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    1. Home
    3. Income Tax
    5. Income Tax Slabs
    7. Previous Years Income Tax Slabs: A Comprehensive Guide

    Income Tax Rates of Previous Years For Individuals

    Updated on: 21 May, 2024 01:10 PM

    What is an Income Tax Slab in India?

    In India, we have a progressive method of taxation, which means the more your income is, the more tax you will pay. Income Tax Slabs are the income slabs defined by the tax department. It helps to determine the income tax rate at which you will be taxed in India. Your Income Tax Slab depends on the various factors -

    Income Tax Slabs AY 2024-25 (FY 2023-24)
    Income Tax Slabs AY 2024-25 (FY 2023-24)
     Income Tax Slabs AY 2023-24 (FY 2022-23)
    Income Tax Slabs AY 2023-24 (FY 2022-23)
     Income Tax Slabs AY 2022-23 (FY 2021-22)
    Income Tax Slabs AY 2022-23 (FY 2021-22)
     Income Tax Slabs AY 2021-22 (FY 2020-21)
    Income Tax Slabs AY 2021-22 (FY 2020-21)
    Income Tax Slabs AY 2020-21 (FY 2019-20)
    Income Tax Slabs AY 2020-21 (FY 2019-20)
    Income Tax Slabs AY 2019-20 (FY 2018-19)
    Income Tax Slabs AY 2019-20 (FY 2018-19)
    Income Tax Slabs AY 2018-19 (FY 2017-18)
    Income Tax Slabs AY 2018-19 (FY 2017-18)
    Income Tax Slabs AY 2017-18 (FY 2016-17)
    Income Tax Slabs AY 2017-18 (FY 2016-17)
    Income Tax Slabs AY 2016-17 (FY 2015-16)
    Income Tax Slabs AY 2016-17 (FY 2015-16)
    Income Tax Slabs AY 2015-16 (FY 2014-15)
    Income Tax Slabs AY 2015-16 (FY 2014-15)

    The insights of the Income Tax Slabs for FY 2023-24 (AY 2024-25)

    The Union Budget 2023 made some changes in the Tax Slab Rates for FY 2023-24 under the new tax regime. The basic exemption limit has been raised to Rs 3 lakh from Rs 2.5 lakh to make the new tax regime more attractive. The old tax regime will remain the same as of FY 2022-23. Also, the highest tax rate of 30% will be levied above Rs 15 lakh income. If you are looking to maximize your tax deductions and get a hassle-free ITR filing experience, connect with our tax experts. The income tax slab rates for FY 2023-24 (AY 2024-25) under the new tax regime are as follows:

    Income Range Tax applicable
    Upto Rs 3,00,000 0%
    Rs. 3,00,001-6,00,000 5%
    Rs. 6,00,001-9,00,000 10%
    Rs. 9,00,001-12,00,000 15%
    Rs. 12,00,001-15,00,000 20%
    Above Rs. 15,00,001 30%

    The Insights of the Income Tax Slabs for FY 2022-23 (AY 2023-24), FY 2021-22 (AY 2022-23) and FY 2020-21 (AY 2021-22)

    If Person is Resident Individual or HUF: -

    Income of the assessee Rate of Tax under Old Tax Regime for FY 22-23, 21-22 and 20-21 (i.e, AY 23-24, 22-23 & 21-22) New Tax Regime Slab Rates for FY 22-23, 21-22 and 20-21 (i.e, AY 23-24, 22-23 & 21-22)
    Individuals with age less than 60 years or HUF Individuals with age 60years or more but less than 80 years Individuals with age 80 years or more Applicable for All Individuals or HUF
    Rs 0.0 to Rs 2,50,000 NIL NIL NIL NIL
    Rs 2,50,001 to Rs 3,00,000 5% (tax rebate u/s 87a is available) NIL NIL 5% (tax rebate u/s 87a is available)
    Rs. 3,00,001 to Rs 5,00,000 5% (tax rebate u/s 87a is available) NIL
    Rs. 5,00,001 to Rs 7,50,000 20% 20% 20% 10%
    Rs 7,50,001 to Rs 10,00,000 20% 20% 20% 15%
    Rs 10,00,001 to Rs. 12,50,000 30% 30% 30% 20%
    Rs. 12,50,001 to Rs. 15,00,000 30% 30% 30% 25%
    Exceeding Rs. 15,00,001 30% 30% 30% 30%
    Note:
    1. In Addition to basic Income Tax, as discussed above, the following are also to be taken care of:-
    - Surcharge: Surcharge is levied on the amount of income tax at the following rates if the total income of an assessee exceeds specified limits:-
    Taxable Income is Rs. 50 Lakhs upto Rs. 1 Crore Taxable IncomeisRs. 1 Crore Upto Rs. 2 Crores Taxable Income isRs. 2 Crores upto Rs. 5 Crores Taxable Income is above More Than Rs. 5 Crores
    10% 15% 25% 37%
    - Health & Education Cess @4%
    - Rebate u/s 87A
    2. Certain income tax exemptions and deductions like section 80C, 80D,80TTB, HRA etc are available in the OLD tax regime but will not be available under the new tax regime.

    If Person is a Non-Resident Individual: -

    Income of the assessee Rate of Tax under Old tax Regime for FY 22-23, 21-22 and 20-21 (i.e, AY 23-24, 22-23 & 21-22) New Tax Regime Slab Rates for FY 22-23, 21-22 and 20-21 (i.e, AY 23-24, 22-23 & 21-22)
    Upto Rs 2,50,000 NIL NIL
    Rs 2,50,001 to Rs 5,00,000 5% 5%
    Rs. 5,00,001 to Rs 7,50,000 20% 10%
    Rs 7,50,001 to Rs 10,00,000 20% 15%
    Rs 10,00,001 to Rs. 12,50,000 30% 20%
    Rs. 12,50,001 to Rs. 15,00,000 30% 25%
    Above Rs. 15,00,001 30% 30%
    Note:
    Surcharge & Health and Education cess are also applicable here as in the case of the resident.

    If Person is AOP/BOI/Artificial Judicial Person: -

    Income of the assessee Rate of Tax under OLD Tax Regime for FY 22-23, 21-22 and 20-21 (i.e, AY 23-24, 22-23 & 21-22)
    Rs 0.0 to Rs 2,50,000 NIL
    Rs 2,50,001 to Rs 5,00,000 5%
    Rs. 5,00,001 to Rs 10,00,000 20%
    Above 10,00,001 30%

    In case of a Domestic Company: -

    Domestic Company NORMAL TAX RATE
    Assessment Year 2023-24 Assessment Year 2022-23
    Where its total turnover or gross receipt during the previous year 2018-19 does not exceed Rs. 400 crore 25% 25%
    Where its total turnover or gross receipt during the previous year 2019-20 does not exceed Rs. 400 crore 25% 25%
    Any other domestic company 30% 30%

    Also, the Government introduced special tax rates for domestic companies under various sections, these can be summarized as:-

    Domestic Company SPECIAL TAX RATES
    Assessment Year 2023-24 Assessment Year 2022-23
    Where it opted for section 115BA 25% 25%
    Where it opted for Section 115BAA 22% 22%
    Where it opted for Section 115BAB 15% 15%
    Note:
    1. In Addition to basic Income Tax, as discussed above, Followings are also to be taken care of:-
    - Surcharge: Surcharge is levied on the amount of income tax at the following rates if the total income of an assessee exceeds specified limits:-
    Taxable Income is above Rs. 1 Crore upto 10 Crores Taxable Income is Above Rs. 10 Crore
    7% 12%
    - Health & Education Cess @4%
    2. MAT Provisions as per section 115JB would also be applicable while calculating tax payable.

    If Person is Foreign Company: -

    Nature of Income Tax Rate
    Royalty received from Government or an Indian concern in pursuance of an agreement made with the Indian concern after March 31, 1961, but before April 1, 1976, or fees for rendering technical services in pursuance of an agreement made after February 29, 1964, but before April 1, 1976, and where such agreement has, in either case, been approved by the Central Government 50%
    Any other income 40%
    Note:
    1. In Addition to basic Income Tax, as discussed above, followings are also to be taken care of:-
    - Surcharge: Surcharge is levied on the amount of income tax at the following rates if the total income of an assessee exceeds specified limits:-
    Taxable Income is above Rs. 1 Crore up to 10 Crores Taxable Income is Above Rs. 10 Crore
    2% 5%
    - Health & Education Cess @4%
    2. MAT Provisions as per section 115JB would also be applicable while calculating tax payable.

    The Insights of the Income Tax Slabs for FY 2019-20 (AY 2020-21)

    Income Tax Slab for New FY 2019-20 New Tax Rate Existing Tax Rate
    Upto Rs 2.5 Lakhs Exempt Exempt
    Rs 2.5- Rs 5 Lakhs 5% 5%
    Rs 5- Rs 7.5 Lakhs 10% 20%
    Rs 7.5 -Rs 10 Lakhs 15% 20%
    Rs 10 - Rs 12.5 Lakhs 20% 30%
    Rs 12.5 - Rs 15 Lakhs 25% 30%
    Above Rs 15 Lakhs 30% 30%

    Income Tax Slab Rate for AY 2019-20 (FY 2018-19)

    Contents :-

    Let’s get the insights of the Income Tax Slabs for FY 2018-19 (AY 2019-20)

    Income Tax Slab for Resident Individuals 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. 10,00,001 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 0%
    5,00,001 - 10,00,000 20%
    Above Rs. 10,00,001 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 and irrespective of age groups)

    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. 10,00,001 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. 10,00,001 30%
    Add: Surcharge, Health and Education Cess

    Please note: Rebates 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. 10,00,001 30%
    Add: Surcharge, Health and Education Cess

    Please note: Rebate u/s 87A as discussed above, in case of the resident individual, is not available to BOI.

    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. 10,00,001 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. 10,00,001 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 Domestic Companies

    Total Turnover or Gross Receipts (Rs.) Tax applicable
    The amount does not 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: Rebates u/s 87A as discussed above in the 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) depending upon certain conditions.
    If any royalty received from the Government or an Indian concern in pursuance of an agreement made with the Indian concern after March 31, 1961, but before April 1, 1976, or fees for rendering technical services in pursuance of an agreement made after February 29, 1964, but before April 1, 1976, and where such agreement has, in either case, been approved by the Central Government then Tax Rate would be 50%.
    Add: Surcharge, Health and Education Cess

    Please note: Rebates u/s 87A as discussed above, in case of the resident individual is not available to the 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: Rebates 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, this includes both Resident and NRI, HUF, AOP / BOI, and Artificial Judicial person :
    • Where Taxable Total Income exceeds Rs. 50 lakhs but upto Rs. 1 Cr - 10% surcharge on income tax
    • Where Taxable Total Income exceeds Rs. 1 Cr - 15% surcharge on income tax
    In case of an Indian Company
    • Where Taxable Total Income exceeds Rs. 1 Cr but upto Rs. 10 Cr - 7% surcharge on income tax
    • Where Taxable Total Income exceeds Rs. 10 Cr - 12% surcharge on Income Tax.
      • In case of a Foreign Company
    • Where Taxable Total Income exceeds Rs. 1 Cr but upto Rs. 10 Cr - 2% surcharge on income tax
    • Where Taxable 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.
    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.

    Income Tax Slab Rate for AY 2018-19 (FY 2017-18)

    Contents:-

    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 10,00,001 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 10,00,001 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 10,00,001 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 10,00,001 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 10,00,001 30%
    Add: Surcharge and EC & SHEC

    Please note : Rebate u/s 87A and Age-wise slab rate as discussed above in case of resident individuals 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 10,00,001 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 10%
    From 5,00,001-10,00,000 20%
    Above 10,00,001 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 10%
    From 5,00,001-10,00,000 20%
    Above 10,00,001 30%
    Add: Surcharge and EC & SHEC

    VI. Income Tax Rate for Firms and LLP

    A firm /LLP is taxable at a 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 Domestic Company

    For F.Y.2017-18( A.Y. 2018-19) the income tax slab for Domestic Company are as follows.

    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 a flat rate of 40 percent for the F.Y. 2017-18 ( A.Y. 2018-19).
    If any royalty received from Government or an Indian concern in pursuance of an agreement made with the Indian concern after March 31, 1961, but before April 1, 1976, or fees for rendering technical services in pursuance of an agreement made after February 29 1964, but before April 1, 1976 and where such agreement has, in either case, been approved by the Central Government then Tax Rate would be 50%.
    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 a flat rate of 30 percent for the F.Y. 2017-18( A.Y. 2018-19).
    Add: Surcharge and EC & SHEC
    Surcharge :

    The amount of income-tax shall be increased by a surcharge at the rate specified in the table, where taxable 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 for AY 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 the 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/-.

    Income Tax Slab Rate for AY 2017-18 (FY 2016-17)

    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 10,00,001 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 10,00,001 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 10,00,001 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 10,00,001 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 10,00,001 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 a 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 Taxable total income exceeds the specified amount:

    Surcharge Rates for 0-Rs.1 crore Rs.1 crore- Rs.10 crore Above Rs.10 crore
    Individual(Male, 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 the benefit of rebate. The amount of rebate shall be 100% of income-tax or Rs. 5,000, whichever is less.

    Income Tax Slab Rate for AY 2016-17 (FY 2015-16)

    Resident Individuals Aged less than 60 years (Male or Female)

    Income Range Tax Rate
    Income Upto Rs. 2,50,000 NIL
    2,50,001 - 5,00,000 10%
    5,00,001 - 10,00,000 20%
    Above Rs. 10,00,001 30%
    Less: Rebate u/s 87A
    Add: Surcharge* + Health & Education Cess @3%

    Resident Individuals Aged 60 years or more but less than 80 years(Senior Citizen both Male and Female)

    Income Range Tax Rate
    Income Upto Rs. 3,00,000 NIL
    3,00,001 - 5,00,000 10%
    5,00,001 - 10,00,000 20%
    Above Rs. 10,00,001 30%
    Less : Rebate u/s 87A
    Add : Surcharge* + Health & Education Cess @ 3%

    Resident Individuals Aged 80 years or more (Super Senior Citizen both Male and Female)

    Income Range Tax Rate
    Income Upto Rs. 5,00,000 NIL
    5,00,001 - 10,00,000 20%
    Above Rs. 10,00,000 30%
    Less : Rebate u/s 87A
    Add : Surcharge* + Health & Education Cess @ 3%

    Surcharge Rate: Surcharge is levied @ 12% on the amount of income-tax wWhere taxable tTotal Income exceeds Rs. 1 Cr

    Income Tax Slab Rates for AY 2015-16 (FY 2014-15)

    Resident Individuals Aged less than 60 years (Male or Female)

    Income Range Tax Rate
    Income Upto Rs. 2,50,000 NIL
    2,50,001 - 5,00,000 10%
    5,00,001 - 10,00,000 20%
    Above Rs. 10,00,001 30%
    Less: Rebate u/s 87A
    Add: Surcharge* + Health & Education Cess @3%

    Resident Individuals Aged 60 years or more but less than 80 years(Senior Citizen both Male and Female)

    Income Range Tax Rate
    Income Upto Rs. 3,00,000 NIL
    3,00,001 - 5,00,000 10%
    5,00,001 - 10,00,000 20%
    Above Rs. 10,00,001 30%
    Less : Rebate u/s 87A
    Add : Surcharge* + Health & Education Cess @ 3%

    Resident Individuals Aged 80 years or more (Super Senior Citizen both Male and Female)

    Income Range Tax Rate
    Income Upto Rs. 5,00,000 NIL
    5,00,001 - 10,00,000 20%
    Above Rs. 10,00,001 30%
    Less : Rebate u/s 87A
    Add : Surcharge* + Health & Education Cess @ 3%

    Surcharge Rate: 10% of the Income Tax, where taxable Total Income exceeds Rs. 1 Cr

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    CA Abhishek Soni
    CA Abhishek Soni

    Abhishek Soni is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Tax2Win.in. Tax2win is amongst the top 25 emerging startups of Asia and authorized ERI by the Income Tax Department. In the past, he worked in EY and comes with wide industry experience from telecom, retail to manufacturing to entertainment where he has handled various national and international assignments.

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