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

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  • Last Updated on 28 February, 2022

Latest: Income Tax Slab Rates for AY 2022-23

1. Income Tax Slab for Individual

1.1 Individual ( resident or non-resident), who is of the age of fewer 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 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.

2. Income Tax Slab for HUF/AOF/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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