Income tax slab rates for FY 2017-18 i.e. AY 2018-19 are provided below:
Individual below 60 years or NRI / HUF / AOP / BOI
Income Slab | Tax Rates | Rebate u/s 87A |
Up to Rs. 250000 | Nil | |
Rs. 250001 to Rs. 500000 | 5% | 100% of tax or Rs. 2500 whichever is lower. Relief is calculated for taxable income up to Rs. 350000 |
Rs. 500001 to Rs. 1000000 | Rs. 12500 + 20% of amount exceeding Rs. 500000 | |
Above Rs. 1000000 | Rs. 112500 + 30% of amount exceeding Rs. 1000000 |
Notes:
1. Rebate u/s 87A is applicable for Individuals resident in India i.e. it is not applicable to NRI / HUF / AOP / BOI
2. Surcharge:
Taxable Income | Surcharge |
More than Rs. 50 Lakhs but less than 1 Crores | 10% of income tax |
More than Rs. 1 Crores | 15% of income tax |
3. Education Cess: 3% of income tax + Surcharge
Individuals in the age group of 60 to 80 years
Income Slab | Tax Rates | Rebate u/s 87A |
Up to Rs. 300000 | Nil | |
Rs. 300001 to Rs. 500000 | 5% | 100% of tax or Rs. 2500 whichever is lower. Relief is calculated for taxable income up to Rs. 350000 |
Rs. 500001 to Rs. 1000000 | Rs. 12500 + 20% of amount exceeding Rs. 500000 | |
Above Rs. 1000000 | Rs. 112500 + 30% of amount exceeding Rs. 1000000 |
Notes:
1. Surcharge:
Taxable Income | Surcharge |
More than Rs. 50 Lakhs but less than 1 Crores | 10% of income tax |
More than Rs. 1 Crores | 15% of income tax |
2. Education Cess: 3% of income tax + Surcharge
Individuals above the age of 80 years
Income Slab | Tax Rates |
Up to Rs. 500000 | Nil |
Rs. 500001 to Rs. 1000000 | 20% of amount exceeding Rs. 500000 |
Above Rs. 1000000 | Rs. 100000 + 30% of amount exceeding Rs. 1000000 |
Notes:
1. Surcharge:
Taxable Income | Surcharge |
More than Rs. 50 Lakhs but less than 1 Crores | 10% of income tax |
More than Rs. 1 Crores | 15% of income tax |
2. Education Cess: 3% of income tax + Surcharge
Co-operative Society
Income Slab | Tax Rates |
Up to Rs. 10000 | 10% of income |
Rs. 10001 to Rs. 20000 | Rs. 1000 + 20% of amount exceeding Rs. 10000 |
Above Rs. 20000 | Rs. 3000 + 30% of amount exceeding Rs. 20000 |
Notes:
1. Surcharge: 12% of income tax; if Taxable income exceeds Rs. 1 Crores
2. Education Cess: 3% of income tax + Surcharge
Partnership Firms, LLPs, Local authorities
Tax rate is fixed @ 30% of taxable income
Notes:
1. Surcharge: 12% of income tax; if Taxable income exceeds Rs. 1 Crores
2. Education Cess: 3% of income tax + Surcharge
Domestic company having turnover less than Rs. 50 Crores
Tax rate is fixed @ 25% of taxable income
Notes:
1. Surcharge:
Taxable Income | Surcharge |
More than Rs. 1 Crore but less than Rs. 10 Crores | 7% of income tax |
More than Rs. 10 Crores | 12% of income tax |
2. Education Cess: 3% of income tax + Surcharge
Domestic company having turnover more than Rs. 50 Crores
Tax rate is fixed @ 30% of taxable income
Notes:
1. Surcharge:
Taxable Income | Surcharge |
More than Rs. 1 Crore but less than Rs. 10 Crores | 7% of income tax |
More than Rs. 10 Crores | 12% of income tax |
2. Education Cess: 3% of income tax + Surcharge