February 1, 2017

INCOME TAX SLAB 2017-18

Income Tax Slabs_2017-18
0-3 Lacs *0%*
3-5 Lacs *5%*
5-10 Lacs *20%*
10 Lacs & Above *30%*
_Source_ : Loksabha TV



NEW Income Tax Slab declared
Earlier, the tax slabs had caps at annual income of Rs 2.5 lakh, Rs 5 lakh and Rs 10 lakh attracting income tax of 10 per cent, 20 per cent and 30 per cent respectively.
Those with annual income between Rs 50 lakh to Rs 1 crore will be levied a surcharge of 10 per cent.
The 15 per cent surcharge on incomes above Rs 1 crore will continue to be charged.
After today's announcement the following tax slabs:
Annual income             Income Tax rates              Education Cess          Higher Education Cess
Upto Rs 3 lakh                 Nil                                            Nil                                                 Nil
Rs 3- 5 lakh                     5%                                            2%                                                 1%
Rs 5 - Rs 10 lakh           20%                                          2%                                                 1%
Above Rs 10 lakh          30%                                           2%                                                 1%
Above Rs 50 lakh          30%    + Surcharge of 10 per cent
Above Rs 1 crore          30%    + Surcharge of 15 per cent

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