Revised Tax slabs In India for FY 17-18

New income tax slabs for year 2017–18 is :-

Income slab———————————tax rate

Income upto Rs. 3,00,000————no tax

Rs. 3,00,000- Rs. 5,00,000————5%

Rs. 5,00,000-Rs. 10,00,000————20%

Rs. 10,00,000 or more——————30%

Rs. 50,00,000———————30% + 10% surcharge

Rs. 1 crore—————————30% + 15% surcharge

And when total income exceeds Rs. 1 crore there will be a surcharge or 15% of income tax.

Earlier,there was a 10% of tax rate for the income slab of Rs. 2,50,000 to Rs. 5,00,000 but in this new income tax slab for FY 2017–18, there is some relief for them that there is a reduction of 5% in income tax rate for the people with annual income between Rs. 2.5lakh and Rs. 5lakh.

the finance minister also announced 10% surcharge on people with annual income between Rs. 50 lakh to Rs. 1 crore.

And the individual with less than Rs. 5 lakh income will have to file one page I-T return form.

there is some reduction for the small companies with an annual turnover of Rs. 50 crore. The government reduced income tax rates for small companies to 25% from 30%.

Source: Quora