Income Tax Rates for A.Y. 2018-19 (i.e. F.Y. 2017-18):
Proposed TAX rates for A.Y. 2018-19
(i.e. for Financial year 2017-18)
A. Individual (other than individual being
resident in India and aged of 60 years or above) and HUF
Total Income Exceed
|
Total Income upto
|
Income Tax slab rate
|
NIL
|
Rs.250000/-
|
NIL
|
Rs.250000/-
|
Rs.500000/-
|
5% of (Total income less Rs.250000/-) 😊
|
Rs.500000/-
|
Rs.1000000/-
|
Rs.12500/- plus 20% of (Total Income Less
Rs.500000/-)
|
Rs.1000000/-
|
∞
|
Rs.112500/- plus 30% of (total Income less
Rs.1000000/-)
|
B. Individual being resident in India and
Aged 60 years or more but less than 80 years.
Total Income Exceed
|
Total Income upto
|
Income Tax slab rate
|
NIL
|
Rs.300000/-
|
NIL
|
Rs.300000/-
|
Rs.500000/-
|
5% of (Total income less Rs.300000/-) 😊
|
Rs.500000/-
|
Rs.1000000/-
|
Rs.10000/- plus 20% of (Total Income Less
Rs.500000/-)
|
Rs.1000000/-
|
∞
|
Rs.110000/- plus 30% of (total Income less
Rs.1000000/-)
|
C. Individual being resident in India and
Aged 80 years or more.
Total Income Exceed
|
Total Income upto
|
Income Tax slab rate
|
NIL
|
Rs.500000/-
|
NIL
|
Rs.500000/-
|
Rs.1000000/-
|
20% of (Total Income Less Rs.500000/-)
|
Rs.1000000/-
|
∞
|
Rs.100000/- plus 30% of (total Income less
Rs.1000000/-)
|
D. Co-operative society
Total Income Exceed
|
Total Income upto
|
Income Tax slab rate
|
NIL
|
Rs.10000/-
|
10% of Total income
|
Rs.10000/-
|
Rs.20000/-
|
Rs.1000/- plus 20% of (Total Income Less
Rs.10000/-)
|
Rs.20000/-
|
∞
|
Rs.3000/- plus 30% of (total Income less
Rs.20000/-)
|
E. Firm and Local Authority : @ 30% on total income
F. Domestic Company
1. If the Turnover or gross receipts during F.Y. 2015-16 does not
exceed Rs. 50 crore
|
25% on total Income 😊😊
|
2. in other case
|
30% on total Income
|
Surcharge on Income Tax
Individual, HUF
Income
|
Rate of Surcharge on Income Tax*
|
More than Rs.50 lacs and upto Rs.1 crore
|
10%
|
More than Rs.1 crore
|
15%
|
Co-operative societies, Firm and Local
Authorities:
Income
|
Rate of Surcharge on Income Tax*
|
More than Rs.1 crore
|
12%
|
Domestic company
Income
|
Rate of Surcharge on Income Tax*
|
More than Rs.1crore and upto Rs.10 crore
|
7%
|
More than Rs.10 crore
|
12%
|
* Subject to marginal relief available.
Note:
1. An Individual being resident in India (whose total
income does not exceed Rs.3.50 lacs) is eligible for deduction of upto
Rs.2500/- from the amount of tax payable on his total income. (section
87A) 😊
2. Education cess @ 2% and Higher Education Cess @ 1% is to be levied on the total income tax payable.
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