The last date for income tax return filing has been extended from July 31 to August 5, 2017. If you have not filled your ITR yet, this is the time to do so. Here is the income tax slab for the financial year 2016-17 or assessment year 2017-18 which will help you find out your income tax bracket and tax liability as per the IT norms:
Income Tax Slabs for Individual below the age of 60 years FY 2016-17/AY 2017-18
| Income Slabs |
Tax Rates |
Total income does
not exceed Rs 2,50,000/- |
NIL |
Total income exceeds
Rs 2,50,000/- but does
not exceed Rs 5,00,000/- |
10% of amount by which
the total income exceeds
Rs 2,50,000/- |
Total income exceeds
Rs 5,00,000/- but does
not exceed Rs 10,00,000/- |
Rs 25,000/- + 20% of the
amount by which the total
income exceeds Rs 5,00,000/- |
Total income exceeds
Rs 10,00,000/- |
Rs 1,25,000/- + 30% of the
amount by which the total income
exceeds Rs 10,00,000/- |
Income Tax Slabs for Senior Citizens (60 years or more but less than 80 years) FY 2016-17/AY 2017-18
| Income Slabs |
Tax Rates |
Total income does not
exceed Rs 3,00,000/- |
NIL |
Total income exceeds
Rs 3,00,000/- but does
not exceed Rs 5,00,000/- |
10% of the amount by
which the total income
exceeds Rs 3,00,000/ |
Total income exceeds
Rs 5,00,000/- but does
not exceed Rs 10,00,000/- |
Rs 20,000/- + 20% of the
amount by which the total
income exceeds Rs 5,00,000/- |
Total income exceeds
Rs 10,00,000/- |
Rs 120,000/- + 30% of the
amount by which the
total income exceeds
Rs 10,00,000/-
|
|
