Income Tax rates for FY 2017-18

Income Tax rates for FY 2017-18 (Financial Year 2017-18)and AY (Assessment Year)2018-19

income tax rates for FY 2017-18

A. Individuals/HUFs/AOPs/BOI/Artificial Judicial Person

A1.  FOR RESIDENT MEN and WOMEN (Age less than or equal to 60 Years) 

Income Slab Rates (INR) Percentage Remarks
Upto 2,50,000 NIL
2,50,001 to 5,00,000 5% Tax Credit U/S 87A is available upto Rs.2500 or 100% of tax whichever is less in case of resident individual whose total income doesn’t exceed Rs.3,50,000
5,00,001 to 10,00,000 20%
Above 10,00,000 30%

Refer Note 1 to 3

A2.FOR SENIOR CITIZENS (Age 60-80 Years)

Income Slab Rates (INR) Percentage Remarks
Upto Rs. 3,00,000 NIL
3,00,001 to 5,00,000 5% Tax Credit U/S 87A is available upto Rs.2500 or 100% of tax whichever is less in case of resident individual whose total income doesn’t exceed Rs.3,50,000
5,00,001 to 10,00,000 20%
Above 10,00,000 30%

Refer Note 1 to 3

A3.FOR VERY SENIOR CITIZENS (Age Above 80 Years)

Income Slab Rates (INR) Percentage
Upto 5,00,000 NIL
5,00,001 to 10,00,000 20%
Above 10,00,000 30%

Refer Note 1 to 3

Note:

1.Surcharge of 10% on Income tax where taxable income exceeds Rs. 50,00,000  but does not exceeds one crores rupees.  Surcharge of 15% on Income-tax where taxable income exceeds Rs.1 crore however margin relief  in surcharge is available , if applicable in both cases .

2.Education Cess is 2% on income-tax and surcharge.

3. Secondary and higher education cess is 1% of income-tax and surcharge.

B.Co-operative Societies

Income Slab Rates (INR) Percentage
Upto  10,000 10%
10,000 to 20,000 20%
Above 20,000 30%

Surcharge of 12% on Income-tax where taxable income exceeds Rs.1 crore however margin relief  in surcharge is available , if applicable.

Education Cess is 2% on income-tax and surcharge.

Secondary and higher education cess is 1% of income-tax and surcharge.

C.Partnership Firms including LLP

Income Tax 30%

Surcharge of 12% on Income-tax where taxable income exceeds Rs.1 crore however margin relief  in surcharge is available , if applicable.

Education Cess is 2% on income-tax and surcharge.

Secondary and higher education cess is 1% of income-tax and surcharge.

D. Domestic Company

Income Tax – 25% if turnover or gross receipt of the company does not exceed Rs.50 crore . In case of other domestic company,Income Tax rate is 30%

Surcharge of 7% of Income Tax  if total income exceeds Rs.1 crore but does not exceeding Rs.10 crores and Surcharge of 12% of Income Tax if total income exceeds Rs.10 crores on Income-tax however margin relief  in surcharge is available , if applicable.

Education Cess is 2% on income-tax and surcharge.

Secondary and higher education cess is 1% of income-tax and surcharge.

E.Local Authority

Income Tax 30%

Surcharge of 12% on Income-tax where taxable income exceeds Rs.1 crore however margin relief  in surcharge is available , if applicable.

Education Cess is 2% on income-tax and surcharge.

Secondary and higher education cess is 1% of income-tax and surcharge.

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  • CA. Kalpesh Karia

    CA. Kalpesh Karia is a Fellow Chartered Accountant . He founded and developed this blog ' FinanceFriend.in ' in 2012. He regularly posts articles related to finance and taxation on his blog. As the name suggests, he is trying to be a Finance Friend and wants to give back to society what he has learned over the years. He shares knowledge based on his 18 years of experiences in areas like Finance, Accounts, Taxation, Forex & Treasury , Wealth Management & Financial Planning, Costing, SAP and Digital Transformation .

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