Income Tax Rates and Slabs as per Budget 2017

Income Tax Slab for FY 2017-2018 (AY 2018-2019)


 

 

 

Part A : Income Tax Slab for Individual & HUF Tax Payer (men and women)

(Less Than 60 years old)

 

Income Range Income Tax Rate
0 - Rs. 2,50,000 No Tax
Rs. 2,50,000 - Rs. 5,00,000 5%
Rs. 5,00,000 - Rs. 10,00,000 20%
Rs. 10,00,000 and above 30%
Surcharge

10% of Income Tax for income between Rs. 50,00,000 and Rs. 1,00,00,000

15% of Income tax, where total income exceeds Rs. 1 Crore Cess on Tax

3% cess on amount of income tax + surcharge

 

Part B : Income Tax Slab for Individual & HUF Tax Payer (men and women)

(60 Years old or more but less than 80 years)

Income Range Income Tax Rate
0 - Rs. 3,00,000 No Tax
Rs. 3,00,000 - Rs. 5,00,000 5%
Rs. 5,00,000 - Rs. 10,00,000 20%
Rs. 10,00,000 and above 30%
Surcharge

10% of Income Tax for income between Rs. 50,00,000 and Rs. 1,00,00,000

15% of Income tax, where total income exceeds Rs. 1 Crore Cess on Tax

3% cess on amount of income tax + surcharge

 

Part C : Income Tax Slab for Super Senior Citizen Tax Payer (men and women)

(80 Years old or more)

Income Range Income Tax Rate
0 - Rs. 5,00,000 No Tax
Rs. 5,00,000 - Rs. 10,00,000 20%
Rs. 10,00,000 and above 30%
Surcharge

10% of Income Tax for income between Rs. 50,00,000 and Rs. 1,00,00,000

15% of Income tax, where total income exceeds Rs. 1 Crore Cess on Tax

3% cess on amount of income tax + surcharge

 

Income Tax Slab for NRI or HUF or Body of Individuals (BOI) or AJP

Income Range Income Tax Rate
0 - Rs. 2,50,000 No Tax
Rs. 2,50,000 - Rs. 5,00,000 5%
Rs. 5,00,000 - Rs. 10,00,000 20%
Rs. 10,00,000 and above 30%
Surcharge

10% of Income Tax for income between Rs. 50,00,000 and Rs. 1,00,00,000

15% of Income tax, where total income exceeds Rs. 1 Crore Cess on Tax

3% cess on amount of income tax + surcharge

 

Income Tax Slab for Cooperative Society

Income Range Income Tax Rate
0 - Rs. 10,000 10%
Rs. 10,000 - Rs. 20,000 20%
Rs. 20,0000 and above 30%
Surcharge

12% of Income Tax for taxable income for more than Rs. 1,00,00,000

Cess on Tax

3% cess on amount of income tax + surcharge

 

Income Tax for Partnership Firm

Income tax - 30% of Taxable income

Surcharge - 12% of Income Tax for taxable income for more than Rs. 1,00,00,000Cess on Tax - 3% cess on amount of income tax + surcharge

 

Income Tax for Local Authority

Income tax - 30% of Taxable income

Surcharge - 12% of Income Tax for taxable income for more than Rs. 1,00,00,000

Cess on Tax - 3% cess on amount of income tax + surcharge

 

Income Tax for Domestic Company with Turnover upto Rs. 50 Crores

Income tax - 25% of Taxable income

Surcharge - 7% of Provided that the taxable income exceeds Rs. 1 Crore.

                   12% Provided that taxable income exceeds Rs. 10 Crore.

Cess on Tax - 3% cess on amount of income tax + surcharge

 

Income Tax for Domestic Company with Turnover Exceeding Rs. 50 Crores

Income tax - 30% of Taxable income

Surcharge - 7% of Provided that the taxable income exceeds Rs. 1 Crore.

                   12% Provided that taxable income exceeds Rs. 10 Crore.

Cess on Tax - 3% cess on amount of income tax + surcharge

 

Income Tax for Companies other than Domestic Company

Income tax

50% of on so much of the taxable income as consist of (a) royalties received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st day of March, 1961 but before the 1st day of April, 1976; or (b) fees for rendering technical services received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 29th day of February, 1964 but before the 1st day of April, 1976, and where such agreement has, in either case, been approved by the Central Government.

40% of the Balance.

Surcharge - 2% of Provided that the taxable income exceeds Rs. 1 Crore.

                   5% Provided that taxable income exceeds Rs. 10 Crore.

Cess on Tax - 3% cess on amount of income tax + surcharge

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