Income Tax Slab for FY 2017-18 And AY 2018-19

Income Tax Slabs For Financial Year 2017 - 2018

Income Tax is a type of tax that is levied by the government on an individual’s earning/salary. The government uses the collected tax money to improve infrastructure, defense and various other purposes including the development of the country. The income tax is counted as a stable source of income for the government to facilitate a diverse range of services to the people of the nation. The income tax is also used for paying government employees their salary.

Calculation of Income Tax

The income tax is calculated differently for individuals based on various factors such as the type of income, amount of income, age, etc. In order to calculate the income tax from salary, an individual will require declaring the total amount of earning and the total amount of deductions. The government allows the individual to draw exemption on particular types of investment. The following income tax slab will help you in calculating your taxable income for all types of income slabs. Income tax slabs for Financial Year 2017 - 2018

Tax applicable for individuals below 60 years

Tax applicable for individuals over 60 years and under 80 years

Tax applicable for individuals over 80 years and above

TDS should be deducted at applicable rates as above along with surcharge and Education Cess.

Income tax slabs for Financial Year 2015 - 2016

Tax applicable for men below 60 years

Tax applicable for women below 60 years

Tax applicable for Senior Citizens (Age 60 years or more but less than 80 years)

Tax applicable for Senior Citizens (Age 80 years or more)

The income tax slabs are proposed in the Union Budget, upon implementation, a taxpayer is expected to accurately file their income and deductions. The taxpayer can also file their income tax return in order to receive the refund for excess tax paid to the government. Recently, the Income Tax (IT) department has observed an increase in the number of people filing their taxes on time.