As per the Finance Act, 2017, incometax is required to be deducted under Section 192 of the Act from income chargeable under the head "Salaries" for the financial year 201718 (i.e. Assessment Year 201819) at the following rates:
Rates of tax
Normal rate of tax
S 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/

Rates of tax for every individual, resident in India, who is of the age of sixty years or more but less than eighty years at any time during the financial year:
S no

Total Income

Rate of tax

1

Where the total income does not exceed Rs. 3,00,000/

Nil

2

Where the total income exceeds Rs. 3,00,000 but does not exceed Rs.
5,00,000/

5 per cent of the amount by which the total income exceeds Rs.
3,00,000/

3

Where the total income exceeds Rs. 5,00,000/ but does not exceed Rs.
10,00,000/.

Rs. 10,000/ 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. 1,10,000/ plus 30 per cent of the amount by which the total
income exceeds Rs. 10,00,000/

In case of every individual being a resident in India, who is of the age of eighty years or more at any time during the financial year:
S no

Total Income

Rate of tax

1

Where the total income does not exceed Rs. 5,00,000/

Nil

2

Where the total income exceeds Rs. 5,00,000 but does not exceed Rs.
10,00,000/

20 per cent of the amount by which the total income exceeds Rs.
5,00,000/

3

Where the total income exceeds Rs. 10,00,000/

Rs. 1,00,000/ plus 30 per cent of the amount by which the total
income exceeds Rs. 10,00,000/

Surcharge on Income tax:
The amount of incometax computed in accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 of the Act, shall, in the case of every individual or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in subclause (vii) of clause (31) of section 2 of the Act, will be as under:
(a) having a total income exceeding fifty lakh rupees but not exceeding one crore rupees, at the rate of ten percent of such incometax and
(b) having a total income exceeding one crore rupees, at the rate of fifteen percent of such incometax:
Provided that in the case of persons mentioned above having total income exceeding;
(a) Fifty lakh rupees but not exceeding one crore rupees, the total amount payable as incometax and surcharge on such income shall not exceed the total amount payable as incometax on a total income of fifty lakh rupees by more than the amount of income that exceeds fifty lakh rupees;
(b) one crore rupees, the total amount payable as incometax and surcharge on such income shall not exceed the total amount payable as incometax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees.
2.3.1 Education Cess on Income tax:
The amount of incometax including the surcharge if any, shall be increased by Education Cess on Income Tax at the rate of two percent of the incometax.
2.3.2 Secondary and Higher Education Cess on Incometax:
An additional education cess is chargeable at the rate of one percent of incometax including the surcharge, if any, but not including the Education Cess on income tax as in 2.3.1
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