Income Tax Slabs
Income tax rates are declared for every financial year .Tax rates are same for both males and females. In addition to normal tax rate, below listed surcharge and cess is applicable on taxable income.
1.Surcharge: 15% of surcharge will be applicable on income tax if total income exceeds one crore rupees.
2.Education cess: 2% cess is charged on income tax and surcharge
3.Secondary and Higher Education Cess: 1% cess is charged on income tax and surcharge
Rebate of Rs 5000/- is entitled for Indian citizens in any assessment year on income tax is available under section 87A whose total income does not exceed Rs 5,00,000/-.Rebate can be claimed on total income tax or Rs 2000/- ,whichever is lower
Tax Slabs for financial year 2017-2018 and assessment year 2018-2019 are listed below
1.In case of an Individual (resident or non-resident) or HUF or Association of Person or Body of Individual or any other artificial juridical person.