Already Published the New Finance Bill 2017-18 (Central) and some changes in the Income Tax Rules through this New Finance Bill 2017-18. Some amendment has made in Income Tax like as the reduce the Tax Rebate U/s 87A Rs. 2500/- from the Rs. 5000/- to the Salaried Person and which Tax rebate can get who are not crossing the limit of 3,50,000/- Taxable Income. Below 3,50,000/- can get the Rebate U/s 87A Rs. 2500/- as per the Finance Budget passed for the Financial Year 2017-18. But who's Taxable income exceed Rs. 3,50,000/- they can not get this benefits.
Changed the Income Tax Slab for the Financial Year 2017-18 and Assessment Year 2018-19. The Tax Slab as given below for Men and Women for the FY 2017-18. Some Feature of the New Finance Bill which related to Income Tax.
- Tax Rebate of Rs.2500/- for annual income up to Rs. 3.5 lakh
- Education Cess: 3% of the Income-tax.
- Surcharge of 10% on income between 50 Lakhs to 1 Crore.
- Surcharge of 20% on Income above 1 Crore.
- loan up to Rs.25 lakhs u/s 80 EE ( w.e.f. 1/4/2013)
- Abolished the Rajiv Gandhi Equity Savings Scheme extended to mutual funds Rajiv Gandhi
- Equity Savings Scheme to be liberalized.
Income Tax Slab Rate for the Financial Year 2017-18 as Amended by the Finance Budget 2017-18 as follows:- [ This Tax Slab only for below 60 years of age]
Income Level
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Income Tax Rate
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i.
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Where the total income does not exceed Rs.2,50,000/-. (Male & Women)
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NIL
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ii.
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Where the total income exceeds Rs.2,50,000/- but does not exceed Rs.5,00,000/-.
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5% of the amount by which the total income exceeds Rs. 2,50,000/-***
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iii.
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Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/-.
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20% of the amount by which the total income exceeds Rs.5,00,000/-.
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iv.
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Where the total income exceeds Rs.10,00,000/-.
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30% of the amount by which the total income exceeds Rs.10,00,000/-.
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Main Input Sheet
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Salary Structure for Govt and Non - Govt Employees
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Tax Computed Sheet for F.Y.2017-18
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Form 16 Part A&B for F.Y.2017-18
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Input Sheet for Arrears Relief Calculator U/s 89(1)
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Arrears Relief Calculator U/s 89(1)
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 up to F.Y.2017-18){kind=link}