Income Tax Return 2018: Know Tax Slabs And Your Tax Liability To File ITR 2018

The tax rate for individuals in the lowest income tax slab– Rs 2.5 lakh to Rs 5 lakh – is 5 per cent.

The income tax return (ITR) filing season is on, and before you sit down doing the same it is important that taxpayers have a clear idea of the tax slabs for filing returns. You can file the ITR for the financial year 2017-18 by July 31, 2018. Failing to do so, you will have to pay a late fee of Rs 5,000 as it will be considered a belated return. If the return is filed after December 31, 2018, then you need to pay a late fee of Rs 10,000. The Finance Act, 2017, has also made it mandatory to quote Aadhaar number to file an ITR, with effect from 1 July 2017. Linking of PAN and Aadhaar has, however, again been extended to March 2019.

The Income tax is a percentage of income which you pay back to the government for the development of the country. Based on the income of a person it is categorised into Tax Slab.

The tax rate for individuals in the lowest income tax slab– Rs 2.5 lakh to Rs 5 lakh – is 5 per cent. The tax is calculated on your gross total income. The tax slabs are announced every year during the Budget Session in the month of February.

Take a look at the income tax rates in India for different age groups for the financial year 2017-18 and assessment year 2018-2019:

Income Tax Slab for Men and Women for FY 2017-18:

Income Tax Slabs	Tax Rate	Health and Education Cess
Income up to Rs 2,50,000*	No tax
Income from Rs 2,50,000 – Rs 5,00,000	5%	3% of Income Tax
Income from Rs 5,00,000 – 10,00,000	20%	3% of Income Tax
Income more than Rs 10,00,000	30%	3% of Income Tax

Income Tax Slab for senior citizens (60 Years Old or Above but less than 80) for FY 2017-18: