Income tax slab rates

Income Tax Rates for Financial Year 2016-17 relevant to Assessment Year 2017-18 Sr. No. Particulars Tax Rates 1 Individual - Male and Female :- NIL 10% 20% 30% 1A Individual - Senior Citizens (Age 60 years to 79 years) NIL 10% 20% 30% 1B Individual - Super Senior Citizens (Age 80 years and above ) NIL 20% 30% Plus :- 2 Co-operative Society: 10% Where the taxable income exceeds Rs. 20,000 Plus :- 3 Firm /Local Authority Income Tax: 30% of taxable income Plus :- 4 Domestic Company: Income Tax: 30% of taxable income Plus :- 5 Foreign Company: Income Tax: 40% of taxable income Plus :-Taxable Income upto Rs. 2,50,000 Taxcable income Rs 2,50,000 to Rs 5,00,000 Taxcable Income Rs 5,00,000 to Rs 10,00,000 Taxable Income above Rs 10,00,000/- Taxable Income upto Rs. 3,00,000 Taxcable income Rs 3,00,000 to Rs 5,00,000 Taxcable Income Rs 5,00,000 to Rs 10,00,000 Taxable Income above Rs 10,00,000/- Taxable Income upto Rs. 5,00,000 Taxcable Income Rs 5,00,000 to Rs 10,00,000 Taxable Income above Rs 10,00,000/- Surcharge: 15% of the Income Tax if taxable income exceeds Rs 1 crore. Education Cess: 3% of the total of Income Tax and Surcharge. Note: Relief under Section 87A is available to a resident individual if his total income does not exceed Rs. 5,00,000. The relief available shall be 100% of income-tax or Rs 5,000 whichever is less. Where the taxable income does not exceed Rs 10,000 Where the taxable income exceeds Rs 10,000 but does not exceed Rs 20,000. Rs.1,000 + 20% of income in excess of Rs. 10,000. Rs 3,000 + 30% of the amount by which the taxable income exceeds Rs.20,000 Surcharge: 12% of the Income Tax if taxable income exceeds Rs 1 crore. Education Cess: 3% of the total of Income Tax and Surcharge. Surcharge: 12% of the Income Tax if taxable income exceeds Rs 1 crore. Education Cess: 3% of the total of Income Tax and Surcharge. Tax Rate is 29% if turnover or gross receipt of the company doesn't exceed Rs. 5 crore in F Y 2014- 15 Surcharge 7% of the Income-tax if taxable income exceeds Rs 1 crore. Surcharge 12% of the Income-tax if taxable income exceeds Rs 10 crore. Education Cess: 3% of the total of Income Tax and Surcharge. Surcharge 2% of the Income-tax if taxable income exceeds Rs 1 crore. Surcharge 5% of the Income-tax if taxable income exceeds Rs 10 crore. Education Cess: 3% of the total of Income Tax and Surcharge.