Tax Rates: Income Tax Slab For FY 2017-18 or AY 2018-19

Income Tax Slab Rate for AY 2018-19 for Individuals

(A) Individual (resident or non-resident),

Note:- Who is of the age of less than 60 years on the last day of the relevant previous year:

Taxable Income Tax Rate
From 0 to Rs. 2,50,000 No Tax
Rs. 2,50,001 to Rs. 5,00,000 5%
Rs. 5,00,001 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%

 

(B) Resident senior citizen

Note:- 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
From 0 to Rs. 3,00,000 No Tax
Rs. 3,00,001 to Rs. 5,00,000 5%
Rs. 5,00,001 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%

 

(C) Resident super senior citizen,

Note:- 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
From 0 to Rs. 5,00,000 No Tax
Rs. 5,00,001 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%

 

Plus:

Surcharge:
10% of tax where total income exceeds Rs. 50 lakh 15% of tax where total income exceeds Rs. 1 crore

Plus:

Education Cess
3% of tax plus surcharge

 

Next

Income Tax Rates for HUF/AOP/BOI/Any other Artificial Juridical Person

Taxable Income Tax Rate
From 0 to Rs. 2,50,000 No Tax
Rs. 2,50,001 to Rs. 5,00,000 5%
Rs. 5,00,001 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%

Plus:

Surcharge:
10% of tax where total income exceeds Rs. 50 lakh 15% of tax where total income exceeds Rs. 1 crore

Plus:

Education Cess
3% of tax plus surcharge

 


Tax Rate For Partnership Firm

 

A partnership firm (including LLP) is taxable at 30%.

Plus:

Surcharge: 12% of tax where total income exceeds Rs. 1 crore
Education cess: 3% of tax plus surcharge

Income Tax Slab Rate for Local Authority:

A local authority is taxable at 30%.

 

Plus:

Surcharge: 12% of tax where total income exceeds Rs. 1 crore
Education cess: 3% of tax plus surcharge

Tax Slab Rate for Domestic Company
A domestic company is taxable at 30%. However, tax rate is 25% if turnover or gross receipt of the company does not exceed Rs. 50 crore.

Plus:

Surcharge:
7% of tax where total income exceeds Rs. 1 crore 12% of tax where total income exceeds Rs. 10 crore

 

Plus:

Education Cess
3% of tax plus surcharge

Tax Rates for Foreign Company
A foreign company is taxable at 40%

Plus:

Surcharge:
2% of tax where total income exceeds Rs. 1 crore  5% of tax where total income exceeds Rs. 10 crore

Plus:

Education Cess
3% of tax plus surcharge

Income Tax Slab for Co-operative Society
Taxable Income Tax Rate
From 0 to Rs. 10,000 10%
Rs. 10,001 to Rs. 20,000 20%
Above Rs. 20,000 30%

Plus:

Surcharge: 12% of tax where total income exceeds Rs. 1 crore
Education cess: 3% of tax plus surcharge

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.