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Income Tax Slabs for the Financial Year 2017-18

Individual Resident - Age: below 60 years

Sl. No.Net Income RangeTax Rate
1Upto Rs. 2,50,000Nil
2Rs. 2,50,001 - Rs. 5,00,0005% of (Total income - 2,50,000)
3Rs. 5,00,001 - Rs. 10,00,000Rs. 12,500 + 20% of (Total income - 5,00,000)
4Above Rs. 10,00,000Rs. 1,12,500 + 30% of (Total income - 10,00,000)

Senior Citizen - Age: 60 years or more but below 80 years

Sl. No.Net Income RangeTax Rate
1Upto Rs. 3,00,000Nil
2Rs. 3,00,001 - Rs. 5,00,0005% of (Total income - 3,00,000)
3Rs. 5,00,001 - Rs. 10,00,000Rs. 10,000 + 20% of (Total income - 5,00,000)
4Above Rs. 10,00,000Rs. 1,10,000 + 30% of (Total income - 10,00,000)

Super Senior Citizen - Age: 80 years or more

Sl. No.Net Income RangeTax Rate
1Upto Rs. 5,00,000Nil
2Rs. 5,00,001 - Rs. 10,00,00020% of (Total income - 5,00,000)
3Above Rs. 10,00,000Rs. 1,00,000 + 30% of (Total income - 10,00,000)

Cess: 3% of income tax

Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.

Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.

Rebate under Section 87A: Rs.2500 for individuals total income between Rs 2.5 lakh to Rs 3.5 lakh.