The tax slab rates for FY 2016-17 i.e. AY 2017-18 have been unchanged and are provided below for reference:
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 |
10% |
100% of tax or Rs. 5000 whichever is lower |
| Rs. 500001 to Rs. 1000000 | Rs. 25000 + 20% of amount exceeding Rs. 500000 | |
| Above Rs. 1000000 | Rs. 125000 + 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: 15% of income tax; if Taxable income exceeds Rs. 1 Crores
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 |
10% |
100% of tax or Rs. 5000 whichever is lower |
| Rs. 500001 to Rs. 1000000 | Rs. 20000 + 20% of amount exceeding Rs. 500000 | |
| Above Rs. 1000000 | Rs. 125000 + 30% of amount exceeding Rs. 1000000 |
Notes:
1. Surcharge: 15% of income tax; if Taxable income exceeds Rs. 1 Crores
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: 15% of income tax; if Taxable income exceeds Rs. 1 Crores
2. Education Cess: 3% of income tax + Surcharge
Co-operative societies
|
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. 5 Crores
Tax rate is fixed @ 29% 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. 5 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