As per new budget announced by Governemnt of India for Financial year 2017-18 (assessment year 2018-19), whose income falls between 50 Lakhs to 1 Crore will be levied a surcharge of 10%. Below table gives the tax slabs for individuals below 60 years.
Tax slab for Individuals below 60 years:
|Income Tax Slab Rate AY 2018-19 (FY 2017-18)|
|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|