Ncurrent income tax slab pdf

Income tax slab rates for ay 201718 fy 201617 lets see the income tax rate slab for the fiscal year 20162017. New provision introduced by finance bill 2076 11 3nga following tax concession will be provided on income generated on export which source is in nepal. Income tax department has issued a circular about tds on salary and all the aspects of income tax on salary, different circulars and notifications, forms, deduction on salary etc. Under the new tax regime in union budget 2020, pay taxes at lower rates without claiming. For the purpose of ascertainment of the applicable tax slab, an individual can be classified as follows. Income tax ratesslab for assesment year rate % 201112 f y 201011 up to 1,60,000 up to 1,90,000 for women nil up to 2,40,000 for resident individual of 65 years or above 1,60,001 5,00,000 10 5,00,001 8,00,000 20 8,00,001 upwards 30 few amendments made to the. The new tax slabs have been incorporated in quikchex. Here is perfect explanation of current income tax rate, income tax slab for current financial year 201 51 6 and assessment year 201 61 7. Income tax slab for financial year 201415 mytaxcafe. Income tax rates for financial year 2012 and ay 2014. The budget 2014 has changed the income tax slab rates slightly as. Have a look at revised income tax slabs and know how much will you save in new tax regime.

Income tax slab rates specify the threshold annual income limits at which a higher or lower rate of tax is applicable. 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 500,000. Net income range income tax rates surcharge education cess upto rs. Income tax slabs 202021, 201920 income tax rates in india. Net income range incometax rates health and education cess up to rs. For general tax payers including women income slab tax rate 0 to 2,50,000 no tax 2,50,001 to 5,00,000 10% 5,00,001 to 10,00,000 20% above 10,00,000. Income tax slab rates 201819 pdf download ay 201920. Find the income tax slab rates for the last 7 years all at one place 1 f. Income tax slab rates for non individuals companies. Income tax slab 201718 ay 201819 budget 2017 from fy 201718, those with annual income between rs 50 lakh to rs 1 crore will be levied a surcharge of 10 per cent.

Surcharge and education cess see note income tax slab rates 201718 pdf download. Tax rates as applicable for different persons for the a. The amount of income tax shall be increased by a surcharge at the rate of 10% of such tax, where total income exceeds fifty lakh rupees but does not exceed one crore rupees. The amount of incometax shall be increased by a surcharge at the rate of 10% of such tax, where total income between 50 lakhs and one crore rupees above 1 crore 15% surcharge. Have a look at revised income tax slabs and know how much will you. Income tax rates income tax slab and rate for 20172018. For cooperative societies, there are three slabs for calculating income tax. In the middle income tax slab, the tax outgo increases by rs 1,125, and there is a nominal increase in the tax liability of rs 125 for lowest income tax slab. Income tax slab for individual tax payers and huf less than 60 years old individuals with income up to the limit of rs. However, in case of a nonresident individual the tax rates will be same irrespective of his age. Due to the hike in cess, the tax liability for the highest slab assuming an income of rs 15 lakh has increased by rs 2,625. Applicable to individual male below the age of 60 years and huf.

Income tax slab rates for the last 7 years yash shindes. Income tax slabs, rates and useful deductions to know the government may tweak income tax slabs and rates to bring down the burden on individuals, according to a survey by tax and advisory firm ey. However, under old tax regime the basic income threshold exempt from tax for senior citizen aged 60 to 80 years and super senior citizens aged above 80 years is. There will be a surcharge of 10% for those whose annual income is rs 50 lakh to rs 1 crore. Find updated latest income tax slab rates in india for.

Ltcg period of land and building reduced to 2 years from 3 years. Arun jaitley presented the union budget on 29 february 2016. This is the income tax slabs for financial year 2012 and the analysis year 2014. Last 25 years income tax rates linkedin slideshare. In india, tax on ones income is charged in a manner that as the taxpayers income increases, he is required to contribute more portion of his earned income in the form of taxes to the government, who is supposed to use those funds accumulated fro. Income tax slab rates 201718 pdf download ay 201819. Income tax slabs for the individual male below 60 years age for the assessment year 20142015 sl no. For resident woman who is below 65 years of age at any time during the previous year. In the following sections we will discuss the income tax rates for fy 20182019 ay 20192020 and some other key features of income tax in india. Use our free income tax calculator for getting an idea of how much tax you will.

Hdfc life provides the latest income tax slab rates and deductions in india for tax payers in different age groups. Income tax slab rates 201920 pdf download ay 202021. Income tax rates for assessment year 199293 income slab rs. For individuals, huf, association of persons aop and body of individuals boi.

T he union budget 2017 bought about new tax slabs for this new fiscal year. Here, you can find information about the tax return for nonresident. Income tax slab rates for individualhuf for fy 201415. Personal income tax slab changes recommended by the direct tax committee. Income tax slab tells the tax rate at which you have to pay tax on income. A surcharge of 12% of income tax will be applicable on the taxpayers, whose annual earning exceeds rs.

Income tax slab income tax exception limit current. If you are a nonresident taxpayer, you are required to file a tax return in the netherlands. Hdfc life provides the latest income tax slab rates and deductions in india for tax payers in different age groups and tax benefits offered by its online insurance products, for the financial year 201718. However, the surcharge shall be subject to marginal relief where. Home income tax service tax vat central excise online forms bare acts companies act cpc crpc ipc formats. The normal tax rates applicable to a resident individual will depend on the age of the individual. Accordingly, following are the income tax brackets relevant for assessment year 201718 i. Check the latest income tax slabs, tax rate for fy 202021. The income tax rate for nonindividual is provided in the union budget 2016, presented in parliament on 29th february 2016.

Last 25 years income tax rates for individuals, huf, aops, bois ay 199293 to ay 201415 by shankar bose inspector of income tax oo the principal chief commissioner of income tax, odisha, bhubaneswar 2. The income tax slab is the same for a female as it is for a. The latest income tax slab to calculate your tax for year 201220 based on budget 2012 budget. According to the committee, the current personal income tax slabs need to be overhauled. Income tax slabincome tax exception limit for current financial year 201415 filing income tax return for fy 201 51 6 income tax. New tax regime slab rates are not differentiated based on age group.

These rates are applicable on individual assessee, hindu undivided family hufs,association of persons aop and body of individuals boi. The latest income tax slabs based on the union budget presented on 29 february 2016. Local authorities are taxed at a flat rate of 30% over total income per financial year. Please note that the income of financial year 201415 is taxable at the tax rate applicable for assessment year 201516. Income tax slab rates for last 25 years in india 199293. Surcharge and education cess see note income tax slab rates 201819 pdf download. Current income tax slabs, rates and other details in budget 2018, the finance minister proposed no change in income tax slab and tax rates for individuals for fy 201819. If you are a human and are seeing this field, please leave it blank.

Following are the major highlights of the latest income tax slab. Calculate your tax based on the tax slabs for year 20162017. Taxpayers will also receive a significant relief if the current tax slab of 10% is extended to rs. Income tax rates and slabs as per budget 2017 income tax slab for fy 20172018 ay 20182019 part a. Click here to save tax with hdfc lifes various online insurance products. For financial year 2014, additional surcharge called the education cess on incometax and secondary and higher education cess on incometax shall continue to be levied at the rate of two per cent. Individuals below 60 yrs income tax slab rate ay 201819 fy 201718 income tax. Income tax budget 2020 proposes crucial changes in income tax rates 202021. For salaried taxpayers, standard deduction has been raised from the current.

As per the report, changes have been suggested in the current direct tax system. Rates of incometax for fy 201415 ay 201516 as per the finance no. Income tax slabs, rates and useful deductions to know. The amount of incometax shall be increased by a surcharge at the rate of 10% of such tax, where total income exceeds fifty. It got the assent of the president of india on th may 2016. Additionally, the 15% surcharge on rs 1 crore or more. Tax exemption limit raised to rs 2 lakhs and tax rates has changed for other slabs too. Based on the annual income earned by an individual, the following table.

Income tax rates slabs for the financial year 20112012 a. However, under new tax regime person cannot claim up to 70 income tax. Simplification of tax return forms for income up to rs 500,000 provided no business income. On the occasion of union budget sessions, the finance minister arun jaitley announced the reduction of the existing rate of taxation for individuals with income ranging between rs 2. The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge at the rate of 5% of such income tax, provided that the total income exceeds rs.