate Education Cess and  SHEC
Upto Rs. 2,50,000 NIL NIL 3 %
Rs. 2,50,001 to Rs. 5,00,000 5 % NIL 3 %
Rs. 5,00,001 to Rs.10,00,000 Rs. 12500 +20% NIL 3 %
Rs.10,00,00 to Rs.50,00,000 Rs.112500+30% NIL 3%
Rs. 50,00,001 to Rs. 1,00,00,000 30% 10% of Income tax 3%
Above Rs.1,00,00,000 30% 15% of Income tax 3%

For Individual/ HUF/ AOP/BOI/ Every Artificial Judicial person Above Age 60 Years to 80 Years :

Income Slab Limit Income Tax Rate Surcharge Rate Education Cess and  SHEC
Upto Rs. 3,00,000 NIL NIL 3 %
Rs. 3,00,001 to Rs. 5,00,000 5 % NIL 3 %
Rs. 5,00,001 to Rs.10,00,000 Rs. 12500 +20% NIL 3 %
Rs.10,00,00 to Rs.50,00,000 Rs.112500+30% NIL 3%
Rs. 50,00,001 to Rs. 1,00,00,000 30% 10% of Income tax 3%
Above Rs.1,00,00,000 30% 15% of Income tax 3%

 For Individual/ HUF/ AOP/BOI/ Every Artificial Judicial person Above Age 80 Years

Income Slab Limit Income Tax Rate Surcharge Rate Education Cess and  SHEC
Upto Rs. 5,00,000 NIL NIL 3 %
Rs. 5,00,001 to Rs.10,00,000 20% NIL 3 %
Rs.10,00,00 to Rs.50,00,000 Rs.112500+30% NIL 3 %
Rs. 50,00,001 to Rs. 1,00,00,000 30% 10% of Income tax 3%
Above Rs.1,00,00,000 30% 15% of Income tax 3%

TAX REBATE U/S 87A :

Assessment Year Income Limit Tax Rebate Amount
A. Y. 2016-17 5,00,000 Rs. 2000/-
A.Y. 2017-18 5,00,000 Rs. 5000/-
A.Y. 2018-19 3,50,000 Rs. 2500/-

 

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By | 2017-02-10T14:15:16+00:00 February 10th, 2017|Budget, Income Tax|Comments Off on New Income Tax Slab Rate of Individual/HUF For A.Y. 2017-18

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CA Lukesh Sethi is owner and founder of www.gstonlinefiling.com, Having more than 5 years experience in taxation and corporate laws serving many clinets in practice. Can be reached at lukeshsethiaca@gmail.com
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