Mr.Arun Jetli our finance minister present historical budget for 2017-2018.and our new tax slab for assesment year 2018-19 is below,
Surcharge= 10% of total income tax,where total income exceeds 50 lakh (to 1 crore),
15% of total income Tax , where total income exceeds 1 crore
Cess = 3% of [total Income Tax + surcharge(if applicable)]
here is some releaf for small Taxpayers,
For F.Y.2017-18:
if individual's income is below 3.5 lakh than,Income Tax Exemption limit for FY 2017-18, is up to Rs. 3,00,000 (only for Individual) because of tax rebat of 2500 rs. (u/s 87A).
Exmaple of tax calculatting:
- If Taxable Income is 12,00,000 rs. Than tax is,
0 to 2,50,000 = 00
2,50,000 to 5,00,000 =12,875 (05.15%)
5,00,000 to 10,00,000 =1,03,000 (20.60%)
10,00,000 to 12,00,000 =61,800 (30.90%)
TOTAL TAX =1,77,675 Rs.
Your income is taxed according to income tax slab rates. Tax slabs have not change for financial year 2014-15 (assessment year AY 2015-16). Income tax slab rates are same for these 3 financial years – FY 2014-15 , FY 2015-16 and FY 2016-17.(We also called Assesment yr.2015-16 , 2016-17, 2017-18.).
There is Including below:
Surcharge= 15% of total income Tax , where total income exceeds 1 crore
Cess = 3% of [total Income Tax + surcharge(if applicable)]
Cess = 3% of [total Income Tax + surcharge(if applicable)]
here is some releaf for small Taxpayers,
For F.Y.2016-17:
if individual's income is below 5 lakh than,Income Tax Exemption limit for FY 2016-17, is up to Rs. 2,70,000 (only for Individual) because of tax rebat of 2000rs. (u/s 87a).
For F.Y.2017-18:
if individual's income is below 5 lakh than,Income Tax Exemption limit for FY 2017-18, is up to Rs. 3,00,000 (only for Individual) because of tax rebat of 5000rs. (u/s 87a).
Exmaple of tax calculatting:
- If Taxable Income is 12,00,000 rs. Than tax is,
0 to 2,50,000 = 00
2,50,000 to 5,00,000 =25,750 (10.30%)
5,00,000 to 10,00,000 =1,03,000 (20.60%)
10,00,000 to 12,00,000 =61,800 (30.90%)
TOTAL TAX =1,90,550 rs.
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