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Income Tax Rates of Previous Years For Individuals
(Know the old income tax rates for the last 10 F.Y.’s for individuals in India)
(New Income Tax Slab for FY 2023-24 Budget 2023-24) Find latest income tax slab rates in India for individuals, NRI, HUF, BOI, AOP, LLP, Local Authority, Co-operative society, and company.
Let's first understand What is the 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 -
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. 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 , following are also to be taken care of:- - Surcharge: Surcharge is levied on the amount of income-tax at following rates if total income of an assessee exceeds specified limits:-
- Rebate u/s 87A (no tax will be payable on total income upto Rs.5 lakh in both regimes) 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 also applicable here as in case of 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 following rates if total income of an assessee exceeds specified limits:-
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 following rates if total income of an assessee exceeds specified limits:-
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 :-
- 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 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 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. 10,00,001 | 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 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 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 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: 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, 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 :-
- 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 10,00,001 | 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 |
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 tTotal Income exceeds Rs. 1 Cr
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