Personal Income Tax - Budget 2017

Rates of income-tax in respect of income liable to tax for the assessment year 2017-18.

Rate of Income Tax in the case of every individual

Total Income	Rate of Tax
Upto Rs. 2,50,000	Nil
Rs. 2,50,001 to Rs. 5,00,000	5%
Rs. 5,00,001 to Rs. 10,00,000	20%
Above Rs. 10,00,000	30%

Rate In the case of every individual, being a resident in India, who is of the age of sixty years or more but less than eighty years at any time during the previous year.

Total Income	Rate of Tax
Upto Rs. 3,00,000	Nil
Rs. 3,00,001 to Rs. 5,00,000	5%
Rs. 5,00,001 to Rs. 10,00,000	20%
Above Rs. 10,00,000	30%

Rate in the case of every individual, being a resident in India, who is of the age of eighty years or more at any time during the previous year.

Total Income	Rate of Tax
Up to Rs. 5,00,000	5%
Rs. 5,00,001 to Rs. 10,00,000	20%
Above Rs. 10,00,000	30%

Rate of surcharge

        i.            10% of income tax in case a total income exceeding fifty lakh rupees but not exceeding one crore rupees, and

      ii.            15% of income tax in case a total income exceeding one crore rupees.