Financial year 2017-18 and are subject to enactment of the Finance Bill, 2017
For Individuals, Hindu Undivided Family, Association of Persons, Body of Individuals and Artificial juridical persons
|Income Tax||Tax Rate|
|Up to 250000 (a)(b)||Nil|
|Rs. 250,001 to Rs. 500,000(d)(e)||5%|
|Rs. 500,001 to Rs. 1,000,000(d)||20%|
|Rs. 1,000,001 and above(c)(d)||30%|
- In the case of a resident individual of the age of 60 years or above but below 80 years, the basic exemption limit is Rs 300,000.
- In case of a resident individual of age of 80 years or above, the basic exemption limit is Rs 500,000.
- Surcharge @ 12% is applicable on income exceeding Rs 1 crore; Marginal relief for such person is available
- Education cess is applicable @ 3% on aggregate of tax plus surcharge
- Finance Bill, 2017 provides a rebate of lower of actual tax liability or Rs. 2,500 (against earlier rebate of Rs. 5,000) in case of individuals having total income of less than Rs. 350,000.