Various Site has the various Income Tax Calculator which can Calculate only your Income Tax Liability but could not prepare at a time all of Income Tax Forms and Calculation as per the Income Tax Act as well as the Central Finance Budget 2017-18.
INCOME TAX SLAB RATE FOR THE FINANCIAL YEAR 2017-18 & ASSESSMENT YEAR 2018-19 AS GIVEN BELOW:-
Individuals Below 60 Yrs – Income Tax Slab 2017-18 (AY 2018-19)
Income Tax Slab
|
Income Tax Rate
|
Income upto Rs. 2,50,000
|
Nil
|
Income between Rs. 2,50,001 – Rs. 500,000
|
5% of Income exceeding Rs. 2,50,000
|
Income between Rs. 500,001 – Rs. 10,00,000
|
20% of Income exceeding Rs. 5,00,000
|
Income above Rs. 10,00,000
|
30% of Income exceeding Rs. 10,00,000
|
Senior Citizens (60-80 yrs) : Income Tax Slab 2017-18 (AY 2018-19)
Income Tax Slab
|
Income Tax Rate
|
Income upto Rs. 3,00,000
|
Nil
|
Income between Rs. 3,00,001 – Rs. 500,000
|
5% of Income exceeding Rs. 3,00,000
|
Income between Rs. 500,001 – Rs. 10,00,000
|
20% of Income exceeding Rs. 5,00,000
|
Income above Rs. 10,00,000
|
30% of Income exceeding Rs. 10,00,000
|
Super Senior Citizens ( Above 80 yrs) : Income Tax Slab 2017-18 (AY 2018-19)
Income Tax Slab
|
Income Tax Rate
|
Income upto Rs. 5,00,000
|
Nil
|
Income between Rs. 500,001 – Rs. 10,00,000
|
20% of Income exceeding Rs. 5,00,000
|
Income above Rs. 10,00,000
|
30% of Income exceeding Rs. 10,00,000
|
All of are well known that the Income Tax Slab have already changed by the Finance Budget 2017-18. The New Tax Slab is given below for the Financial Year 2017-18.
It is also changed the Tax Rebate U/s 87A Rs.2,500/- from the Rs. 5,000/- and the limit of this Rebate who’s taxable income is below Rs.3.5 lakh as per the Finance Budget 2017-18
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