Income Tax Slabs for AY 2017-18 for Individuals

Since the last date for e-filing of Income Tax Return (31^st July 2017) is just a week away from today, the first thing we should know is about which slab our income will fall into. For the record, Income Tax slabs for each year are announced during the Finance Bill (generally known as Budget) of the previous year. For instance the income tax slabs for FY 2015-16 were announced during the budget 2015-16 which would be generally announced during the FY 2014-15 (typically in February every year). Similarly the income tax slabs for Financial Year 2016-17 were announced in February 2016 and the slabs for FY 2017-18 are announced during the budget 2017-18 in February 2017. Ok, we are filing for Income Tax (IT) returns for FY 2016-17, but what is Assessment Year or AY? Assessment Year comes immediately after the end of the Financial Year where your income becomes assessed. For all practical purposes add one year to the Financial Year concerned and you will get the Assessment Year. Hence the Assessment Year (AY) for FY 2016-17 is AY 2017-18. Let’s just confine to this. Ok, we are in AY 2017-18, now show me the income tax slabs! Here you go:

Rebate u/s. 87A: Rebate of ₹5000 is available for individuals whose net income is below ₹5,00,000.