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2023-07-16

Income Tax Slab Rate For 2017

Surcharge of 10% slapped on incomes over Rs 50 lakh, tax rate for lowest income slab slashed to 5% from 10%

Individuals earning between Rs 50 lakh and Rs 1 crore will have to pay a surcharge of 10% on the total income tax payable by them. Currently there was no such surcharge on this category. Only those with income above Rs 1 crore were required to pay surcharge of 15% which continues.

Proposed income-tax slabs for FY 2017-2018 (assessment year 2018-19) announced in Budget 2017
Age group: <60 years

Tax rate for lowest income slab slashed to 5% from 10%, surcharge of 10% slapped on incomes over Rs 50 lakh
Surcharge@10% for taxable income between Rs 50 lakh and Rs 1 crore and @15% for taxable income > Rs 1 crore
Age group: 60 years to <80 years
Tax rate for lowest income slab slashed to 5% from 10%, surcharge of 10% slapped on incomes over Rs 50 lakh
Surcharge@10% for taxable income between Rs 50 lakh and Rs 1 crore and @15% for taxable income > Rs 1 crore
Age group: >80 years

Tax rate for lowest income slab slashed to 5% from 10%, surcharge of 10% slapped on incomes over Rs 50 lakh
Surcharge@10% for taxable income between Rs 50 lakh and Rs 1 crore and @15% for taxable income > Rs 1 crore
A surcharge has been levied on the individuals earnings between Rs 50 lakh to Rs 1 crore at the rate of 10%. The cess will be levied on the tax amount plus surcharge.

The tax an Indian pays every year is calculated on the basis of his/her gross total income. The tax is calculated according to the income tax slabs announced by the government every year in the Budget. The annual union budget is normally announced in the month of February.

Says Sonu Iyer, Tax Partner & people advisory services leader, EY India: “Glad fiscal prudence has prevailed over populism. Budget continues the agenda of growth for all and focus on global and India realities. The FM recognised the contribution of the salaried class to the tax revenues yet did not meet the expectation of standard deduction of this class of taxpayers. However, a tax saving for all is proposed by reducing the rate of tax from 10% to 5% for the income slab of Rs 250,000 to Rs  ..

Income tax slab rates for the financial year 2016-17 (assessment year 2017-18) are given below in the table:

1. Normal tax rates applicable to a resident individual below the age of 60 years, non-resident individual, resident/non-resident HUF, AOP, BOI, artificial juridical person.

Tax rate for lowest income slab slashed to 5% from 10%, surcharge of 10% slapped on incomes over Rs 50 lakh

2. Normal tax rates applicable to a resident individual of the age of 60 years or above at any time during the year but below the age of 80 years

Tax rate for lowest income slab slashed to 5% from 10%, surcharge of 10% slapped on incomes over Rs 50 lakh

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