Income Tax Rates for Individuals Financial Year 2017-18 (Assessment Year 2018-19)

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