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Income Tax Rates - Income Tax Slab For AY 2017-18


1.Income Tax Slab For Individual:

1.1 Individual (resident or non-resident), who is of the age of less than 60 years on the last day of the relevant previous year:


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%


1.2 Resident senior citizen, i.e., every individual, being a resident in India, who is of the age of 60 years or more but less than 80 years at any time during the previous year:


Taxable income

Tax Rate

Up to Rs. 3,00,000

Nil

Rs. 3,00,000 - Rs. 5,00,000

10%

Rs. 5,00,000 - Rs. 10,00,000

20%

Above Rs. 10,00,000

30%


1.3 Resident super senior citizen, i.e., every individual, being a resident in India, who is of the age of 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 - Rs. 10,00,000

20%

Above Rs. 10,00,000

30%


Plus:

Surcharge: 15% of tax where total income exceeds Rs. 1 crore
Education cess: 3% of tax plus surcharge 

Note:  A resident individual is entitled for rebate u/s 87A 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.

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2. Income Tax Slab For HUF/AOP/BOI/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%


Plus:


Surcharge: 15% of tax where total income exceeds Rs. 1 crore
Education cess: 3% of tax plus surcharge 

3. Income Tax Slab For Partnership Firm:

A partnership firm (including LLP) is taxable at 30%.

Plus:

Surcharge: 12% of tax where total income exceeds Rs. 1 crore
Education cess: 3% of tax plus surcharge 

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4. Income Tax Slab Rate For Local Authority:

A local authority is taxable at 30%.

Plus:

Surcharge: 12% of tax where total income exceeds Rs. 1 crore
Education cess: 3% of tax plus surcharge 

5. Income Tax Slab For Domestic Company:

A domestic company is taxable at 30%. However, tax rate is 29% if turnover or gross receipt of the company does not exceed Rs. 5 crore.

Plus:

Surcharge: 7% of tax where total income exceeds Rs. 1 crore

  12% of tax where total income exceeds Rs. 10 crore

Education cess: 3% of tax plus surcharge 

6. Income Tax Rate For Foreign Company:

A foreign company is taxable at 40%

Plus:

Surcharge: 2% of tax where total income exceeds Rs. 1 crore

  5% of tax where total income exceeds Rs. 10 crore

Education cess: 3% of tax plus surcharge

7. Income Tax Slab Rate For 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%


Plus:

Surcharge: 12% of tax where total income exceeds Rs. 1 crore
Education cess: 3% of tax plus surcharge 



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Disclaimer: This information is updated till 15 November 2017.

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