Rates of Income Tax for AY 2017–2018 (Part III of the First Schedule to the Finance Act 2016) Category of Tax payer Annual income Senior Citizen from all sources & Citizen 60 above 60 years Super Senior (After all years (born & below 80 Citizen 80 years exemptions & Higher after April 1, years.(born and above(born deductions) 1956) during March from April 1, (in Rupees) 31, 1936 and 1936) Cess April 1, 1956) Up to Nil 2,50,000 10% of the Nil amount by 2,50,001– total income 3,00,000 exceeds 2,50,000 Nil Rs. 5,000 + 10 per cent of 10% of the the amount by 3,00,001- amount by the total 5,00,000 which total income exceeds income exceeds Rs.3,00,000 3,00,000 3% on tax Rs. 20,000/- Rs. 25,000 + plus 20 per cent 20% of the 20% of the of the amount by 5,00,001- amount by amount by which total 10,00,000 which total which the total income exceeds income exceeds income exceeds 5,00,000 5,00,000 Rs. 5,00,000/ Rs. 1,20,000/- Rs. 1,25,000 + plus 30 per cent Rs. 1,00,000 + 30% of the of the 30% of the Above amount by amount by amount 10,00,000 which total which the total exceeding income exceeds income exceeds 10,00,000 10,00,000 Rs. 10,00,000/- Rebate on Income-tax in the case of certain individuals tax credit – For every individual tax payer resident in India whose total income does not exceed Rs.5, 00,000/- will get hundred per cent of his income-tax or Rs.5000/-
Rates of Income Tax for AY 2017–2018 (Part III of the First Schedule to the Finance Act 2016) Annual income from all sources (After all exemptions & deductions) (in Rupees) Category of Tax payer & Higher Cess Citizen 60 years (born after April 1, 1956) Senior Citizen above 60 years & below 80 years.(born during March 31, 1936 and April 1, 1956) Super Senior Citizen 80 years and above(born from April 1, 1936) Up to 2,50,000 Nil Nil Nil 3% on tax 2,50,001– 3,00,000 10% of the amount by total income exceeds 2,50,000 3,00,001- 5,00,000 Rs. 5,000 + 10% of the amount by which total income exceeds 3,00,000 10 per cent of the amount by the total income exceeds Rs.3,00,000 5,00,001- 10,00,000 Rs. 25,000 + 20% of the amount by which total income exceeds 5,00,000 Rs. 20,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/ 20% of the amount by which total income exceeds 5,00,000 Above 10,00,000 Rs. 1,25,000 + 30% of the amount by which total income exceeds 10,00,000 Rs. 1,20,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/- Rs. 1,00,000 + 30% of the amount exceeding 10,00,000 Rebate on Income-tax in the case of certain individuals – tax credit For every individual tax payer resident in India whose total income does not exceed Rs.5, 00,000/- will get hundred per cent of his income-tax or Rs.5000/-
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