The Income tax slab is going to change for ay 2018-2019. Find out the rates for individual, sr citizens for 2017 including rebate and exemption limit. As per the news, the Govt. of India is planning to change the slab rate for income tax the ay 2018.

What is Income-tax slab?

Every citizen in India needs to pay taxes as per his or her income. It is mandatory that a person pay tax after his income exceeds a particular limit. For this, every tax-payer needs to file a return of his income in every financial year. But for this, you need to know every detail of tax rules fixed by the income-tax department.

The Government of India has fixed the following limits as tax slabs and the tax-payer would have to pay if his or her income exceeds after that. The non-payment of taxes would of course invite imposition of fines.

Income Tax Slab Rules

Let’s know about the latest rules for the tax slab for 2018-2019:

  • No tax payment is necessary if the income remains confined to Rs 2,50,000 in a financial year.
  • If your income exceeds Rs 2,50,000 but stays confined to Rs 5,00,000, you would pay 10% of the income that exceeds Rs 2,50,000.
  • If your total income exceeds Rs 5,00,000 but stays confined to Rs 10,00,000, then Rs 25,000 plus 20% of the amount exceeding Rs 5,00,000 would be charged as Income tax.
  • If total income exceeds Rs 10,00,000, you would pay Rs 1,25,000 plus 30% of the total income that exceeds Rs 10,00,000.

 

Income Tax Slab for Individual Tax Payers

Amount (in Rs) Tax Rate
Up to 2,50,000 Nill
2,50,000 to 5,00,000 5%
5,00,000 to 10,00,000 20%
More than 10,00,000 30%

 

Income Tax Slab for Senior Citizens (Between 60 to 80 Years)

Amount (in Rs) Tax Rate
Up to 3,00,000 Nill
3,00,000 to 5,00,000 5%
5,00,000 to 10,00,000 20%
More than 10,00,000 30%

 

Income Tax Slab for Senior Citizens (80 year old and more than 80 Years)

Amount (in Rs) Tax Rate
Up to 2,50,000 Nill
Up to 5,00,000 Nill
5,00,000 to 10,00,000 20%
More than 10,00,000 30%