Income Tax Slabs & Rates
Income Tax Slabs & Rates
New Income Tax Slabs and Rates for Financial Year: 2018-19
| Income Tax Slab | Individuals below the age of 60 years |
|---|---|
| Up to `2,50,000 | Nil |
| 2,50,001 to 5,00,000 | 5% of total income exceeding 2,50,000 |
| 5,00,001 to 10,00,000 | 12,500 + 20% of total income exceeding 5,00,000 |
| Above 10,00,000 | 1,12,500 + 30% of total income exceeding 10,00,000 |
| Income Tax Slab | Senior Citizens (aged 60 years but less than 80 years) |
|---|---|
| Up to 2,50,000 | Nil |
| 2,50,001 to 3,00,000 | Nil |
| 3,00,001 to 5,00,000 | 5% of total income exceeding 3,00,000 |
| 5,00,001 to 10,00,000 | 15,000 + 20% of total income exceeding 5,00,000 |
| Above 10,00,000 | 1,15,000 + 30% of total income exceeding 10,00,000 |
| Income Tax Slab | Very Senior Citizens (aged 80 years and above) |
|---|---|
| Up to 2,50,000 | Nil |
| 2,50,001 to 3,00,000 | Nil |
| 3,00,001 to 5,00,000 | Nil |
| 5,00,001 to 10,00,000 | 20% of total income exceeding 5,00,000 |
| Above 10,00,000 | 1,00,000 + 30% of total income exceeding 10,00,000 |
Above rates does not include Surcharge and Cess.
- 10% surcharge is applicable on income tax if income exceeds 50 lacs but upto 1 crore
- 15% surcharge is applicable on income tax if income is above 1 crore
- 4% Health & Education Cess is applicable on the income tax and applicable surcharge.
Tax rates and slabs are same for Male and Female as per above table
For individuals total income below 3.5 lakhs, tax rebate of upto 25,00 under section 87A is available
| Particulars (.) | Ravi | Ramesh | Rahul | |
|---|---|---|---|---|
| Annual Salary | 5,00,000 | 10,00,000 | 15,00,000 | |
| Less: Medical Reimbursement | 15,000 | 15,000 | 15,000 | |
| Less : Deduction u/s 80C | 80,000 | 1,50,000 | 1,50,000 | |
| Less : HRA deduction as per section 10(13A) | 92,000 | 1,00,000 | 1,50,000 | |
| Gross Taxable Income (GTI) | 3,13,000 | 7,35,000 | 11,85,000 | |
| Tax computation on GTI | ||||
| Up to 2,50,000 | - | - | - | |
| 2,50,001 to 5,00,000 | 6,300 | 25,000 | 25,000 | |
| 5,00,001-10,00,000 | - | 47,000 | 1,00,000 | |
| Above 10,00,001 | - | - | 55,500 | |
| A | Total tax | 6,300 | 72,000 | 1,80,500 |
| B | Less Rebate u/s 87A | 5,000 | - | - |
| C | 2% Education & 1% Secondary & Higher Education Cess on (A-B) | 39 | 2,160 | 5,415 |
| Tax Payable (A-B+C) | 1,339 | 74,160 | 1,85,915 | |
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Please note that the tax write-up above is for general understanding and reference. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information. Tax benefits/savings are subject to conditions of Section 80C, 80CCC, 80CCE, 10(10A), 10(10D) and other provisions of the Income Tax Act, 1961. Tax laws are subject to amendments from time to time. ICICI Prudential Life Insurance Company Limited expressly disclaims any liability to any person, if tax benefits stated above are denied to the customer
∞This is only a provisional certificate and this does not communicate acceptance or commencement of risk under proposal submitted by you. This document may be used as a proof for claiming deductions while filing your tax returns subject to provisions of relevant tax sections and acceptance of risk, i.e. on policy issuance by the company. For any confirmation / impact analysis customer is advised to refer the matter to his Tax consultant.
^Source: http://economictimes.indiatimes.com/wealth/tax/latest-income-tax-slabs/articleshow/56201289.cms
ADVT No - W/II/1045/2016-17
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