Income Tax :- Income Tax Slabs for the F.Y. 2017-18

Tuesday, September 26, 2017 | comments

Financial Year 2017-18

A. Tax Rates For Individuals (Men & Women), Hindu Undivided Families, Association of Persons and Body of Individuals

Total Income (Rs.) Tax Rate (%)
Upto Rs. 250,000*          Nil
250,001 to 500,000           5
500,001 to 10,00,000 20
Above Rs. 10,00,000 30

*In the case of a resident individual of sixty years or more but less than eighty years, the basic exemption limit is Rs. 3,00,000
*Relief for Taxpayers in the first bracket of '250000' to '350000'. A Tax credit of 2500 to every person with total income upto 3,50,000
The category of women below the age of 65 years has been removed



B. Tax Rates For Senior Citizens (80 Years Or Above)

Total Income (Rs.) Tax Rate (%)
Upto Rs. 500,000*         Nil
500,001 to 10,00,000 20
Above Rs. 10,00,000 30
Surcharge is @ 15% if total taxable income is in excess of Rs. 10,000,000
Education cess is applicable @ 3% on income tax
Marginal relief may be available


C. Tax Rates For For Partnership Firms
                             Tax Rate (%)
Partnership Firms are taxable @ 30%
Surcharge is @ 12% if total taxable income is in excess of Rs. 10,000,000
Education cess is applicable @ 3% on income tax



D. Tax Rates For Domestic Companies
                             Tax Rate (%)
Domestic companies are taxable @ 25% where gross receipt in the previous year does not exceed fifty crore rupees
Domestic companies are taxable @ 30% where gross receipt in the previous year exceed fifty crore rupees
Surcharge is 7 % if total taxable income is in excess of Rs. 10,000,000 but not exceeding 100,000,000
Surcharge is 12 % if total taxable income is in excess of Rs. 100,000,000
Education cess is applicable @ 3% on income tax (inclusive of surcharge, if any)



E. Tax Rates For Foreign Companies
                              Tax Rate (%)
Foreign companies are taxable @ 40%
Surcharge is 2 % if total taxable income is in excess of Rs. 10,000,000 but not exceeding 100,000,000
Surcharge is 5 % if total taxable income is in excess of Rs. 100,000,000
Education cess is applicable @ 3% on income tax (inclusive of surcharge, if any)



F. In the case of every co-operative society Tax Rate (%)
(1) where the total income does not exceed Rs. 10,000 10 per cent. of the total income

(2) where the total income exceeds Rs. 10,000 but does not exceed Rs. 20,000 Rs. 1,000 plus 20 per cent. of the amount by which the total income exceeds Rs. 10,000

(3) where the total income exceeds Rs. 20,000 
10 per cent. of the total income; Rs. 3,000 plus 30 per cent. of the amount by which the total income exceeds Rs. 20,000

Surcharge is 12 % if total taxable income is in excess of Rs. 10,000,000
Education cess is applicable @ 3% on income tax
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