Income Tax Slab Rates AY 2018-19
Income Tax Slab Rates AY 2018-19 (Financial Year 2017-18) for different category of Persons as per Finance Bill 2017 (Budget 2017-18) are as follow:-
Income Tax Slab Rates AY 2018-19 in case of Individual(resident or non-resident) or HUF /AOP/BOI/AJP
In case of an Individual(resident or non-resident) or HUF or Association of Person or Body of Individual or 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 | 5% |
Rs. 5,00,000 to Rs. 10,00,000 | 20% |
Above Rs. 10,00,000 | 30% |
Less: Rebate under Section 87A [see Note]
Add: Surcharge and Education Cess [see Note]
Income Tax Slab Rates AY 2018-19 for resident senior citizen
In case of a resident senior citizen, i.e., every individual, being a resident in India, who is of the age of 60 years 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 | 5% |
Rs. 5,00,000 – Rs. 10,00,000 | 20% |
Above Rs. 10,00,000 | 30% |
Less: Rebate under Section 87A [see Note]
Add: Surcharge and Education Cess [see Note]
Income Tax Slab Rates AY 2018-19 for resident super senior citizen
In case of a 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% |
Add: Surcharge and Education Cess [see Note]
Note:
a) Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 10% of such tax, where total income exceeds fifty lakh rupees but not exceeding one crore rupees and at the rate of 15% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief, which shall be as under:
(i) Where income exceeds fifty lakh rupees but not exceeding one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of fifty lakh rupees by more than the amount of income that exceeds fifty lakh rupees.
(ii) Where income exceeds one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees.
b) Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income-tax and surcharge.
c) Secondary and Higher Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income-tax and surcharge.
d) Rebate under Section 87A: The rebate is available to a resident individual if his total income does not exceed Rs. 3,50,000. The amount of rebate shall be 100% of income-tax or Rs. 2,500, whichever is less.
Income Tax Slab Rates AY 2018-19 for Partnership Firm
A partnership firm (including LLP) is taxable at 30%.
Add:
a) Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).
b) Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income-tax and surcharge.
c) Secondary and Higher Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income-tax and surcharge.
Income Tax Slab Rates AY 2018-19 for Local Authority
A local authority is taxable at 30%.
Add:
a) Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).
b) Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income-tax and surcharge.
c) Secondary and Higher Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income-tax and surcharge.
Income Tax Slab Rates AY 2018-19 for Domestic Company
A domestic company is taxable at 30%. However, tax rate is 25%where total turnover or the gross receipt in the previous year 2015-16 does not exceed fifty crore rupees.
Add:
e) Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 7% of such tax, where total income exceeds one crore rupees but not exceeding ten crore rupees and at the rate of 12% of such tax, where total income exceeds ten crore rupees. However, the surcharge shall be subject to marginal relief, which shall be as under:
(iii) Where income exceeds one crore rupees but not exceeding ten crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees.
(iv) Where income exceeds ten crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees.
f) Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income-tax and surcharge.
g) Secondary and Higher Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income-tax and surcharge.
Income Tax Slab Rates AY 2018-19 for Foreign Company
Nature of Income~Tax Rate
Royalty received from Government or an Indian concern in pursuance of an agreement made with the Indian concern after March 31, 1961, but before April 1, 1976, or fees for rendering technical services in pursuance of an agreement made after February 29, 1964 but before April 1, 1976 and where such agreement has, in either case, been approved by the Central Government | 50% |
Any other income | 40% |
Add:
a) Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 2% of such tax, where total income exceeds one crore rupees but not exceeding ten crore rupees and at the rate of 5% of such tax, where total income exceeds ten crore rupees. However, the surcharge shall be subject to marginal relief, which shall be as under:
(i) Where income exceeds one crore rupees but not exceeding ten crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees.
(ii) Where income exceeds ten crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees.
b) Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income-tax and surcharge.
c) Secondary and Higher Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income-tax and surcharge.
Income Tax Slab Rates AY 2018-19 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% |
Add:
a) Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).
b) Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income-tax and surcharge.
c) Secondary and Higher Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income-tax and surcharge.
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