Income Slab & Tax Rates for AY 2018-19/FY 2017-18

Income Tax Rates for the Assessment Year 2018-19 (applicable on income earned during 01.04.2017 to 31.03.2018) for various categories of Indian Income Tax payers.

1. Income tax rates for individual (resident or non-resident) or HUF or Association of Person or Body of Individual or any other artificial juridical person.

Taxable income                                                                   Tax Rate

Up to Rs. 2,50,000                                                                    Nil

Rs. 2,50,000 to Rs. 5,00,000                                                 5%

Rs. 5,00,000 to Rs. 10,00,000                                               20%

Above Rs. 10,00,000                                                              30%

Less:
Rebate under Section 87A: The rebate is available to a resident individual if his total income does not exceed Rs. 5,00,000. The amount of rebate shall be 100% of income-tax or Rs. 2,500, whichever is less.

Add:
Surcharge:

10% of the Income Tax, where taxable income is 50 lakhs Rs. 1 crore.

15% of the Income Tax, where taxable income is more than Rs. 1 crore.

Education Cess: 3% of the total of Income Tax and Surcharge.

2. Income tax rates for resident senior citizen (who is 60 years or more at any time during the previous year but less than 80 years on the last day of the previous year).

Taxable income                                                                     Tax Rate

Up to Rs. 3,00,000                                                                    Nil

Rs. 3,00,000 to Rs. 5,00,000                                                  5%

Rs. 5,00,000 to Rs. 10,00,000                                                20%

Above Rs. 10,00,000                                                               30%

Less:
Rebate under Section 87A: The rebate is available to a resident individual if his total income does not exceed Rs. 5,00,000. The amount of rebate shall be 100% of income-tax or Rs. 2,500, whichever is less.

Add:
Surcharge:

10% of the Income Tax, where taxable income is 50 lakhs Rs. 1 crore.

15% of the Income Tax, where taxable income is more than Rs. 1 crore.

Education Cess: 3% of the total of Income Tax and Surcharge.

3. Income tax rates for resident super senior citizen (who is 80 years or more at any time during the previous year).

Taxable income                                                            Tax Rate

Up to Rs. 5,00,000                                                          Nil

Rs. 5,00,000 to Rs. 10,00,000                                      20%

Above Rs. 10,00,000                                                     30%

Add:
Surcharge:

10% of the Income Tax, where taxable income is 50 lakhs Rs. 1 crore.

15% of the Income Tax, where taxable income is more than Rs. 1 crore.

Education Cess: 3% of the total of Income Tax and Surcharge.

Recommended Read:-

4. Partnership Firm

For the Assessment Year 2018-19, a partnership firm (including LLP) is taxable at 30%.

Add:
Surcharge: 12% of the Income Tax, where taxable income is more than Rs. 1 crore.

Education Cess: 3% of the total of Income Tax and Surcharge.

5. Local Authority

For the Assessment Year 2018-19, a local authority is taxable at 30%.

Add:
Surcharge: 12% of the Income Tax, where taxable income is more than Rs. 1 crore.

Education Cess: 3% of the total of Income Tax and Surcharge.

6. Domestic Company

Turnover upto Rs. 50 Crores

Income Tax : 25 %

Add:
Surcharge: 7% of the Income Tax, where taxable income is more than Rs. 1 crore but not exceeding ten crores and 12%, of the Income Tax, where taxable income is more than Rs.10 crores.

Education Cess: 3% of the total of Income Tax and Surcharge.

Turnover exceeding Rs 50 Crores

Income Tax : 30 %

Add:
Surcharge: 7% of the Income Tax, where taxable income is more than Rs. 1 crore but not exceeding ten crores and 12%, of the Income Tax, where taxable income is more than Rs.10 crores.

Education Cess: 3% of the total of Income Tax and Surcharge.

7. Co-operative Society

Income Tax Rates for Co-Operative Society are:-

Taxable income                                                         Tax Rate

Up to Rs. 10,000                                                           10%

Rs. 10,000 to Rs. 20,000                                             20%

Above Rs. 20,000                                                         30%

Add:
Surcharge: 12% of the Income Tax, where taxable income is more than Rs. 1 crore.

Education Cess: 3% of the total of Income Tax and Surcharge.

Disclaimer

All hard works were made to make to this content up-to-date and accurate. However, this content doesn’t make any declaration regarding the data presented in this article as up-to-date and correct.

Income Tax Rate AY 2016-17/FY 15-16

Income Tax Rate for the Assessment Year 2016-17 (applicable on income earned during 01.04.2015 to 31.03.2016) for various categories of Indian Income Tax payers.

Income Tax Rate

1.Individual (resident or non-resident) or HUF or Association of Person or Body of Individual or any other artificial juridical person.

Taxable income                                                                   Tax Rate

Up to Rs. 2,50,000                                                                    Nil

Rs. 2,50,000 to Rs. 5,00,000                                                 10%

Rs. 5,00,000 to Rs. 10,00,000                                               20%

Above Rs. 10,00,000                                                              30%

Less:
Rebate under Section 87A: The rebate is available to a resident individual if his total income does not exceed Rs. 5,00,000. The amount of rebate shall be 100% of income-tax or Rs. 2,000, whichever is less.

Add:
Surcharge : 12% of the Income Tax, where taxable income is more than Rs. 1 crore.

Education Cess : 3% of the total of Income Tax and Surcharge.

2. Resident senior citizen (who is 60 years or more at any time during the previous year but less than 80 years on the last day of the previous year).

Taxable income                                                                     Tax Rate

Up to Rs. 3,00,000                                                                    Nil

Rs. 3,00,000 to Rs. 5,00,000                                                  10%

Rs. 5,00,000 to Rs. 10,00,000                                                20%

Above Rs. 10,00,000                                                               30%

Less:
Rebate under Section 87A: The rebate is available to a resident individual if his total income does not exceed Rs. 5,00,000. The amount of rebate shall be 100% of income-tax or Rs. 2,000, whichever is less.

Add:
Surcharge : 12% of the Income Tax, where taxable income is more than Rs. 1 crore.

Education Cess : 3% of the total of Income Tax and Surcharge.

3. Resident super senior citizen (who is 80 years or more at any time during the previous year).

Taxable income                                                            Tax Rate

Up to Rs. 5,00,000                                                          Nil

Rs. 5,00,000 to Rs. 10,00,000                                      20%

Above Rs. 10,00,000                                                     30%

Add:
Surcharge : 12% of the Income Tax, where taxable income is more than Rs. 1 crore.

Education Cess : 3% of the total of Income Tax and Surcharge.

House Rent Allowance (HRA) Calculation

4. Partnership Firm

For the Assessment Year 2016-17, a partnership firm (including LLP) is taxable at 30%.

Add:
Surcharge : 12% of the Income Tax, where taxable income is more than Rs. 1 crore.

Education Cess : 3% of the total of Income Tax and Surcharge.

5. Local Authority

For the Assessment Year 2016-17, a local authority is taxable at 30%.

Add:
Surcharge : 12% of the Income Tax, where taxable income is more than Rs. 1 crore.

Education Cess : 3% of the total of Income Tax and Surcharge.

6. Domestic Company

For the Assessment Year 2016-17, a domestic company is taxable at 30%.

Add:
Surcharge : 7% of the Income Tax, where taxable income is more than Rs. 1 crore but not exceeding ten crores and 12%, of the Income Tax, where taxable income is more than Rs.10 crores.

Education Cess : 3% of the total of Income Tax and Surcharge.

7. Co-operative Society

Taxable income                                                         Tax Rate

Up to Rs. 10,000                                                           10%

Rs. 10,000 to Rs. 20,000                                             20%

Above Rs. 20,000                                                         30%

Add:
Surcharge : 12% of the Income Tax, where taxable income is more than Rs. 1 crore.

Education Cess : 3% of the total of Income Tax and Surcharge.

Disclaimer

All hard works were made to make to this content up-to-date and accurate. However, this content doesn’t make any declaration regarding the data presented in this article as up-to-date and correct.

Income Tax Rates AY 2017-18/FY 16-17

Income Tax Rates for the Assessment Year 2017-18 (applicable on income earned during 01.04.2016 to 31.03.2017) for various categories of Indian Income Tax payers.

1. Income tax rates for individual (resident or non-resident) or HUF or Association of Person or Body of Individual or any other artificial juridical person.

Taxable income                                                                   Tax Rate

Up to Rs. 2,50,000                                                                    Nil

Rs. 2,50,000 to Rs. 5,00,000                                                 10%

Rs. 5,00,000 to Rs. 10,00,000                                               20%

Above Rs. 10,00,000                                                              30%

Less:
Rebate under Section 87A: The rebate is available to a resident individual if his total income does not exceed Rs. 5,00,000. The amount of rebate shall be 100% of income-tax or Rs. 5,000, whichever is less.

Add:
Surcharge : 15% of the Income Tax, where taxable income is more than Rs. 1 crore.

Education Cess : 3% of the total of Income Tax and Surcharge.

2. Income tax rates for resident senior citizen (who is 60 years or more at any time during the previous year but less than 80 years on the last day of the previous year).

Taxable income                                                                     Tax Rate

Up to Rs. 3,00,000                                                                    Nil

Rs. 3,00,000 to Rs. 5,00,000                                                  10%

Rs. 5,00,000 to Rs. 10,00,000                                                20%

Above Rs. 10,00,000                                                               30%

Less:
Rebate under Section 87A: The rebate is available to a resident individual if his total income does not exceed Rs. 5,00,000. The amount of rebate shall be 100% of income-tax or Rs. 5,000, whichever is less.

Add:
Surcharge : 15% of the Income Tax, where taxable income is more than Rs. 1 crore.

Education Cess : 3% of the total of Income Tax and Surcharge.

3. Income tax rates for resident super senior citizen (who is 80 years or more at any time during the previous year).

Taxable income                                                            Tax Rate

Up to Rs. 5,00,000                                                          Nil

Rs. 5,00,000 to Rs. 10,00,000                                      20%

Above Rs. 10,00,000                                                     30%

Add:
Surcharge : 15% of the Income Tax, where taxable income is more than Rs. 1 crore.

Education Cess : 3% of the total of Income Tax and Surcharge.

Recommended Read:-

4. Partnership Firm

For the Assessment Year 2017-18, a partnership firm (including LLP) is taxable at 30%.

Add:
Surcharge : 12% of the Income Tax, where taxable income is more than Rs. 1 crore.

Education Cess : 3% of the total of Income Tax and Surcharge.

5. Local Authority

For the Assessment Year 2017-18, a local authority is taxable at 30%.

Add:
Surcharge : 12% of the Income Tax, where taxable income is more than Rs. 1 crore.

Education Cess : 3% of the total of Income Tax and Surcharge.

6. Domestic Company

For the Assessment Year 2017-18, a domestic company is taxable at 30%.

Add:
Surcharge : 7% of the Income Tax, where taxable income is more than Rs. 1 crore but not exceeding ten crores and 12%, of the Income Tax, where taxable income is more than Rs.10 crores.

Education Cess : 3% of the total of Income Tax and Surcharge.

7. Co-operative Society

Income Tax Rates for Co-Operative Society are:-

Taxable income                                                         Tax Rate

Up to Rs. 10,000                                                           10%

Rs. 10,000 to Rs. 20,000                                             20%

Above Rs. 20,000                                                         30%

Add:
Surcharge : 12% of the Income Tax, where taxable income is more than Rs. 1 crore.

Education Cess : 3% of the total of Income Tax and Surcharge.

Disclaimer

All hard works were made to make to this content up-to-date and accurate. However, this content doesn’t make any declaration regarding the data presented in this article as up-to-date and correct.