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