01 February, 2017

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Tax Rates for AY 18 - 19 - Budget 2017

Rates for A.Y 2018-19- Budget 2017

Individuals below 60 Yrs – Income Tax Slab Rate AY 2018-19 (FY 2017-18)
Income tax slab
Income tax Rate
Income up to 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

Tax payers fall in bracket of income up to Rs.5,00,000 or more would get benefit of Rs12500.
Also there is rebate of Rs. 2500 which mean up to Rs.3,00,000 there is no tax.
Senior citizen (Aged 60-80)- Income Tax Slab Rate AY 2018-19 (FY 2017-18)
Income tax slab
Income tax Rate
Income up to Rs. 3,00,000
Nil
Income between Rs. 3,00,001 – 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

Super senior citizen (Aged above 80 Yrs)
Income tax slab
Income tax Rate
Income up to Rs. 6,00,000
Nil
Income between Rs. 6,00,001 – Rs. 1000,000
20% of Income exceeding Rs. 6,00,000
Income above Rs. 10,00,000
30% of Income exceeding Rs. 10,00,000

Corporate taxes
  1. Micro, Small and Medium Enterprises (MSME)
    1. Corporate tax rate for MSME with turnover up to Rs.50 Cr. has been brought down to 25%. These has MSME covered almost 96% portion of total industry.
  2. Additional surcharge of 10% is charged on taxable income between Rs.50 lac to Rs.1 crore.
  3. Tax payers fall in bracket of income up to Rs.5,00,000 or more would get benefit of Rs12500.
  4. Propose to reduce basic customs duty for LNG to 2.5% from 5%

Note: Above mentioned are changes in rates as per union budget 2017. All other rates are same as before.

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