Income Tax Rates for A. Y. 2017-18

(As Provided in the Part III of First Schedule of the Finance Act 2016)

Income Tax Rates/Slabs for A. Y. 2016-17

INDIVIDUAL RESIDENT (AGED BELOW 60 YEARS)

Income Slabs Tax Rates
(i) Where the taxable income does not exceed Rs. 2,50,000/-. NIL
(ii) Where the taxable income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/-. 10% of amount by which the taxable income exceeds Rs. 2,50,000/-.
Less : Tax Credit u/s 87A – 10% of taxable income upto a maximum of Rs. 5,000/-.
(iii) Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. Rs. 25,000/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.
(iv) Where the taxable income exceeds Rs. 10,00,000/-. Rs. 125,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.

 

SENIOR CITIZEN (Individual resident who is of the age of 60 years or more but below the age of 80 years at any time during the previous year)

Income Slabs Tax Rates
(i) Where the taxable income does not exceed Rs. 3,00,000/-. NIL
(ii) Where the taxable income exceeds Rs. 3,00,000/- but does not exceed Rs. 5,00,000/-
Less : Tax Credit u/s 87A – 10% of taxable income upto a maximum of Rs. 2000/-
10% of the amount by which the taxable income exceeds Rs. 3,00,000/-.
Less : Tax Credit u/s 87A – 10% of taxable income upto a maximum of Rs. 5,000/-.
(iii) Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/- Rs. 20,000/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.
(iv) Where the taxable income exceeds Rs. 10,00,000/- Rs. 120,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.

 

READ  The Income Declaration Scheme 2016

SUPER SENIOR CITIZEN (Individual resident who is of the age of 80 years or more at any time during the previous year)

Income Slabs Tax Rates
(i) Where the taxable income does not exceed Rs. 5,00,000/-. NIL
(ii) Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/- 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.
(iii) Where the taxable income exceeds Rs. 10,00,000/- Rs. 100,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.

 

OTHERS: Non Resident Individual; Hindu Undivided Family; Association of Persons; Body of Individuals; Artificial Judicial Person

Income Slabs Tax Rates
(i) Where the taxable income does not exceed Rs. 2,50,000/-. NIL
(ii) Where the taxable income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/-. 10% of amount by which the taxable income exceeds Rs. 2,50,000/-.
(iii) Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. Rs. 25,000/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.
(iv) Where the taxable income exceeds Rs. 10,00,000/-. Rs. 125,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.

Note:

Surcharge: 15% of the Income Tax, where taxable income is more than Rs. 1 crore subject to marginal relief.

Edu. & SHE Cess: 3% (2% edu. cess +1% SHE cess) of the total of Income Tax and Surcharge

 

CO-OPERATIVE SOCIETY

Income Slabs Tax Rates
(i) Where the taxable income does not exceed Rs. 10,000/-. 10% of the income.
(ii) Where the taxable income exceeds Rs. 10,000/- but does not exceed Rs. 20,000/-. Rs. 1,000/- + 20% of income in excess of Rs. 10,000/-.
(iii) Where the taxable income exceeds Rs. 20,000/- Rs. 3.000/- + 30% of the amount by which the taxable income exceeds Rs. 20,000/-.
READ  Direct Tax Law and Practice

Surcharge : 12% of the Income Tax, where taxable income is more than Rs. 1 crore subject to Marginal Relief.

Edu. & SHE Cess : 3% of the total of Income Tax and Surcharge.

 

PARTNERSHIP FIRM

Income Tax : 30% of taxable income.

Surcharge : 12% of the Income Tax, where taxable income is more than Rs. 1 crore subject to Marginal Relief.

Edu. & SHE Cess : 3% of the total of Income Tax and Surcharge.

 

LOCAL AUTHORITY

Income Tax : 30% of taxable income.

Surcharge : 12% of the Income Tax, where taxable income is more than Rs. 1 crore subject to Marginal Relief.

Edu. & SHE Cess : 3% of the total of Income Tax and Surcharge.

 

DOMESTIC COMPANY

Turnover Limit Tax Rates Surcharge
Where its total turnover or the gross receipt in the previous year 2014-15 does not exceed 5 crore rupees; 29% of the total income; @ 7% of such income tax, provided that the taxable income exceeds Rs. 1 crore and

@ 12% of such income tax, provided that the taxable income exceeds Rs. 10 crores. subject to Marginal Relief.

Where its total turnover or the gross receipt in the previous year 2014-15 exceeds 5 crore rupees; 30% of the total income;

Note: Edu. & SHE Cess: 3% of the total of Income Tax and Surcharge.

 

COMPANY OTHER THAN A DOMESTIC COMPANY

S. No. Income Tax Rates Surcharge
(i) on so much of the total income as consists of,—  

@ 2% of such income tax, provided that the taxable income exceeds Rs. 1 crore subject to Marginal Relief.

 

@ 5% of such income tax, provided that the taxable income exceeds Rs. 10 crores.

 

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

 

 

50%

(ii) on the balance, if any, of the total income 40%

 Edu. & SHE Cess : 3% of the total of Income Tax and Surcharge.


Source: Part III of First Schedule of the Finance Act 2016

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