Rates of Income Tax for AY 2018–2019 (Part III of the First Schedule to the Finance Act 2017) Category of Tax payer Annual income Senior Citizen from all sources & Citizen below above 60 years Super Senior (After all 60 years (born & below 80 Citizen 80 years exemptions & Higher after April 1, years.(born and above(born deductions) 1958) during March from April 1, (in Rupees) 31, 1937 and 1937) Cess April 1, 1957) Up to Nil 2,50,000 5% of the Nil amount by 2,50,001– which total 3,00,000 income exceeds Nil 2,50,000 Rs. 2,500 + 5% 5 per cent of the of the amount amount by 3,00,001- by which total the total income 5,00,000 income exceeds exceeds 3,00,000 Rs.3,00,000 3% on Rs. 10,000/- tax Rs. 12,500 + 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. 1,10,000/- Rs. 1,12,500 + 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 –
Rates of Income Tax for AY 2018–2019 (Part III of the First Schedule to the Finance Act 2017) Annual income from all sources (After all exemptions & deductions) (in Rupees) Category of Tax payer & Higher Cess Citizen below 60 years (born after April 1, 1958) Senior Citizen above 60 years & below 80 years.(born during March 31, 1937 and April 1, 1957) Super Senior Citizen 80 years and above(born from April 1, 1937) Up to 2,50,000 Nil Nil Nil 3% on tax 2,50,001– 3,00,000 5% of the amount by which total income exceeds 2,50,000 3,00,001- 5,00,000 Rs. 2,500 + 5% of the amount by which total income exceeds 3,00,000 5 per cent of the amount by the total income exceeds Rs.3,00,000 5,00,001- 10,00,000 Rs. 12,500 + 20% of the amount by which total income exceeds 5,00,000 Rs. 10,000/- 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. 1,12,500 + 30% of the amount by which total income exceeds 10,00,000 Rs. 1,10,000/- 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
INCOME%20TAX%20CIRCULAR%20F.Y%202017-18.docx