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Income Tax Slab FY 2017-18

General Category (Upto 60 Years of Age)Income Tax Up to Rs. 2,50,000 Nil Rs. 2,50,001 - Rs. 5,00,000 5% Rs. 5,00,001 - Rs. 10,00,000 20% Above Rs. 10,00,000 30% Senior Citizen (60-80 Years of Age) Income Tax Up to Rs. 3,00,000 Nil Rs. 3,00,001 - Rs. 5,00,000 5% Rs. 5,00,001 - Rs. 10,00,000 20% Above Rs. 10,00,000 30% Super Senior Citizen (Above 80 Years of Age)Income Tax Up to Rs. 5,00,000 Nil Rs. 5,00,001 - Rs. 10,00,000 20% Above Rs. 10,00,000 30%
* Surcharge of 10% for income between Rs. 50 lakh and Rs. 1 crore (with marginal relief)
* Surcharge of 15% for income above Rs. 1 crore (with marginal relief)
* Rebate of up to Rs. 2,500 for taxable salary up to Rs. 3.5 lakh
* Education and higher education cess of 3%

Income Tax Deduction under section 80TTA

Applicability An Individual or HUF Deduction is allowed on Interest Earned From Savings Account withA BankA Co-operative BankPost Office Deduction is NOT allowed on Interest Earned from Term Deposit Term deposits lock the deposits for a fixed period at a preset interest rate. It includes Fixed Deposit, Recurring Deposit and any other Term Deposit. Amount of Deduction Maximum Amount of Deduction is Rs. 10,000.
Note: Tax Payer have to consider total interest income from all bank where he/she is having saving accounts.