Tax Reckoner Financial year 2017-18 and are subject to enactment of the Finance Bill, 2017 For Individuals, Hindu Undivided Family, Association of Persons, Body of Individuals and Artificial juridical persons Income Tax Tax Rate Up to 250000 (a)(b) Nil Rs. 250,001 to Rs. 500,000(d)(e) 5% Rs. 500,001 to Rs. 1,000,000(d) 20% Rs. 1,000,001 and above(c)(d) 30% In the case of a resident individual of the age of 60 years or above but below 80 years, the basic exemption limit is Rs 300,000. In case of a resident individual of age of 80 years or above, the basic exemption limit is Rs 500,000. Surcharge @ 12% is applicable on income exceeding Rs 1 crore; Marginal relief for such person is available Education cess is applicable @ 3% on aggregate of tax plus surcharge Finance Bill, 2017 provides a rebate of lower of actual tax liability or Rs. 2,500 (against earlier rebate of Rs. 5,000) in case of individuals having total income of less than Rs. 350,000.