Income Tax Calculation FY 2017-18 AY 2018-19 The Free Software for Employees and Other Tax Payers-
The Union Budget Proposal for the Financial Year 2017-18, which was already announced by the Hon’ble Finance Minister Mr. Arun Jaitely, in Lok Sabha on 1St Februar 2017, has put forward certain modifications in the existing Personal Income Tax Rate of the Indian Citizen. The main highlights of the proposal include:
RATES OF INCOME-TAX :
Income-tax is required to be deducted under Section 192 of the Act from income chargeable under the head "Salaries" for the financial year 2017-18 (i.e. Assessment Year 2018-19) at the following rates.
FORM 12 BB-വീട്ട് വാടക ബത്ത (House
Rent Allowance) , LTC എന്നിവ Claim ചെയ്യുന്നവർ നിർബന്ധമായും സമർപ്പിക്കേണ്ട ഫോറം ഡൌൺലോഡ്
ചെയ്യുന്നതിന് (Word File) ഇവിടെ ക്ലിക്ക് ചെയ്യുക.
I. Normal Rates of tax:
1 Where the total income does not exceed Rs. 2,50,000/--- Nil
2 Where the total income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/-. 5 per cent of the amount by which the total income exceeds Rs. 2,50,000/-
3 Where the total income exceeds Rs. 5,00,000/- but does not exceed 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 Where the total income 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/-
II. Tax at Special rate:
A. 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:
1 Where the total income does not exceed Rs. 3,00,000/- --Nil
2 Where the total income exceeds Rs. 3,00,000 but does not exceed Rs. 5,00,000/- 5 per cent of the amount by which the total income exceeds Rs. 3,00,000/-
3 Where the total income exceeds Rs. 5,00,000/- but does not exceed 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 Where the total income 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/-
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