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1. Income Tax Rate for Individuals:

1(i). Income tax slab rates for Individuals less than 60 years at any time during the Financial Year 2017-18.




Net Income Range (Rs.)

Tax rates

Less than 2,50,000

Nil

2,50,000 < 5,00,000

5%

5,00,000 <10,00,000

20%

Above 10,00,000

30%


1(ii). Income tax slab rates for senior citizen who has attained the age of 60 years or more but less than 80 years at any time during the Financial Year 2017-18.


Net Income Range (Rs.)

Tax rates

Less than 3,00,000

Nil

3,00,000 < 5,00,000

5%

5,00,000 <10,00,000

20%

Above 10,00,000

30%


1(iii). Income tax slab rates for super senior citizen who has attained the age of 80 years at any time during the Financial Year 2017-18.


Net Income Range (Rs.)

Tax rates

Less than 5,00,000

Nil

5,00,000 <10,00,000

20%

Above 10,00,000

30%


Surcharge:

10% of tax if total income exceeds Rs. 50 lakh but less than Rs.1 crore.
15% of tax if total income exceeds Rs. 1 crore.

Education Cess:
3% on Tax and Surcharge.

2. Income Tax Rate for HUF /AOP/BOI/Any other Artificial Juridical Person:


Net Income Range (Rs.)

Tax rates

Less than 2,50,000

Nil

2,50,000 < 5,00,000

5%

5,00,000 <10,00,000

20%

Above 10,00,000

30%


Surcharge:

10 % of tax if total income exceeds Rs. 50 lakh but less than Rs.1 crore.
15% of tax if total income exceeds Rs. 1 crore.

Education Cess:
3% on Tax and Surcharge.

3. Income Tax Rate for Partnership Firm (includes LLP):
30% of total income.

Surcharge:
12% of tax if total income exceeds Rs. 1 crore.

Education Cess:
3% on Tax and Surcharge.

4. Income Tax Rate for Local Authority:
30% of total income.

Surcharge:
12% of tax if total income exceeds Rs. 1 crore.

Education Cess:
3% on Tax and Surcharge.

5. Income Tax Rate for Domestic Company:

Turnover or Gross Receipts

Tax rates

Less than 50 crore

25%

Above 50 crore

30%

Surcharge:

7% of tax if total income exceeds Rs. 1crore but less than Rs.10 crore.
12% of tax if total income exceeds Rs. 10 crore.

Education Cess:
3% on Tax and Surcharge.

6. Income Tax Rate for Foreign Company:
40% of total income.

Surcharge:

2% of tax if total income exceeds Rs. 1crore but less than Rs.10 crore.
5% of tax if total income exceeds Rs. 10 crore.

Education Cess:
3% on Tax and Surcharge.

7. Income Tax Rate for Co-operative Society:

Net Income Range (Rs.)

Tax rates

Upto 10,000

10%

10,000 < 20,000

20%

Above 20,000

30%

Surcharge:
12% of tax if total income exceeds Rs. 1 crore.

Education Cess:
3% on Tax and Surcharge.

The author is a member of the CPA Institute, Australia and Associate member of Institute of Chartered Accountants of India and can be reached at casusmitadutta@gmail.com .

Disclaimer: The facts and opinions written in this column are those of the author and have been prepared on the basis of relevant provisions and information available at the time of preparation. The article does not constitute any professional advice or formal recommendation. The author has under taken utmost care to disseminate true and correct views and does not accept liability of any errors or omissions.


 

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