- Reduction in Company Tax Rate
Finance Minister announced the following amendments in Corporate Slab Rate. The new tax rates shall become applicable from FY 2019-20 hence to be considered while calculating Advance Tax liability by the companies. - The Tax Rates for Domestic Companies will be 22% (plus surcharge and cess). The companies shall not avail any incentive / investment linked exemption. Also, MAT will not be applicable on such companies.
- Tax Rate for Domestic Manufacturing Companies incorporated on or after 01.10.2019 will now be 15% (plus surcharge and cess). Also, MAT will not be applicable on such companies.
- Companies availing exemptions will be continued to be charged at 25% or 30% Tax Rate as applicable (plus surcharge and cess) till the time they avail exemptions.
- Also, MAT on such Companies will now be charged @ 15% instead of 18.5% rate earlier.
- Enhanced surcharge introduced in Budget 2019 on Individuals shall not apply on capital gain income arising on sale of equity shares / units of equity oriented mutual funds liable for STT.
- Income Tax Slab Changes in Budget 2019
No new income tax slab for 2019-20 has been suggested in budget 2019. Therefore the income tax slab remains unchanged. - Corporate Tax Rate
Increase in turnover limit for Indian companies for 25% tax rate from turnover of 250 crore to 400 crore
Income Tax Slabs & Rates for Current FY 2019-20(AY 2020-21)
Contents :-
- Income Tax Slab for Resident Individual aged less than 60 Years
- Income Tax Slab for Resident Individual (Senior Citizen) aged 60 Years & Above but less than 80 years
- Income Tax Slab for Resident Individual (Super Senior Citizen Taxpayers)
- Income Tax Slab for Non-Resident Individuals (NRI)
- Income Tax Slab for Hindu Undivided Family (HUF)
- Income Tax Slab for Body of Individual (BOI)
- Income Tax Slab for Association of Person (AOP)
- Income Tax Slab for other Artificial Judicial Person (AJP)
- Income Tax Slab for Firm and Limited Liability Partnership (LLP)
- Income Tax Slab for Indian Companies
- Income Tax Slab for Foreign Companies
- Income Tax Slab for Cooperative Societies
- Income Tax Slab for Local Authority
Income Tax Slab for Resident Individuals Age less than 60 years(Male or Female)
(Same slab rates shall apply for both Male and Female Resident Taxpayers)
| Income Range | Tax Rate |
|---|---|
| Income Upto Rs. 2,50,000 | 0% |
| 2,50,001 - 5,00,000 | 5% |
| 5,00,001 - 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
| Less : Rebate u/s 87A Add : Surcharge*+Health & Education Cess @4% |
|
Income Tax Slab for Non Resident Indian (NRIs)(Male or Female)
(Same slab rates shall apply for both Male and Female)
| Income Range | Tax Rate |
|---|---|
| Income Upto Rs. 2,50,000 | 0% |
| 2,50,001 - 5,00,000 | 5% |
| 5,00,001 - 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
| Add : Surcharge*+Health & Education Cess @4% Note : Benefit of Rebate u/s 87A not available |
|
Income Tax Slab for Resident Individuals Age 80 years or more (Super Senior Citizen)(Male or Female)
(Same slab rates shall apply for both Male and Female)
| Income Range | Tax Rate |
|---|---|
| Income Upto Rs. 5,00,000 | 0% |
| 5,00,001 - 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
| Less : Rebate u/s 87A Add : Surcharge*+Health & Education Cess @4% |
|
Income Tax Slab for Resident Individuals Age 60 years or more but less than 80 years(Senior Citizen)(Male or Female)
(Same slab rates shall apply for both Male and Female)
| Income Range | Tax Rate |
|---|---|
| Income Upto Rs. 3,00,000 | 0% |
| 3,00,001 - 5,00,000 | 5% |
| 5,00,001 - 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
| Less : Rebate u/s 87A Add : Surcharge*+Health & Education Cess @4% |
|
Surcharge Rates for Individuals(All Ages) & NRI's :
- More than Rs. 50 lakhs but upto Rs.1 Cr -10%
- More than Rs. 1 Cr but upto Rs.2 cr- 15%
- More than Rs. 2 cr lakhs but upto Rs.5 Cr - 25%
- More than Rs. 5 cr - 37%
Income Tax Slab for Hindu Undivided Families(HUF)
| Income Range | Tax applicable |
|---|---|
| Income Upto Rs. 2,50,000 | 0% |
| 2,50,001 - 5,00,000 | 5% |
| 5,00,001 - 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
| Add : Surcharge+Health and Education Cess @4% Note: Benefit of Rebate u/s 87A not available |
|
- More than Rs. 50 lakhs but upto Rs.1 Cr -10%
- More than Rs. 1 Cr but upto Rs.2 cr- 15%
- More than Rs. 2 cr lakhs but upto Rs.5 Cr - 25%
- More than Rs. 5 cr - 37%
Income Tax Slab for Body of Individuals(BOI)
| Income Range | Tax applicable |
|---|---|
| Income Upto Rs. 2,50,000 | 0% |
| 2,50,001 - 5,00,000 | 5% |
| 5,00,001 - 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
| Add : Surcharge+Health and Education Cess @4% Note: Benefit of Rebate u/s 87A not available |
|
- More than Rs. 50 lakhs but upto Rs.1 Cr -10%
- More than Rs. 1 Cr but upto Rs.2 cr- 15%
- More than Rs. 2 cr lakhs but upto Rs.5 Cr - 25%
- More than Rs. 5 cr - 37%
Income Tax Slab for Association of Persons (AOP)
| Income Range | Tax applicable |
|---|---|
| Income Upto Rs. 2,50,000 | 0% |
| 2,50,001 - 5,00,000 | 5% |
| 5,00,001 - 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
| Add : Surcharge+Health and Education Cess @4% Note: Benefit of Rebate u/s 87A not available |
|
- More than Rs. 50 lakhs but upto Rs.1 Cr -10%
- More than Rs. 1 Cr but upto Rs.2 cr- 15%
- More than Rs. 2 cr lakhs but upto Rs.5 Cr - 25%
- More than Rs. 5 cr - 37%
Income Tax Slab for Artificial Judicial Person (AJP)
| Income Range | Tax applicable |
|---|---|
| Income Upto Rs. 2,50,000 | 0% |
| 2,50,001 - 5,00,000 | 5% |
| 5,00,001 - 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
| Add : Surcharge+Health and Education Cess @4% Note: Benefit of Rebate u/s 87A not available |
|
- More than Rs. 50 lakhs but upto Rs.1 Cr -10%
- More than Rs. 1 Cr but upto Rs.2 cr- 15%
- More than Rs. 2 cr lakhs but upto Rs.5 Cr - 25%
- More than Rs. 5 cr - 37%
Income Tax Slab for Firms
| Firm profits are taxable at a flat rate of 30% for FY 2019-20 (AY 2020-21) |
| Add : Surcharge+Health and Education Cess @4% Note: Benefit of Rebate u/s 87A not available |
- Where Total Income exceeds Rs. 1 Cr - 12% surcharge on income tax above 1 Cr.
Income Tax Slab for LLP (Limited Liability Partnership)
| LLP profits are taxable at a flat rate of 30% for FY 2019-20 (AY 2020-21) |
| Add : Surcharge+Health and Education Cess @4% Note: Benefit of Rebate u/s 87A not available |
- Where Total Income exceeds Rs. 1 Cr - 12% surcharge on income tax above 1 Cr.
Income Tax Slab for Indian (Domestic) Companies
New
| Total Turnover or Gross Receipts (Rs.) | Tax Rate |
|---|---|
| The amount does not exceed Rs.400 crore in F.Y. 2017-18 | 25% |
| The amount exceeds Rs.400 crore in F.Y. 2017-18 | 30% |
| Manufacturing company incorporated on or after 1st October 2019 (optional tax rate) | 15% |
| Companies which do not avail any exemption/incentive (optional tax rate) | 22% |
| Add : Surcharge+Health and Education Cess @4% Note: Benefit of Rebate u/s 87A not available MAT (Minimum Alternate Tax) rate has been reduced from existing 18.5% to 15% Companies opting for Optional Tax Rate will not be required to pay MAT. |
|
- Total Income exceeds Rs. 1 Cr but upto Rs. 10 Cr - 7% surcharge on income tax
- Where Total Income exceeds Rs. 10 Cr - 12% surcharge.
Income Tax Slab for Cooperative Societies
| Income Range (Rs.) | Tax Rate |
|---|---|
| Income Upto Rs. 10,000 | 10% |
| From 10,001 - 20,000 | 20% |
| Above Rs 20,000 | 30% |
| Add : Surcharge+Health and Education Cess @4% Note: Benefit of Rebate u/s 87A not available |
|
- Where Total Income exceeds Rs. 1 Cr - 12% surcharge on income tax above 1 Cr.
Foreign Companies
| Foreign Company's profit shall be charged at a flat rate of 40% for FY 2019-20 (AY 2020-21) |
| Add : Surcharge+Health and Education Cess @4% Note: Benefit of Rebate u/s 87A not available |
- Total Income exceeds Rs. 1 Cr but upto Rs. 10 Cr - 2% surcharge on income tax
- Total Income exceeds Rs. 10 Cr - 5% surcharge.
Income Tax Slab for Local Authority
| Local Authorities are taxable at a flat rate of 30% for FY 2019-20 (AY 2020-21) |
| Add : Surcharge+Health and Education Cess @4% Note: Benefit of Rebate u/s 87A not available |
- Where Total Income exceeds Rs. 1 Cr - 12% surcharge on income tax above 1 Cr.
What are the changes in new Income tax slab rates for F.Y. 2019-20(A.Y. 2020-21)?
1- No Tax on Taxable Annual Income up to Rs. 5 Lakh.
The limit of Rebate u/s 87A has been increased from Rs.3.5 Lakhs to Rs.5 Lakhs.Section 87A provides exemption on tax payment to a RESIDENT INDIVIDUAL. As per this provision, if an individual’s taxable income is upto Rs. 5 lakhs then he will get the benefit of Rs. 12500 or the amount of tax whichever is lower. If you are liable to pay tax upto the limit of rebate allowed, then after taking the rebate benefit, no payment will be required to be made for tax amount. For availing the full amount of rebate, the Total Taxable Income of return filer shall be up to Rs 5,00,000 for the Financial Year 2019-20, the Assessment year 2020-21. https://blog.tax2win.in/what-is-rebate-under-section-87a-itr/
2- Standard deduction increased from Rs 40,000 to Rs 50,000 for salaried class and pensioners.
3- No change in Income Tax slabs for individuals but a hike in surcharge
The new budget has hiked the surcharged rates to another level. It is as high as 35% for an individual earning income above 5 crore and surcharge of 27% for the income group of 2-5 crore and 15% for income group of 1-2 crore and 10% for 50lakh-1 crore income group individuals.
4. Those companies whose turnover does not exceed INR 400 crore is liable to 25% tax rate and above 400 crore turnover 30% tax.
Calculate your tax liability Post Budget 2019 now! [FY 2018-19 Tax Payments vs FY 2019-20 Tax Payment]
Use our Income Tax Calculator [Updated] now and see your tax saving!
Contents :-
- Income Tax Slab for Resident Individual aged less than 60 Years(0-59 years)
- Income Tax Slab for Resident Individual (Senior Citizen) aged 60 Years & Above but upto 80 Years(60-79 years)
- Income Tax Slab for Resident Individual(Super Senior Citizen Taxpayers) aged Above 80 Years
- Income Tax Slab for Non-Resident Individuals (NRI)
- Income Tax Slab for Hindu Undivided Family (HUF)
- Income Tax Slab for Body of Individual (BOI)
- Income Tax Slab for Association of Person (AOP)
- Income Tax Slab for other Artificial Judicial Person (AJP)
- Income Tax Slab for Firm and Limited Liability Partnership (LLP)
- Income Tax Slab for Indian Companies
- Income Tax Slab for Foreign Companies
- Income Tax Slab for Cooperative Societies
- Income Tax Slab for Local Authority
Let’s get the insights of the Income Tax Slabs for FY 2018-19 (AY 2019-20)
In case of an Indian Company
Less :
Income Tax Slab for Resident Individual aged less than 60 Years(0-59 years)
(Same slab rates shall apply for both Male and Female Resident Taxpayers)
| Income Range | Tax applicable |
|---|---|
| Income Upto Rs. 2,50,000 | 0% |
| 2,50,001 - 5,00,000 | 5% |
| 5,00,001 - 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
| Less : Rebate u/s 87A Add : Surcharge, Health and Education Cess |
|
Income Tax Slab for Resident Individual (Senior Citizen) aged 60 Years & Above but upto 80 Years(60-79 years)
(Same slab rates shall apply for both Male and Female)
| Income Range | Tax applicable |
|---|---|
| Income Upto Rs. 3,00,000 | 0% |
| 3,00,001 - 5,00,000 | 5% |
| 5,00,001 - 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
| Less : Rebate u/s 87A Add : Surcharge, Health and Education Cess |
|
How to Calculate Income Tax? Click here
Income Tax Slab for Resident Individual(Super Senior Citizen Taxpayers) aged Above 80 Years
(Same slab rates shall apply for both Male and Female
| Income Range | Tax applicable |
|---|---|
| Income Upto Rs. 2,50,000 | 0% |
| 2,50,001 - 5,00,000 | 5% |
| 5,00,001 - 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
| Less : Rebate u/s 87A Add : Surcharge, Health and Education Cess |
|
Income Tax Slab for Non-Resident Individuals (NRI)
(Same slab rates shall apply for both Male and Female
| Income Range | Tax applicable |
|---|---|
| Income Upto Rs. 2,50,000 | 0% |
| 2,50,001 - 5,00,000 | 5% |
| 5,00,001 - 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
| Add : Surcharge ,Health and Education Cess | |
Please note: Rebate u/s 87A and Age-wise slab rate as discussed above in case of the resident individual are not available to Non-Residents.
Income Tax Slab for Hindu Undivided Family (HUF)
| Income Range | Tax applicable |
|---|---|
| Income Upto Rs. 2,50,000 | 0% |
| 2,50,001 - 5,00,000 | 5% |
| 5,00,001 - 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
| Add : Surcharge,Health and Education Cess | |
Please note: Rebate u/s 87A as discussed above in case of the resident individual are not available to HUF.
Income Tax Slab for Body of Individual (BOI)
| Income Range | Tax applicable |
|---|---|
| Income Upto Rs. 2,50,000 | 0% |
| 2,50,001 - 5,00,000 | 5% |
| 5,00,001 - 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
| Add : Surcharge, Health and Education Cess | |
Please note: Rebate u/s 87A as discussed above in case of the resident individual are not available to BOI.
Income Tax Slab for Association of Person (AOP)
| Income Range | Tax applicable |
|---|---|
| Income Upto Rs. 2,50,000 | 0% |
| 2,50,001 - 5,00,000 | 5% |
| 5,00,001 - 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
| Add : Surcharge, Health and Education Cess | |
Please note: Rebate u/s 87A as discussed above in case of the resident individual are not available to AOP.
Income Tax Slab for other Artificial Judicial Person (AJP)
| Income Range | Tax applicable |
|---|---|
| Income Upto Rs. 2,50,000 | 0% |
| 2,50,001 - 5,00,000 | 5% |
| 5,00,001 - 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
| Add : Surcharge, Health and Education Cess | |
Please note: Rebate u/s 87A as discussed above in case of the resident individual are not available to AJP.
Income Tax Slab for Firm and Limited Liability Partnership (LLP)
| Firm or LLP profits are taxable at a flat rate of 30% for FY 2018-19 (AY 2019-20) |
| Add : Surcharge, Health and Education Cess |
Please note: Rebate u/s 87A as discussed above in case of the resident individual are not available to LLP.
Income Tax Slab for Indian Companies
| Total Turnover or Gross Receipts (Rs.) | Tax applicable |
|---|---|
| The amount does exceed Rs.250 crore, in the previous year 2016-17 | 25% |
| The amount exceeds Rs.250 crore in the previous year 2016-17 | 30% |
| Add : Surcharge, Health and Education Cess | |
Please note: Rebate u/s 87A as discussed above in case of the resident individual are not available to Indian Companies.
Income Tax Slab for Foreign Companies
| Foreign Company's profit shall be charged at a flat rate of 40% for FY 2018-19 (AY 2019-20) |
| Add : Surcharge, Health and Education Cess |
Please note: Rebate u/s 87A as discussed above in case of the resident individual are not available to Foreign Company.
Income Tax Slab for Cooperative Societies
| Income Range | Tax applicable |
| Income Upto Rs. 10,000 | 10% |
| From 10,001 - 20,000 | 20% |
| Above Rs. 20,000 | 30% |
| Add : Surcharge Health and Education Cess |
|
Please note: Rebate u/s 87A as discussed above in case of the resident individual are not available to Cooperative Societies.
Income Tax Slab for Local Authority
| Local Authorities are taxable at a flat rate of 30% for FY 2018-19 (AY 2019-20) |
| Add : Surcharge Health and Education Cess |
Add the following to the tax calculated above
Surcharge
In case of an Individual, HUF, AOP / BOI, Artificial Judicial person :- Where Total Income exceeds Rs. 50 lakhs but upto Rs. 1 Cr - 10% surcharge on income tax
- Where Total Income exceeds Rs. 1 Cr - 15% surcharge on income tax above 1 Cr.
In case of an Indian Company
- Where Total Income exceeds Rs. 1 Cr but upto Rs. 10 Cr - 7% surcharge on income tax
- Where Total Income exceeds Rs. 10 Cr - 12% surcharge.
In case of a Foreign Company
- Where Total Income exceeds Rs. 1 Cr but upto Rs. 10 Cr - 2% surcharge on income tax
- Where Total Income exceeds Rs. 10 Cr - 5% surcharge.
-
Health and Education Cess :
- HEC shall be added at 4% in all cases upon the income tax so calculated or Income tax + surcharge so calculated in cases of income above Rs. 50 lakhs.
Less :
- Rebate u/s 87A in case total income of the resident individual taxpayer does not exceed Rs. 3.5 lakhs, tax relief on Actual Tax payable for income upto Rs. 3.5 lakhs or, Rs. 2500 (whichever is lower)
Note: The income chargeable to tax rate shall be after all admissible deductions.
Contents :-
- Income Tax Slab for Indian Individuals
- Income Tax Slabs For Non-Resident Indian(NRI)
- Income Tax Slabs For Hindu Undivided Family(HUF)
- Income Tax Slabs For Body of Individuals(BOI)
- Income Tax Slabs For Association of Person(AOP)
- Income Tax Rate for Firms and LLP
- Income Tax Rate for Indian Company
- Income Tax Rate for Foreign Company
- Income Tax Rate for Co-operative Societies
- Income Tax Rate for Local Authorities
- EC & SHEC
I. Income Tax Slab for Indian Individuals
Income Tax Slab for Individuals less than 60 years for F.Y. 2017-18 ( For Male)
| Income Slab(s) | Income Tax Rate for AY 2018-19 (F.Y. 2017-18) |
|---|---|
| Upto 2,50,000 | Nil |
| From 2,50,001- 5,00,000 | 5% |
| From 5,00,001-10,00,000 | 20% |
| Above 10,00,000 | 30% |
| Less: Rebate under Section 87A (if Total Income Up to Rs 3,50,000) Add: Surcharge and EC & SHEC |
|
Income Tax Slab for Individuals less than 60 years for F.Y. 2017-18 ( For Female)
| Income Slab(s) | Income Tax Rate for F.Y. 2017-18 |
|---|---|
| Upto 2,50,000 | Nil |
| From 2,50,001- 5,00,000 | 5% |
| From 5,00,001-10,00,000 | 20% |
| Above 10,00,000 | 30% |
| Less: Rebate under Section 87A (if Total Income Up to Rs 3,50,000) Add: Surcharge and EC & SHEC |
|
Income Tax Slab for Individuals more than or equal to 60 years but less than 80 years known as Senior Citizens for F.Y. 2017-18 (Both Male and Female)
| Income Slab(s) | Income Tax Rate for F.Y. 2017-18 |
|---|---|
| Upto 3,00,000 | Nil |
| From 3,00,001- 5,00,000 | 5% |
| From 5,00,001-10,00,000 | 20% |
| Above 10,00,000 | 30% |
| Less: Rebate under Section 87A (if Total Income Up to Rs 3,50,000) Add: Surcharge and EC & SHEC |
|
Income Tax Slab for Individuals more than or equal to 80 years known as Super Senior Citizens For F.Y. 2017-18 (Both Male and Female)
| Income Slab(s) | Income Tax Rate for F.Y. 2017-18 |
|---|---|
| Upto 5,00,000 | Nil |
| From 5,00,001-10,00,000 | 20% |
| Above 10,00,000 | 30% |
| Add: Surcharge and EC & SHEC | |
How to Calculate Income Tax? Click here
II. Income Tax Slabs For Non-Residents
| Income Slab(s) | Income Tax Rate for F.Y. 2017-18 |
|---|---|
| Upto 2,50,000 | Nil |
| From 2,50,001- 5,00,000 | 5% |
| From 5,00,001-10,00,000 | 20% |
| Above 10,00,000 | 30% |
| Add: Surcharge and EC & SHEC | |
Please note : Rebate u/s 87A and Age-wise slab rate as discussed above in case of resident individual are not available to Non-Residents.
III. Income Tax Slabs For Hindu Undivided Family(HUF)
Income Tax Slab for AY 2018-19 for HUF (F.Y. 2017-18)
| Income Slab(s) | Income Tax Rate for F.Y. 2017-18 |
|---|---|
| Upto 2,50,000 | Nil |
| From 2,50,001- 5,00,000 | 5% |
| From 5,00,001-10,00,000 | 20% |
| Above 10,00,000 | 30% |
| Add: Surcharge and EC & SHEC | |
IV. Income Tax Slabs For Body of Individuals(BOI)
IncomeTax Slab for BOI for F.Y. 2017-18
| Income Slab(s) | Income Tax Rate for F.Y. 2017-18 |
|---|---|
| Upto 2,50,000 | Nil |
| From 2,50,001- 5,00,000 | 5% |
| From 5,00,001-10,00,000 | 20% |
| Above 10,00,000 | 30% |
| Add: Surcharge and EC & SHEC | |
V. Income Tax Slabs For Association of Person(AOP)
Income Tax Slab for AOP for F.Y. 2017-18. Mention below below AOP income tax rates 2018-19
| Income Slab(s) | Income Tax Rate for F.Y. 2017-18 |
|---|---|
| Upto 2,50,000 | Nil |
| From 2,50,001- 5,00,000 | 5% |
| From 5,00,001-10,00,000 | 20% |
| Above 10,00,000 | 30% |
| Add: Surcharge and EC & SHEC | |
VI. Income Tax Rate for Firms and LLP
| A firm /LLP is taxable at flat rate of 30 percent for the F.Y. 2017-18 (A.Y. 2018-19). | |
| Add: Surcharge and EC & SHEC |
VII. Income Tax Rate for Indian Company
For F.Y.2017-18( A.Y. 2018-19) the income tax slab for Indian Company. Mentioned below is the income tax rate for AY 2018-19 for companies.
| Total Turnover or Gross Receipts (Rs.) | Rate of Income Tax |
|---|---|
| Amount does not exceed Rs.50 crore, in the previous year 2015-16 | 25% |
| Amount exceeds Rs.50 crore | 30% |
| Add: Surcharge and EC & SHEC | |
VIII. Income Tax Rate for Foreign Company
| A foreign company is taxable at flat rate of 40 percent for the F.Y. 2017-18 ( A.Y. 2018-19). | |
| Add: Surcharge and EC & SHEC |
IX. Income Tax Rate for Co-operative Societies
For F.Y.2017-18( A.Y. 2018-19 ) the new income tax slab 2018-19 for co-operative society
| Income (Rs) | Rate of Income Tax |
|---|---|
| Upto 10,000 | 10% |
| From 10,001-20,000 | 20% |
| Above 20,000 | 30% |
| Add: Surcharge and EC & SHEC | |
X. Income Tax Rate for Local Authorities
| Local authorities are taxable at flat rate of 30 percent for the F.Y. 2017-18( A.Y. 2018-19). | |
| Add: Surcharge and EC & SHEC |
The amount of income-tax shall be increased by a surcharge at the rate specified in the table, where total income exceeds the specified amount:
| Surcharge Rates for | 0-Rs.50 lakh | Rs.50 lakh - Rs.1 crore | Rs.1 crore - Rs.10 crore | Above Rs.10 crore |
|---|---|---|---|---|
| Individual(Men, Female, NRI) /HUF /AOP /BOI /other Artificial Juridical person | Nil | 10% | 15% | 15% |
| Firm/Co-Operative Society/local authority | Nil | Nil | 12% | 12% |
| Domestic Company | Nil | Nil | 7% | 12% |
| Foreign Company | Nil | Nil | 2% | 5% |
EC & SHEC
Education Cess(EC) :
The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at 2 percent of income tax and surcharge.
Secondary & Higher Education Cess(SHEC) :
The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at 1 percent of income tax 2018-19 and surcharge.
Rebate under Section 87A :
Section 87A of the Act states that if a resident individual's total income does not exceed Rs. 3.5 lakhs then the individual will get benefit of rebate. The amount of rebate shall be 100% of income-tax or Rs. 2,500, whichever is less.
Prior to the union budget 2017, it was on the taxable income up to INR 5 lakh and the benefit was of Rs. 5000/-.
For F.Y. 2016-17 ( A.Y. 2017-18) the Income Tax Slab for various persons-
Contents :-
I. Income Tax Slab for Indian Individuals
Income Tax Slab for F.Y.2016-17 for individuals (Both Male & Female) below the age of 60 years:
| Income Slab(Rs.) | Income Tax Rate for F.Y. 2016-17 |
|---|---|
| Upto 2,50,000 | Nil |
| From 2,50,001- 5,00,000 | 10% |
| From 5,00,001-10,00,000 | 20% |
| Above 10,00,000 | 30% |
| Less: Rebate under Section 87A Add: Surcharge and EC & SHEC |
|
Income Tax Slab for F.Y.2016-17 for individuals (Both Male & Female) more than or equal to 60 years but less than 80 years
| Income Slab(s) | Income Tax Rate for F.Y. 2016-17 |
|---|---|
| Upto 3,00,000 | Nil |
| From 3,00,001- 5,00,000 | 10% |
| From 5,00,001-10,00,000 | 20% |
| Above 10,00,000 | 30% |
| Less: Rebate under Section 87A Add: Surcharge and EC & SHEC |
|
Income Tax Slab for F.Y.2016-17 for individuals (Both Male & Female) 80 year or more than 80 years
| Income Slab(s) | Income Tax Rate for F.Y. 2016-17 |
|---|---|
| Upto 5,00,000 | Nil |
| From 5,00,001-10,00,000 | 20% |
| Above 10,00,000 | 30% |
| Add: Surcharge and EC & SHEC | |
II. Income Tax Slab for F.Y.2016-17 for NRI's
| Income Slab(s) | Income Tax Rate for F.Y. 2016-17 |
|---|---|
| Upto 2,50,000 | Nil |
| From 2,50,001- 5,00,000 | 10% |
| From 5,00,001-10,00,000 | 20% |
| Above 10,00,000 | 30% |
| Add: Surcharge and EC & SHEC | |
III. Income Tax Slabs for F.Y. 2016-17 for HUF/AOP/BOI
| Income Slab(s) | Income Tax Rate for F.Y. 2016-17 |
|---|---|
| Upto 2,50,000 | Nil |
| From 2,50,001- 5,00,000 | 10% |
| From 5,00,001-10,00,000 | 20% |
| Above 10,00,000 | 30% |
| Add: Surcharge and EC & SHEC | |
IV. Income Tax Rate for Firms/ LLP/Indian Company/Local Authority
| Income tax would be at a flat rate of 30 percent for the F.Y. 2016-17 (A.Y. 2017-18). | |
| Add: Surcharge and EC & SHEC |
V. Income Tax Rate for Foreign Company
| A foreign company is taxable at flat rate of 40 percent for the F.Y. 2016-17 (A.Y. 2017-18). | |
| Add: Surcharge and EC & SHEC |
VI. Income Tax Rate for Co-operative Societies
For F.Y.2016-17, A.Y. 2017-18 the income tax slab for co-operative society
| Income (Rs) | Rate of Income Tax |
|---|---|
| Upto 10,000 | 10% |
| From 10,001-20,000 | 20% |
| Above 20,000 | 30% |
| Add: Surcharge and EC & SHEC | |
Notes:
Surcharge :
The amount of income-tax shall be increased by a surcharge at the rate specified in the table, where total income exceeds the specified amount:
| Surcharge Rates for | 0-Rs.1 crore | Rs.1 crore- Rs.10 crore | Above Rs.10 crore |
|---|---|---|---|
| Individual(Men, Female, NRI)/HUF /AOP /BOI /other Artificial Juridical person | Nil | 15% | 15% |
| Firm/Co-Operative Society/local authority | Nil | 12% | 12% |
| Domestic Company | Nil | 7% | 12% |
| Foreign Company | Nil | 2% | 5% |
EC & SHEC
Education Cess(EC) :
The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at 2 percent of income tax and surcharge.
Secondary & Higher Education Cess(SHEC) :
The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at 1 percent of income tax and surcharge.
Rebate under Section 87A :
Section 87A of the Act states that if an individual's total income does not exceed Rs. 5 lakhs then the individual will get benefit of rebate. The amount of rebate shall be 100% of income-tax or Rs. 5,000, whichever is less.
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