Income Tax Rates – Income Tax Slab For AY 2017-18
- Blog|Income Tax|
- 2 Min Read
- By Taxmann
- |
- Last Updated on 28 February, 2022
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1. Income Tax Slab for Individual
1.1 Individual ( resident or non-resident), who is of the age of fewer than 60 years on the last day of the relevant previous year:
|
Taxable income |
Tax Rate |
|
Up to Rs. 2,50,000 |
Nil |
|
Rs. 2,50,000 to Rs. 5,00,000 |
10% |
|
Rs. 5,00,000 to Rs. 10,00,000 |
20% |
|
Above Rs. 10,00,000 |
30% |
1.2 Resident senior citizen, i.e every individual, being a resident in India, who is of the age of 60 or more but less than 80 years at any time during the previous year:
|
Taxable income |
Tax Rate |
|
Up to Rs. 3,00,000 |
Nil |
|
Rs. 3,00,000 – Rs. 5,00,000 |
10% |
|
Rs. 5,00,000 – Rs. 10,00,000 |
20% |
|
Above Rs. 10,00,000 |
30% |
1.3 Resident super senior citizen, i.e., every individual, being a resident in India, who is of the age of 80 years or more at any time during the previous year:
|
Taxable income |
Tax Rate |
|
Up to Rs. 5,00,000 |
Nil |
|
Rs. 5,00,000 – Rs. 10,00,000 |
20% |
|
Above Rs. 10,00,000 |
30% |
Plus:
Note: A resident individual is entitled for rebate u/s 87A if his total income does not exceed Rs. 5,00,000. The amount of rebate shall be 100% of income-tax or Rs. 5,000, whichever is less.
2. Income Tax Slab for HUF/AOF/BOI/Any other Artificial Juridical Person:
|
Taxable income |
Tax Rate |
|
Up to Rs. 2,50,000 |
Nil |
|
Rs. 2,50,000 to Rs. 5,00,000 |
10% |
|
Rs. 5,00,000 to Rs. 10,00,000 |
20% |
|
Above Rs. 10,00,000 |
30% |
Plus: Surcharge: 15% of tax where total income exceeds Rs. 1 crore Education cess: 3% of tax plus surcharge
3. Income Tax Slab for Partnership Firm:
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4. Income Tax Slab Rate for Local Authority
A local authority is taxable at 30%. Plus: Surcharge: 12% of tax where total income exceeds Rs. 1 crore Education cess: 3% of tax plus surcharge
5. Income Tax Slab for Domestic Company
A domestic company is taxable at 30%. However, tax rate is 29% if turnover or gross receipt of the company does not exceed Rs. 5 crore. Plus: Surcharge: 7% of tax where total income exceeds Rs. 1 crore 12% of tax where total income exceeds Rs. 10 crore Education cess: 3% of tax plus surcharge
6. Income Tax Rate for Foreign Company
A foreign company is taxable at 40% Plus: Surcharge: 2% of tax where total income exceeds Rs. 1 crore 5% of tax where total income exceeds Rs. 10 crore Education cess: 3% of tax plus surcharge
7. Income Tax Slab Rate for Co-operative Society
|
Taxable income |
Tax Rate |
|
Up to Rs. 10,000 |
10% |
|
Rs. 10,000 to Rs. 20,000 |
20% |
|
Above Rs. 20,000 |
30% |
Plus:
Surcharge: 12% of tax where total income exceeds Rs. 1 crore
Education cess: 3% of tax plus surcharge
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