Income Tax Rates - For the Assessment Year 2018-19 and Rates for deduction of tax at source from "Salaries", computation of "advance tax" and charging of income-tax in special cases during the financial year 2017-2018 - Budget 2017-18
2 February, 2017
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Income-tax rate structure revised for salaries, advance tax and special cases with senior citizen slabs and surcharge. Part III of the First Schedule to the Finance Bill, 2017 prescribes the income-tax rates for deduction at source from salaries, advance tax computation ... Summary
Income-tax rate structure revised for salaries, advance tax and special cases with senior citizen slabs and surcharge.
Part III of the First Schedule to the Finance Bill, 2017 prescribes the income-tax rates for deduction at source from salaries, advance tax computation and charging of income-tax in special cases for financial year 2017-2018. Tiered progressive rates apply to individuals, HUFs, AOPs, BOIs and specified artificial juridical persons. Distinct nil-tax thresholds and slab treatment are provided for resident individuals aged sixty to less than eighty and for those aged eighty or more. A surcharge of ten per cent applies within a defined high-income range and fifteen per cent above the higher threshold, with marginal relief available.
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