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Income Tax 2017 - 18 Circular ( official )

INCOME-TAX DEDUCTION FROM SALARIES DURING THE   FINANCIAL YEAR 2017-18 UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961.      

The relevant Acts, Rules, Forms and Notifications are available at the website of the Income Tax Department-  www.incometaxindia.gov.in

2.1  Rates of tax

  A. Normal Rates of tax:                              Sl No Total Income Rate 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/- 

REBATE OF Rs. 2500 FOR INDIVIDUALS HAVING TOTAL INCOME UPTO Rs 3.5 LAKH [SECTION 87A]  :

Finance Act 2017 provided relief in the form of rebate to individual taxpayers, resident in India, who are in lower income bracket, i. e. having total income  not exceeding Rs 3,50,000/-. The amount of rebate available under section 87A is Rs 2,500/- or the amount of tax payable, whichever is less from AY 2018-19.

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