Tax slab Rates – AY 2018-19

 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

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