Prepare at a time Tax Compute Sheet + Individual Salary Sheet + Automatic H.R.A.Exemption Calculation + Automated Arrears Relief Calculator with Form 10E + Automated Form 16 Part A&B and Part B for F.Y.2017-18

on January 10, 2018 in Automated H.R.A. Exemption Calculator, Automated Income Tax Arrears Relief Calculator U/s 89(1) for F.Y.2017-18, Automated TDS on Salary for F.Y.2017-18, Automatic Form 16 Part B for A.Y. 2018-19

Highlights of Income-tax Slab 2017-18

· The Slab for Tax-free Income is the same. For FY 2017-18, No Tax on income up to Rs.2.5 lakhs.

· The Government has reduced the tax rate for the income up to Rs 5 lakhs. The new tax rate for income between 2.5 lakhs to 5 lakhs is 5%.

· The Upper limit to claim income tax deduction under section 80C is still at 1.5 lakhs.

· The government has reduced the income tax rebate. Now, it is Rs 2,000 instead of Rs 5000.

· The Upper limit to get the rebate is also reduced. Now, you would be eligible for the rebate if income is less than Rs 3.5 lakhs. Earlier this limit was at 5 lakhs.

· The threshold for surcharge came down. Now, you have to pay a surcharge if your taxable income is more than 50 lakhs (5 million rupees). Earlier, this limit was 1 crore.

Tax Slab for Individuals

This is the general income tax slab. This slab is applicable to those who are less than 60 years old. It means if you born on or after 1^ST April 1957, refer to the following tax rates. This slab rate is also applicable to Non-Resident Indian, Hindu undivided family (HUF), Association of Persons, Body of Individuals and Artificial Judicial Person.

Income Tax Slab for 2017- 18	Tax Rate	Details
Income Up to Rs. 2,50,000	0
Rs. 2,50,000 – Rs. 5,00,000	5%	On Amount above and over 2,50,000
Rs. 5,00,000 – Rs. 10,00,000	20%	On Amount above and over 5,00,000
Above Rs. 10,00,000	30%	On Amount above and over 10,00,000