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Income Tax Slab & Rate for FY 2018-19, 17-18 & 16-17

  • No tax for individuals with income less than ₹ 2,50,000

  • 0%-5% tax with income ₹ 2.5 lacs to 5 lacs for different age groups

  • 20% tax with income ₹ 5 lacs to 10 lacs

  • Investments upto ₹ 1.5 lacs under Sec 80C can save ₹ 45,000 in taxes. Invest Now

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INTRODUCTION FOR SLABS

In India, income tax is levied on individual taxpayers on the basis of a slab system where different tax rates have been prescribed for different slabs and such tax rates keep increasing with an increase in the income slab.

Such tax slabs tend to undergo a change during every budget.

Further, since the budget 2018 has not announced any changes in income tax slabs this time, it remains the same as that of last year.

There are three categories of individual taxpayers:
1.Individuals (below the age of 60 years) which includes residents as well as non-residents
2.Resident Senior citizens (60 years and above but below 80 years of age)
3.Resident Super senior citizens (above 80 years of age)

Income Tax Slabs for Individual Tax Payers & HUF (Less Than 60 Years Old) for FY 2018-19 – Part I

Income Tax SlabsTax Rate Health and Education Cess
Income up to Rs 2,50,000*No tax 
Income from Rs 2,50,000 – Rs 5,00,0005%4% of Income Tax
Income from Rs 5,00,000 – 10,00,00020%4% of Income Tax
Income more than Rs 10,00,00030%4% of Income Tax

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Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.

Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.

*Income tax exemption limit for FY 2018-19 is up to Rs. 2,50,000 for individual & HUF other than those covered in Part(II) or (III)

Income Tax Slabs for Senior Citizens (60 Years Old Or More but Less than 80 Years Old) for FY 2018-19 – Part II

Income Tax SlabsTax Rate Health and Education Cess
Income up to Rs 3,00,000*No tax 
Income from Rs 3,00,000 – Rs 5,00,0005%4% of Income Tax
Income from Rs 5,00,000 – 10,00,00020%4% of Income Tax
Income more than Rs 10,00,00030%4% of Income Tax

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Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.

Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.

*Income tax exemption limit for FY 2018-19 is up to Rs. 3,00,000 other than those covered in Part(I) or (III)

Income Tax Slabs for Senior Citizens(80 Years Old Or More) for FY 2018-19 – Part III

Income Tax SlabsTax Rate Health and Education Cess
Income up to Rs 5,00,000*No tax 
Income from Rs 5,00,000 – 10,00,00020%4% of Income Tax
Income more than Rs 10,00,00030%4% of Income Tax

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Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.

Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.

*Income tax exemption limit for FY 2018-19 is up to Rs. 5,00,000 other than those covered in Part(I) or (II)

Income Tax Slabs for Domestic Companies for FY 2018-19 – Part IV

Turnover ParticularsTax Rate
Gross turnover upto 250 Cr. in the previous year25%
Gross turnover exceeding 250 Cr. in the previous year29%

In addition cess and surcharge is levied as follows: Cess: 4% of corporate tax Surcharge: Taxable income is more than 1Cr. but less than 10Cr.: 7% Taxable income is more than 10Cr. :12%

Income Tax Slabs Rates for FY 2017-18(AY 2018-19)

Income Tax Slabs for Individual Tax Payers & HUF (Less Than 60 Years Old) for FY 2017-18 – Part I

Income Tax SlabsTax Rate Health and Education Cess
Income up to Rs 2,50,000*No tax 
Income from Rs 2,50,000 – Rs 5,00,0005%3% of Income Tax
Income from Rs 5,00,000 – 10,00,00020%3% of Income Tax
Income more than Rs 10,00,00030%3% of Income Tax

Invest Now & Save Upto ₹ 46,800 on Taxes

Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.

Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.

*Income tax exemption limit for FY 2017-18 is up to Rs. 2,50,000 for individual & HUF other than those covered in Part(II) or (III)

Income Tax Slabs for Senior Citizens (60 Years Old Or More but Less than 80 Years Old) for FY 2017-18 – Part II

Income Tax SlabsTax Rate Health and Education Cess
Income up to Rs 3,00,000*No tax 
Income from Rs 3,00,000 – Rs 5,00,0005%3% of Income Tax
Income from Rs 5,00,000 – 10,00,00020%3% of Income Tax
Income more than Rs 10,00,00030%3% of Income Tax

Invest Now & Save Upto ₹ 46,800 on Taxes

Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.

Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.

*Income tax exemption limit for FY 2017-18 is up to Rs. 3,00,000 other than those covered in Part(I) or (III)

Income Tax Slabs for Senior Citizens(80 Years Old Or More) for FY 2017-18 – Part III

Income Tax SlabsTax Rate Health and Education Cess
Income up to Rs 5,00,000*No tax 
Income from Rs 5,00,000 – 10,00,00020%3% of Income Tax
Income more than Rs 10,00,00030%3% of Income Tax

Invest Now & Save Upto ₹ 46,800 on Taxes

Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.

Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.

*Income tax exemption limit for FY 2017-18 is up to Rs. 5,00,000 other than those covered in Part(I) or (II)

Income Tax Slabs for Domestic Companies for FY 2017-18 – Part IV

Turnover ParticularsTax Rate
Gross turnover upto 50 Cr. in the previous year25%
Gross turnover exceeding 50 Cr. in the previous year30%

In addition cess and surcharge is levied as follows: Cess: 3% of corporate tax Surcharge: Taxable income is more than 1Cr. but less than 10Cr.: 7% Taxable income is more than 10Cr. :12%

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

Income Tax Slabs for Individual Tax Payers & HUF (Less than 60 Years Old) for FY 2016-17 – Part I

Income Tax SlabsTax Ratee-Filing Tax Returns
Income up to Rs 2,50,000*No tax31st March 2018 is the last date to file tax returns.
Don’t miss it! File Now in 7 mins
Income from Rs 2,50,000 – Rs 5,00,00010%
Income from Rs 5,00,000 – 10,00,00020%
Income more than Rs 10,00,00030%

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Surcharge: 15% of income tax, where total income exceeds Rs.1 crore.

Higher education and secondary cess: 3% of Income Tax.

*Income tax exemption limit for FY 2016-17 is up to Rs. 2,50,000 other than those covered in Part(I) or (II)

Income Tax Slabs for Senior Citizens (60 Years Old Or More but Less than 80 Years Old) for FY 2016-17 – Part II

Income Tax SlabsTax Ratee-Filing Tax Returns
Income up to Rs 3,00,000*No tax31st March 2018 is the last date to file tax returns.
Don’t miss it! File Now in 7 mins
Income from Rs 3,00,000 – Rs 5,00,00010%
Income from Rs 5,00,000 – 10,00,00020%
Income more than Rs 10,00,00030%

Invest Now & Save Upto ₹ 46,800 on Taxes

Surcharge: 15% of income tax, where total income exceeds Rs.1 crore.

Higher education and secondary cess: 3% of Income Tax.

*Income tax exemption limit for FY 2016-17 is up to Rs. 3,00,000 other than those covered in Part(I) or (III)

Income Tax Slabs for Senior Citizens(80 Years Old Or More) for FY 2016-17 – Part III

Income Tax SlabsTax Ratee-Filing Tax Returns
Income up to Rs 5,00,000*No tax31st March 2018 is the last date to file tax returns.
Don’t miss it! File Now in 7 mins
Income from Rs 5,00,000 – 10,00,00020%
Income more than Rs 10,00,00030%

Invest Now & Save Upto ₹ 46,800 on Taxes

Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.

Higher education and secondary cess: 3% of Income Tax.

*Income tax exemption limit for FY 2016-17 is up to Rs. 5,00,000 other than those covered in Part(I) or (II)

Income Tax Slabs for Domestic Companies for FY 2016-17 – Part IV

Turnover ParticularsTax Rate
Gross turnover upto 5 Cr. in the previous year 2014-1529%
Gross turnover exceeding 5 Cr. in the previous year 2014-1530%

In addition cess and surcharge is levied as follows: Cess: 3% of corporate tax Surcharge: Taxable income is more than 1Cr. but less than 10Cr.: 7% Taxable income is more than 10Cr. :12%

How to Calculate Income Tax from Income Tax Slabs?

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 2017-18 (AY 2018-19).

Income SlabsTax RateTax Calculation
*Income up to Rs 2,50,000No tax 
Income from Rs 2,50,000 – Rs 5,00,0005% (Rs 5,00,000 – Rs 2,50,000)Rs 12,500
Income from Rs 5,00,000 – 10,00,00020% (Rs 8,00,000 – Rs 5,00,000)Rs 60,000
Income more than Rs 10,00,00030%nil
Tax Rs 72,500
Cess4% of Rs 72,500Rs 2,900
Total tax in FY 2017-18 (AY 2018-19) Rs 75,400

*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 Slabs Rates for FY 2015-16 (AY 2016-17)

Income Tax Slabs for Individual Tax Payers & HUF (Less than 60 Years Old) for FY 2015-16 – Part I

Income Tax SlabsTax Ratee-Filing Tax Returns
Income up to Rs 2,50,000*No tax31st March 2018 is the last date to file tax returns.
Don’t miss it! File Now in 7 mins
Income from Rs 2,50,000 – Rs 5,00,00010%
Income from Rs 5,00,000 – 10,00,00020%
Income more than Rs 10,00,00030%

Surcharge: 12% of income tax, where the total income exceeds Rs.1 crore.

Higher education and secondary cess: 3% of Income Tax.

*Income tax exemption limit for FY 2015-16 is up to Rs. 2,50,000 for individual & HUF other than those covered in Part(II) or (III)

Income Tax Slabs for Senior Citizens (60 Years Old Or More but Less than 80 Years Old) for FY 2015-16 – Part II

Income Tax SlabsTax Ratee-Filing Tax Returns
Income up to Rs 3,00,000*No tax31st March 2018 is the last date to file tax returns.
Don’t miss it! File Now in 7 mins
Income from Rs 3,00,000 – Rs 5,00,00010%
Income from Rs 5,00,000 – 10,00,00020%
Income more than Rs 10,00,00030%

Surcharge: 12% of income tax, where total income exceeds Rs.1 crore.

Higher education and secondary cess: 3% of Income Tax.

*Income tax exemption limit for FY 2015-16 is up to Rs. 3,00,000 other than those covered in Part(I) or (III)

Income Tax Slabs for Senior Citizens(80 Years Old Or More) for FY 2015-16 – Part III

Income Tax SlabsTax Ratee-Filing Tax Returns
Income up to Rs 5,00,000*No tax31st March 2018 is the last date to file tax returns.
Don’t miss it! File Now in 7 mins
Income from Rs 5,00,000 – 10,00,00020%
Income more than Rs 10,00,00030%

Surcharge: 12% of income tax, where the total income exceeds Rs.1 crore.

Higher education and secondary cess: 3% of Income Tax.

*Income tax exemption limit for FY 2015-16 is up to Rs. 5,00,000 other than those covered in Part(I) or (II)

Income Tax Slabs for Domestic Companies for FY 2015-16 – Part IV

Domestic companies are taxable are at 30%.

In addition cess and surcharge is levied as follows:

Cess: 3% of corporate tax
Surcharge: Taxable income is more than 1Cr. but less than 10Cr.: 7%
Taxable income is more than 10Cr. :12%

FAQs (Frequently asked Questions)

  • How does the government collect the taxes?
    Taxes are collected by the Government through three means:
    a) voluntary payment by taxpayers into various designated Banks. For example, Advance Tax and Self Assessment Tax paid by the taxpayers,
    b) Taxes deducted at source [TDS] from the income of the receiver, and
    c)Taxes collected at source [TCS].
  • What is the time period considered for the purpose of income tax?
    Income-tax is levied on the annual income of a person. The year under the Income-tax Law is the period starting from 1st April and ending on 31st March of next calendar year. The Income-tax Law classifies the year as (i) Previous year, and (ii) Assessment year.
  • On the Challan, what does income tax on companies and income tax other than companies mean?
    The tax that is to be paid by the companies on their income is called as corporate tax, and for payment of same in the challan it is mentioned as Income-tax on Companies (Corporation tax)-0020. Tax paid by non-corporate assessees is called as Income-tax, and for payment of the same in the challan it is to be mentioned as Income-tax (other than Companies)-0021
  • Is the due date for filing tax return same for all the taxpayers?
    No, the due date for all the taxpayers is not the same. For individual taxpayers the due date is 31st July of the assessment year

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