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

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Income Tax Slab Rates for FY 2017-18 (Assessment Year 2018-19)

Income Tax slab rates help you decide whether your income is taxable or not. There are some changes introduced in the income tax slab rates for the financial Year 2017-18 (assessment year AY 2018-19).

Based on the annual income earned by an individual, the following table shows different income tax rates applicable in India. The tax slabs have been arranged by the category and profile of the tax payers. 

Income Tax Slabs for Individual Tax Payer (Resident of India or NRI): 

Level of Income

Tax Rates

Up to Rs 2,50,000

No Tax

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

5%

Rs 5,00,000 to Rs 10,00,000

20%

Over Rs 10,00,000

30%

 

Additions:

10% of the income tax amount is surcharged if the income is in between the range of Rs 50 lakhs to Rs 1 crore.

15% of the income tax amount is surcharged if the income is greater than Rs 1 crore.

In addition to the surcharge being paid, 3% extra cess plus surcharge is charged on the total income tax amount.

Rebates:

Under Section 87A of the Income Tax Act, salaried individuals are supposed to receive a tax rebate of up to Rs 2500, if they fall under the taxable income slab of up to Rs 3.5 lakhs. 

Income Tax Slabs for Hindu Undivided Families (HUF): 

Level of Income

Tax Rates

Up to Rs2,50,000

No tax

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

5%

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

20%

Over Rs.10,00,000

30%

 

Additions:

10% of the income tax amount is surcharged if the income is in between the range of Rs 50 lakhs to Rs 1 crore.

15% of the income tax amount is surcharged if the income is greater than Rs 1 crore.

In addition to the surcharge being paid, 3% extra cess plus surcharge is charged on the total income tax amount.

Rebates:

Under Section 87A of the Income Tax Act, salaried individuals are supposed to receive a tax rebate of up to Rs 2500, if they fall under the taxable income slab of up to Rs 3.5 lakhs. 

Income Tax Slabs for legal Entities Registered as Associations of Persons: 

Level of Income

Tax Rates

Up to Rs.2,50,000

No tax

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

5%

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

20%

Over Rs.10,00,000

30%

 

Additions:

10% of the income tax amount is surcharged if the income is in between the range of Rs 50 lakhs to Rs 1 crore.

15% of the income tax amount is surcharged if the income is greater than Rs 1 crore.

In addition to the surcharge being paid, 3% extra cess plus surcharge is charged on the total income tax amount.

Rebates:

Under Section 87A of the Income Tax Act, salaried individuals are supposed to receive a tax rebate of up to Rs 2500, if they fall under the taxable income slab of up to Rs 3.5 lakhs.

Income Tax Slabs for Legal Entities Registered as Bodies of Individuals:

Level of Income

Tax Rates

Up to Rs.2,50,000

No tax

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

5%

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

20%

Over Rs.10,00,000

30%

 

Additions:

10% of the income tax amount is surcharged if the income is in between the range of Rs 50 lakhs to Rs 1 crore.

15% of the income tax amount is surcharged if the income is greater than Rs 1 crore.

In addition to the surcharge being paid, 3% extra cess plus surcharge is charged on the total income tax amount.

Rebates:

Under Section 87A of the Income Tax Act, salaried individuals are supposed to receive a tax rebate of up to Rs 2500, if they fall under the taxable income slab of up to Rs 3.5 lakhs. 

Income Tax Slabs for Other Artificial Judicial Persons:

 Level of Income

Tax Rates

Up to Rs.2,50,000

No tax

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

5%

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

20%

Over Rs.10,00,000

30%

 

Additions:

10% of the income tax amount is surcharged if the income is in between the range of Rs 50 lakhs to Rs 1 crore.

15% of the income tax amount is surcharged if the income is greater than Rs 1 crore.

In addition to the surcharge being paid, 3% extra cess plus surcharge is charged on the total income tax amount.

Rebates:

Under Section 87A of the Income Tax Act, salaried individuals are supposed to receive a tax rebate of up to Rs 2500, if they fall under the taxable income slab of up to Rs 3.5 lakhs. 

Income Tax Slab For Resident Senior Citizens (Over the Age of 60 on the last day of the Previous Year): 

Level of Income

Tax Rate

Up to Rs.3,00,000

No tax

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

5%

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

20%

Over Rs.10,00,000

30%

 

Additions:

10% of the income tax amount is surcharged if the income is in between the range of Rs 50 lakhs to Rs 1 crore.

15% of the income tax amount is surcharged if the income is greater than Rs 1 crore.

In addition to the surcharge being paid, 3% extra cess plus surcharge is charged on the total income tax amount.

Rebates:

Under Section 87A of the Income Tax Act, salaried individuals are supposed to receive a tax rebate of up to Rs 2500, if they fall under the taxable income slab of up to Rs 3.5 lakhs. 

Income Tax Slab For Resident Super Senior Citizens (Over the age of 80 on the last day of the Previous Year): 

Level of Income

Tax Rate

Up to Rs.5,00,000

No tax

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

20%

Over Rs.10,00,000

30%

 

Additions:

15% of the income tax amount is surcharged if the income is greater than Rs 1 crore.

In addition to the surcharge being paid, 3% extra cess plus surcharge is charged on the total income tax amount. 

For Partnership Firms:

The income tax rate for Limited Liability Partnerships (LLPS) and Partnership Firms will be @ 30%.

Additions:

12% of the income tax amount is surcharged if the income is greater than Rs 1,00,00,000 (Subject to marginal relief).

In addition with the surcharged being paid, 2% extra education cess is charges on the income tax amount.

In addition with the surcharge being paid, 1% extra secondary and higher education cess is charged on the income tax amount.  

For Local Authorities:

The income tax rate for Local Authorities will be @ 30%.

Additions:

12% of the income tax amount is surcharged if the income is greater than Rs1,00,00,000 (Subject to marginal relief).

In addition with the surcharged being paid, 2% extra education cess is charges on the income tax amount.

In addition with the surcharge being paid, 1% extra secondary and higher education cess is charged on the income tax amount. 

For Domestic Companies:

The income tax rate for Domestic Companies will be @ 30%.

Addition:

7% of the income tax amount is surcharged if the income of the salaried individual is greater than Rs1,00,00,000. 12% of the income tax amount is surcharged if the income is greater than Rs10, 00, 00,000 (Subject to marginal relief).

In addition with the surcharged being paid, 2% extra education cess is charges on the income tax amount.

In addition with the surcharge being paid, 1% extra secondary and higher education cess is charged on the income tax amount. 


 Income Tax Rates for Foreign Companies: 

Nature of Income

Tax Rate

As per the agreement made with an Indian concern, in case the income received by foreign firms is in the form of royalties paid by the Indian government rendered according to agreements(After March 31st ,1961 and before April 1st 1076)

50%

In case the received income is in the form of payment for technical service rendered according to the agreement made with an Indian concern(After February 29th 1964, before April 1st 1976)

50%

Any other income

40%

 

Additions:

2% of income tax amount is surcharged if the income is higher than Rs 1, 00, 00,000. 5% of the income tax amount is surcharged if the income is greater than Rs 10, 00, 00,000 (Subject to marginal relief).

In addition with the surcharged being paid, 2% extra education cess is charged on the income tax amount.

In addition with the surcharge being paid, 1% extra secondary and higher education cess is charged on the income tax amount.  

Income Tax Rates for Co-operative Societies: 

Level of Income

Tax Rate

Up to Rs.10,000

10%

Rs.10,000 to Rs.20,000

20%

Over Rs.20,000

30%

 

Additions:

12% of the income tax amount is surcharged if the income is greater than Rs1,00,00,000 (Subject to marginal relief).

In addition with the surcharged being paid, 2% extra education cess is charges on the income tax amount.

In addition with the surcharge being paid, 1% extra secondary and higher education cess is charged on the income tax amount.

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