{"id":2345,"date":"2018-03-14T08:40:34","date_gmt":"2018-03-14T03:10:34","guid":{"rendered":"https:\/\/www.antworksmoney.com\/blog\/?page_id=2345"},"modified":"2018-03-14T08:40:34","modified_gmt":"2018-03-14T03:10:34","slug":"income-tax-slab","status":"publish","type":"page","link":"https:\/\/www.antworksmoney.com\/blog\/income-tax-slab\/","title":{"rendered":"Income Tax Slab"},"content":{"rendered":"<p>For salaried individuals, no changes have been made to the income tax rates proposed in 2017. However, the 3% Education Cess from the previous year has been replaced with a 4% \u201cHealth and Education Cess\u201d. Furthermore, a standard deduction of Rs 40,000 has been introduced for all salaried individuals for transportation or medical reimbursement purposes.<\/p>\n<p>The following income tax slab will help you in calculating your taxable income for all types of income slabs.<\/p>\n<div class=\"hungry-table\">\n<table class=\"table table-bordered table-striped\">\n<thead>\n<tr>\n<th class=\"table-header\"><strong>Annual Income<\/strong><\/th>\n<th class=\"table-header\"><strong>Tax Rates<\/strong><\/th>\n<th class=\"table-header\"><strong>Health and Education Cess<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Up to Rs.2,50,000<\/td>\n<td>Nil<\/td>\n<td>Nil<\/td>\n<\/tr>\n<tr>\n<td>Rs.2,50,001-Rs.5,00,000<\/td>\n<td>5%<\/td>\n<td>4% of income tax<\/td>\n<\/tr>\n<tr>\n<td>Rs.5,00,001-Rs.10,00,000<\/td>\n<td>Rs.12,500 + 20%<\/td>\n<td>4% of income tax<\/td>\n<\/tr>\n<tr>\n<td>Above Rs.10,00,000<\/td>\n<td>Rs.1,12,500 + 30%<\/td>\n<td>4% of income tax<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>Tax applicable for individuals over 60 years and under 80 years<\/p>\n<div class=\"col-md-12 link-section\"><\/div>\n<div class=\"hungry-table\">\n<table class=\"table table-bordered table-striped\">\n<thead>\n<tr>\n<th class=\"table-header\"><strong>Annual Income<\/strong><\/th>\n<th class=\"table-header\"><strong>Tax Rates<\/strong><\/th>\n<th class=\"table-header\"><strong>Health and Education Cess<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Up to Rs.3,00,000<\/td>\n<td>Nil<\/td>\n<td>Nil<\/td>\n<\/tr>\n<tr>\n<td>Rs.3,00,001-Rs.5,00,000<\/td>\n<td>5%<\/td>\n<td>4% of income tax<\/td>\n<\/tr>\n<tr>\n<td>Rs.5,00,001-Rs.10,00,000<\/td>\n<td>Rs.10,000 + 20%<\/td>\n<td>4% of income tax<\/td>\n<\/tr>\n<tr>\n<td>Above Rs.10,00,000<\/td>\n<td>Rs.1,10,000 + 30%<\/td>\n<td>4% of income tax<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>Tax applicable for individuals over 80 years and above<\/p>\n<div class=\"col-md-12 link-section\"><\/div>\n<div class=\"hungry-table\">\n<table class=\"table table-bordered table-striped\">\n<thead>\n<tr>\n<th class=\"table-header\"><strong>Annual Income<\/strong><\/th>\n<th class=\"table-header\"><strong>Tax Rates<\/strong><\/th>\n<th class=\"table-header\"><strong>Health and Education Cess<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Up to Rs.5,00,000<\/td>\n<td>Nil<\/td>\n<td>Nil<\/td>\n<\/tr>\n<tr>\n<td>Rs.5,00,001-Rs.10,00,000<\/td>\n<td>20%<\/td>\n<td>4% of income tax<\/td>\n<\/tr>\n<tr>\n<td>Above Rs.10,00,000 Rs.1,12,500<\/td>\n<td>Rs.1,00,000 + 30%<\/td>\n<td>4% of income tax<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>TDS should be deducted at applicable rates as above along with surcharge and Health and Education Cess.<\/p>\n<p><strong>Income tax slabs for Financial Year 2015 &#8211; 2016<\/strong><\/p>\n<p>Tax applicable for men below 60 years<\/p>\n<div class=\"hungry-table\">\n<table class=\"table table-bordered table-striped\">\n<thead>\n<tr>\n<th class=\"table-header\"><strong>Annual Income<\/strong><\/th>\n<th class=\"table-header\"><strong>Rate<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Income up to Rs.2,50,000<\/td>\n<td>Nil<\/td>\n<\/tr>\n<tr>\n<td>Income between Rs.2,50,001 &#8211; Rs.500,000<\/td>\n<td>10% of Income exceeding Rs 2,50,000<\/td>\n<\/tr>\n<tr>\n<td>Income between Rs.500,001 &#8211; Rs.10,00,000<\/td>\n<td>20% of Income exceeding Rs 5,00,000<\/td>\n<\/tr>\n<tr>\n<td>Income above Rs.10,00,000<\/td>\n<td>30% of Income exceeding Rs.10,00,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>Tax applicable for women below 60 years<\/p>\n<div class=\"hungry-table\">\n<table class=\"table table-bordered table-striped\">\n<thead>\n<tr>\n<th class=\"table-header\"><strong>Annual Income<\/strong><\/th>\n<th class=\"table-header\"><strong>Rate<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Income up to Rs.2,50,000<\/td>\n<td>Nil<\/td>\n<\/tr>\n<tr>\n<td>Income between Rs.2,50,001 &#8211; Rs.500,000<\/td>\n<td>10% of Income exceeding Rs.2,50,000<\/td>\n<\/tr>\n<tr>\n<td>Income between Rs.500,001 &#8211; Rs.10,00,000<\/td>\n<td>20% of Income exceeding Rs.5,00,000<\/td>\n<\/tr>\n<tr>\n<td>Income above Rs.10,00,000<\/td>\n<td>30% of Income exceeding Rs.10,00,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>Tax applicable for Senior Citizens (Age 60 years or more but less than 80 years)<\/p>\n<div class=\"hungry-table\">\n<table class=\"table table-bordered table-striped\">\n<thead>\n<tr>\n<th class=\"table-header\"><strong>Annual Income<\/strong><\/th>\n<th class=\"table-header\"><strong>Rate<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Income up to Rs.3,00,000<\/td>\n<td>Nil<\/td>\n<\/tr>\n<tr>\n<td>Income between Rs.3,00,001 &#8211; Rs.500,000<\/td>\n<td>10% of Income exceeding Rs.3,00,000<\/td>\n<\/tr>\n<tr>\n<td>Income between Rs.500,001 &#8211; Rs.10,00,000<\/td>\n<td>20% of Income exceeding Rs.5,00,000<\/td>\n<\/tr>\n<tr>\n<td>Income above Rs.10,00,000<\/td>\n<td>30% of Income exceeding Rs.10,00,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>Tax applicable for Senior Citizens (Age 80 years or more)<\/p>\n<div class=\"hungry-table\">\n<table class=\"table table-bordered table-striped\">\n<thead>\n<tr>\n<th class=\"table-header\"><strong>Annual Income<\/strong><\/th>\n<th class=\"table-header\"><strong>Rate<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Income upto Rs.5,00,000<\/td>\n<td>Nil<\/td>\n<\/tr>\n<tr>\n<td>Income between Rs.500,001 &#8211; Rs.10,00,000<\/td>\n<td>20% of Income exceeding Rs.5,00,000<\/td>\n<\/tr>\n<tr>\n<td>Income above Rs.10,00,000<\/td>\n<td>30% of Income exceeding Rs.10,00,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>For salaried individuals, no changes have been made to the income tax rates proposed in 2017. However, the 3% Education Cess from the previous year has been replaced with a 4% \u201cHealth and Education Cess\u201d. Furthermore, a standard deduction of Rs 40,000 has been introduced for all salaried individuals for transportation or medical reimbursement purposes. &hellip; <a href=\"https:\/\/www.antworksmoney.com\/blog\/income-tax-slab\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Income Tax Slab&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-2345","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>Income Tax Slab | Antworks Money - The Blog on Personal Finance | Guide to Loans, Credit Cards, Insurance and Investments<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.antworksmoney.com\/blog\/income-tax-slab\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Income Tax Slab | Antworks Money - The Blog on Personal Finance | Guide to Loans, Credit Cards, Insurance and Investments\" \/>\r\n<meta property=\"og:description\" content=\"For salaried individuals, no changes have been made to the income tax rates proposed in 2017. 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