Income Tax Calculator for FY 2017-18 (AY 2018-19) {Auto Calculation}

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Union Budget 2017-18.

After budget 2017, there are many doubts in respect of changes in individual taxation which affects the individual tax liability. In news & social media they are writing that there is no tax on annual income of Rs. 3 Lakh. People are taking that tax slab has change from Rs. 3L to 5L etc.

Click here to download Income_Tax_Calculator_2017-18

Actually there are only three new key changes for an individual in this Budget and new slabs are as follows.

  1. Tax slab remain same but rate for tax slab of 2,50,000 to 5,00,000 has reduced from 10% to 5% and rest rates are same.

Now new slabs are

For Individual Male/Female with age <60 Yrs         

Up to Rs. 2,50,000 –   Nil

Rs. 2,50,000 to 5,00,000 –    5%

Rs.  5,00,000 to 10,00,000 –  20%

Rs. 10,00,000 & above –   30%

 For senior. Citizen of above 60 Yrs & less than 80 Yrs

Rs.  Up to 3,00,000 –    Nil

Rs. 3,00,000 to 5,00,00 –    5%

Rs. 5,00,000 to 10,00,000 – 20%

 Rs. 10,00,000 & above –   30%
  1. Rebate under section-87A – has been reduced from Rs.  5,000 to 2,500 and eligibility for rebate of Sec 87A has reduced for individual of total income of Rs.3,50,000,( instead of Rs. 5,00,000)

  2. Surcharge @ 10% will be charge from income above ₹50 Lakh, up to Rs. 1 cr  & @ 15% for income above Rs. 1 Cr.

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