Slab Rate for Individual
Tax liability of an individual shall be computed at the slab rates given in the relevant Finance Act i.e. Finance Act, 2017 and the rates are as given below:
Resident individual of the age of 60 years or more at any time upto the end of relevant previous year but less than eighty years (senior citizen)
If total income is upto `3,00,000 NIL
On next `2,00,000 5%
On next `5,00,000 20%
On Balance amount 30%
“Senior Citizen” means an individual resident in India who is of the age of 60 years or more at any time during the relevant previous year. If date of birth is 1st April, 1958, 60 year will be completed on 31-03-18 and assessee shall be senior citizen in previous year 2017-18.
Slab rate for resident individual of the age of 80 years or more at any time upto the end of relevant previous year (Very senior citizen)
If total income is upto `5,00,000 NIL
On next `5,00,000 20%
On Balance amount 30%
“Very Senior Citizen” means an individual resident in India who is of the age of 80 years or more at any time during the relevant previous year. If date of birth is 1st April, 1938, 80 year will be completed on 31-03-18 and assessee shall be very senior citizen in previous year 2017-18.
Slab rate for any other Individual
Income shall be taxable at the slab rates given below:
If total Income upto `2,50,000 NIL
On next `2,50,000 5%
On next `5,00,000 20%
On Balance amount 30%
Surcharge
Surcharge shall be applicable
– @ 10% provided total income is exceeding ` 50 lakhs but it is upto ` 1 crore (i.e.100 lakhs) .
– @ 15% provided total income is exceeding ` 1 crore.
Education cess shall be charged on the total of tax plus surcharge.
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