The Union Finance Minister Shri Arun
Jaitley in his Budget Speech ON 01/02/2017 in Lok Sabha proposed few change in
the rate of personal Income-tax. The tax slab of 10% i.e from 2.5 lakh to 5
lakh has been reduced to 5 % from 10% earlier in respect of the income earned
in the financial year 2017-18 assessable in the assessment year 2018-19.
INCOME TAX BENEFIT FOR CHANGES IN
BUDGET-2017 AT VARIOUS INCOME LEVELS
|
TAX BENEFIT FOR TAXABLE INCOME OF RS 300000/-BUDGET-2017
|
|||
|
TYPE OF PERSON
|
OLD TAX
|
NEW TAX
|
BENEFIT
|
|
INDIVIDUAL <60years amp="" huf="" span="">
|
0
|
0
|
0
|
|
SR CITIZEN 60-80 YEARS OLD
|
0
|
0
|
0
|
|
SR CITIZEN 80 YEARS AND ABOVE
|
0
|
0
|
0
|
|
TAX BENEFIT FOR TAXABLE INCOME OF RS 500000/-BUDGET-2017
|
|||
|
TYPE OF PERSON
|
OLD TAX
|
NEW TAX
|
BENEFIT
|
|
INDIVIDUAL <60years amp="" huf="" span="">
|
20600
|
7725
|
12875
|
|
SR CITIZEN 60-80 YEARS OLD
|
15450
|
5150
|
10300
|
|
SR CITIZEN 80 YEARS AND ABOVE
|
0
|
0
|
0
|
|
TAX BENEFIT FOR TAXABLE INCOME OF RS 800000/-BUDGET-2017
|
|||
|
TYPE OF PERSON
|
OLD TAX
|
NEW TAX
|
BENEFIT
|
|
INDIVIDUAL <60years amp="" huf="" span="">
|
87550
|
74675
|
12875
|
|
SR CITIZEN 60-80 YEARS OLD
|
82400
|
72100
|
10300
|
|
SR CITIZEN 80 YEARS AND ABOVE
|
61800
|
61800
|
0
|
|
TAX BENEFIT FOR TAXABLE INCOME OF RS 1000000/-BUDGET-2017
|
|||
|
TYPE OF PERSON
|
OLD TAX
|
NEW TAX
|
BENEFIT
|
|
INDIVIDUAL <60years amp="" huf="" span="">
|
128750
|
115875
|
12875
|
|
SR CITIZEN 60-80 YEARS OLD
|
123600
|
113300
|
10300
|
|
SR CITIZEN 80 YEARS AND ABOVE
|
103000
|
103000
|
0
|
Rates of tax For Fy 2017-18 AY 2018-19
A. Normal Rates of tax
A. Normal Rates of tax
|
SR No
|
Total
Income
|
Rate
of tax
|
|
1
|
Up to Rs. 250000/-
|
Nil
|
|
2
|
Rs 2,50,001/- to
Rs.5,00,000/-
|
5 % of the amount by which the
total income exceeds Rs.2,50,000/-
|
|
3
|
Rs 5,00,001/- to Rs.
10,00,000/-.
|
Rs. 12,500/- plus 20 per cent of
the amount by which the total income exceeds Rs. 5,00,000/-.
|
|
4
|
Exceeds Rs. 10,00,000/-.
|
Rs. 1,12,500/- plus 30 per cent of
the amount by which the total income exceeds Rs. 10,00,000/-
|
B.
Rates of tax for every individual, resident in India, who is of the age of
sixty years or more but less than eighty years at any time during the Financial
year:
|
SR No
|
Total
Income
|
Rate
of tax
|
|
1
|
Up to Rs. 3,00,000/-
|
Nil
|
|
2
|
Rs 3,00,001/- to
Rs.5,00,000/-
|
5% per cent of the amount by which
the total income exceeds Rs.3,00,000/-
|
|
3
|
Rs 5,00,001/- to Rs.
10,00,000/-.
|
Rs. 10,000/- plus 20 per cent of
the amount by which the total income exceeds Rs. 5,00,000/-.
|
|
4
|
Exceeds Rs. 10,00,000/-.
|
Rs. 1,10,000/- plus 30 per cent of
the amount by which the total income exceeds Rs. 10,00,000/-
|
C.
In case of every individual being a resident in India, who is of the age of
eighty years or more at any time during the financial year:
|
SR No
|
Total
Income
|
Rate
of tax
|
|
1
|
Up to Rs. 5,00,000/-
|
Nil
|
|
2
|
Rs 5,00,001/- to Rs.
10,00,000/-.
|
20 per cent of the amount by
which the total income exceeds Rs. 5,00,000/-.
|
|
3
|
Exceeds Rs. 10,00,000/-.
|
Rs. 1,00,000/- plus 30 per cent of
the amount by which the total income exceeds Rs. 10,00,000/-
|
Surcharge on Income tax:
The amount of income-tax computed in
accordance with the preceding provisions of this Paragraph, or the provisions
of section 111A or section 112 of the Income-tax Act, shall, in the case of
every individual or Hindu undivided family or association of persons or body of
individuals, whether incorporated or not, or every artificial juridical person
referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax
Act, having a total income exceeding 50 lakh crore rupees to 1
crore , be increased by a surcharge for the purpose of the Union
calculated at the rate of 10 per cent of such
income-tax:total income exceeding one crore rupees, be increased by
a surcharge for the purpose of the Union calculated at the rate of fifteen
per cent of such income-tax:
Provided that in the case of persons
mentioned above having total income exceeding one crore rupees, the total
amount payable as income-tax and surcharge on such income shall not exceed the
total amount payable as income-tax on a total income of one crore rupees by
more than the amount of income that exceeds one crore rupees.
Education Cess on Income tax:
The amount of income-tax including the
surcharge if any, shall be increased by Education Cess on
Income Tax at the rate of two percent of the income-tax.
Secondary
and Higher Education Cess on Income-tax:
An additional education cess is
chargeable at the rate of one percent of income-tax including
the surcharge if any, but not including the Education Cess on income tax .
REBATE
OF Rs 5000 FOR INDIVIDUALS HAVING TOTAL INCOME UPTO Rs 5 LAKH [SECTION
87A]
Finance Act 2013 provided relief in the
form of rebate to individual taxpayers, resident in India, who are in lower
income bracket, i. e. having total income not exceeding Rs 5,00,000/-. The
amount of rebate available under section 87A is Rs 5000/- or the amount of tax
payable, whichever is less from AY 2017-18.
Rates of tax For Fy 2016-17
AY 2017-18
A. Normal Rates of tax
|
SR No
|
Total
Income
|
Rate
of tax
|
|
1
|
Up to Rs. 250000/-
|
Nil
|
|
2
|
Rs 2,50,001/- to
Rs.5,00,000/-
|
10 per cent of the amount by which
the total income exceeds Rs.2,50,000/-
|
|
3
|
Rs 5,00,001/- to Rs.
10,00,000/-.
|
Rs. 25,000/- plus 20 per cent of
the amount by which the total income exceeds Rs. 5,00,000/-.
|
|
4
|
Exceeds Rs. 10,00,000/-.
|
Rs. 1,25,000/- plus 30 per cent of
the amount by which the total income exceeds Rs. 10,00,000/-
|
B.
Rates of tax for every individual, resident in India, who is of the age of
sixty years or more but less than eighty years at any time during the financial
year:
|
SR No
|
Total
Income
|
Rate
of tax
|
|
1
|
Up to Rs. 3,00,000/-
|
Nil
|
|
2
|
Rs 3,00,001/- to
Rs.5,00,000/-
|
10 per cent of the amount by which
the total income exceeds Rs.3,00,000/-
|
|
3
|
Rs 5,00,001/- to Rs.
10,00,000/-.
|
Rs. 20,000/- plus 20 per cent of
the amount by which the total income exceeds Rs. 5,00,000/-.
|
|
4
|
Exceeds Rs. 10,00,000/-.
|
Rs. 1,20,000/- plus 30 per cent of
the amount by which the total income exceeds Rs. 10,00,000/-
|
C.
In case of every individual being a resident in India, who is of the age of
eighty years or more at any time during the financial year:
|
SR No
|
Total
Income
|
Rate
of tax
|
|
1
|
Up to Rs. 5,00,000/-
|
Nil
|
|
2
|
Rs 5,00,001/- to Rs.
10,00,000/-.
|
20 per cent of the amount by
which the total income exceeds Rs. 5,00,000/-.
|
|
3
|
Exceeds Rs. 10,00,000/-.
|
Rs. 1,00,000/- plus 30 per cent of
the amount by which the total income exceeds Rs. 10,00,000/-
|
Surcharge on Income tax:
The amount of income-tax computed in
accordance with the preceding provisions of this Paragraph, or the provisions
of section 111A or section 112 of the Income-tax Act, shall, in the case of
every individual or Hindu undivided family or association of persons or body of
individuals, whether incorporated or not, or every artificial juridical person
referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax
Act, having a total income exceeding one crore rupees, be increased by a
surcharge for the purpose of the Union calculated at the rate of fifteen per
cent of such income-tax:
Provided that in the case of persons
mentioned above having total income exceeding one crore rupees, the total
amount payable as income-tax and surcharge on such income shall not exceed the
total amount payable as income-tax on a total income of one crore rupees by
more than the amount of income that exceeds one crore rupees.
Education Cess on Income tax:
The amount of income-tax including the
surcharge if any, shall be increased by Education Cess on Income Tax at
the rate of two percent of the income-tax.
Secondary and Higher Education Cess on Income-tax:
An additional education cess is
chargeable at the rate of one percent of income-tax including the
surcharge if any, but not including the Education Cess on income tax .
REBATE OF Rs 2500 FOR INDIVIDUALS HAVING TOTAL INCOME UPTO Rs
3.5 LAKH [SECTION 87A]
In view of proposed rationalisation of tax
rates for individuals in the income slab of Rs. 2,50,000 to Rs.5,00,000,it is
proposed to amend section 87A so as to reduce the maximum amount of rebate
available under this section from existing Rs. 5000 to Rs. 2500. It is
also proposed to provide that this rebate shall be available to only resident
individuals whose total income does not
exceed Rs. 3,50,000.
Read more: http://www.simpletaxindia.net/2017/02/new-income-tax-rate-slabs-after-budget-2017.html#ixzz4XQMbKo65
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