Income Tax Slabs

Income Tax Slabs for FY 2017-18 (AY 2018-19) and FY 2016-17 (AY 2017-18)

Income Tax Slab Rates for FY 2017-18 (AY 2018-19)New Budget

Part I: Income tax slab for individual tax payers & HUF (less than 60 years old) (both men & women)

Income Slab Tax Rate
Income up to Rs. 2,50,000* No Tax
Income from Rs. 2,50,000 – Rs. 5,00,000 5%
Income from Rs. 5,00,000 – 10,00,000 20%
Income more than Rs. 10,00,000 30%
Surcharge:
10% of income tax, where total income is between Rs. 50 lakhs and Rs.1 crore.
15% of income tax, where total income exceeds Rs. 1 crore.
Cess: 3% on total of income tax + surcharge.
* Income upto Rs. 2,50,000 is exempt from tax if you are less than 60 years old.

Part II: Income tax slab for individual tax payers & HUF (60 years old or more but less than 80 years old) (both men & women)

Income Slab Tax Rate
Income up to Rs. 3,00,000* No Tax
Income from Rs. 3,00,000 – Rs. 5,00,000 5%
Income from Rs. 5,00,000 – 10,00,000 20%
Income more than Rs. 10,00,000 30%
Surcharge:
10% of income tax, where total income is between Rs. 50 lakhs and Rs.1 crore.
15% of income tax, where total income exceeds Rs.1 crore.
Cess: 3% on total of income tax + surcharge.
* Income up to Rs. 3,00,000 is exempt from tax if you are more than 60 years but less than 80 years of age.

Part III: Income tax slab for super senior citizens (80 years old or more) (both men & women)

Income Slab Tax Rate
Income up to Rs. 2,50,000* No Tax
Income up to Rs. 5,00,000* No Tax
Income from Rs. 5,00,000 – 10,00,000 20%
Income more than Rs. 10,00,000 30%
Surcharge:
10% of income tax, where total income is between Rs. 50 lakhs and Rs.1 crore.
15% of income tax, where total income exceeds Rs.1 crore.
Cess: 3% on total of income tax + surcharge.
*Income up to Rs. 5,00,000 is exempt from tax if you are more than 80 years old.
Subscribe to get highlights of Budget 2017
Subscribed successfully.

Income Tax Slab Rates for FY 2016-17 (AY 2017-18)

Your income is taxed according to income tax slab rates. These income tax slab rates are also applicable for:

FY 2015-16 (AY 2016-17)
FY 2014-15 (AY 2015-16)

Part I: Income tax slab for individual tax payers & HUF (less than 60 years old) (both men & women)

Income Slab Tax Rate
Income up to Rs. 2,50,000* No Tax
Income from Rs. 2,50,000 – Rs. 5,00,000 10%
Income from Rs. 5,00,000 – 10,00,000 20%
Income more than Rs. 10,00,000 30%
Surcharge: 15% of income tax, where total income exceeds Rs.1 crore.
Cess: 3% on total of income tax + surcharge.
* Income upto Rs. 2,50,000 is exempt from tax if you are less than 60 years old.

Part II: Income tax slab for senior citizens (60 years old or more but less than 80 years old) (both men & women)

Income Slab Tax Rate
Income up to Rs. 3,00,000* No Tax
Income from Rs. 3,00,000 – Rs. 5,00,000 10%
Income from Rs. 5,00,000 – 10,00,000 20%
Income more than Rs. 10,00,000 30%
Surcharge: 15% of income tax, where total income exceeds Rs. 1 crore.
Cess: 3% on total of income tax + surcharge.
* Income up to Rs. 3,00,000 is exempt from tax if you are more than 60 years but less than 80 years of age.

Part III: Income tax slab for super senior citizens (80 years old or more) (both men & women)

Income Slab Tax Rate
Income up to Rs. 2,50,000* No Tax
Income up to Rs. 5,00,000* No tax
Income from Rs. 5,00,000 – 10,00,000 20%
Income more than Rs. 10,00,000 30%
Surcharge: 15% of income tax, where total income exceeds Rs. 1 crore.
Cess: 3% on total of income tax + surcharge.
* Income up to Rs. 5,00,000 is exempt from tax if you are more than 80 years old.

How to calculate income tax from income tax slabs?
This example explains how to apply tax slabs to calculate income tax for FY 2015-16 (AY 2016-17).

Rohit has a total taxable income of Rs. 8,00,000. This income has been calculated by including income from all sources such as salary, rental income and interest income. Deductions under section 80 have also been reduced. Rohit wants to know his tax dues for FY 2015-16(AY 2016-17).

Income Slab Tax Rate Tax calculation
Income up to Rs. 2,50,000 No tax
Income from Rs. 2,50,000 – Rs. 5,00,000 10% (Rs. 5,00,000 – Rs. 2,50,000) Rs. 25,000
Income from Rs. 5,00,000 – 10,00,000 20% (Rs. 8,00,000 – Rs. 5,00,000) Rs. 60,000
Income more than Rs. 10,00,000 30% nil
Tax Rs. 85,000
Cess 3% of Rs. 85,000 Rs. 2,550
Total tax in FY 2015-16 (AY 2016-17) Rs. 87,550

**Please Note that Rohit is an Individual assesse having an income tax exemption of Rs. 2,50,000. For other assesse as mentioned in table Part II & III, the Income tax limit for availing the exemption would be Rs. 3,00,000 & Rs. 5,00,000 respectively.

Income tax slab for domestic companies for FY 2015-16 (AY 2016-17)

If you are registered as a company, the income tax slab rates do not apply to you. Domestic companies are taxed at 30% on their total income. A 5% surcharge is payable if income is more than Rs 1 crore but less than Rs 10 crore. If total income is more than Rs 10 crore, 10% surcharge is applicable.



Some incomes are taxed at special rates

Although total income is taxable at income tax slab rates mentioned above. Some incomes are taxed at special rates.

Nature Tax Rate
Short term capital gains from assets (Other than shares & mutual funds) At Income Tax Slab rates listed above
Long term capital gains from assets (Other than shares & mutual funds) 20%
Short term capital gains on shares and equity mutual funds 15%
Long term capital gains on shares and equity mutual funds NIL
Short term capital gains on debt mutual funds At Income Tax Slab rates listed above
Long term capital gains on debt mutual funds At 20% with indexation

Use our updated income tax calculator. Find out how the Budget changed your taxes here.