Income Tax Exemption Limit and Rates for Different
Assesses
I. For Individuals/HUF
FY 2016-17(AY 2017-18)
|
FY 2017-18(AY 2018-19)
|
||||||||||||||||||||
A. General rates
Rebate for Resident Individuals
For Income upto 5,00,000 - Rs.5000
|
General Rates
Rebate for Resident Individuals
For Income upto 3,50,000 - Rs.2,500
|
||||||||||||||||||||
B. Senior Citizens(60yrs-80yrs)
Rebate for Resident Individuals
For Income upto 5,00,000 - Rs.5000
|
Senior Citizens(60yrs-80yrs)
Rebate for Resident Individuals
For Income upto 3,50,000 - Rs.2,500
|
||||||||||||||||||||
C. Super senior Citizens(80yrs and above)
|
Super senior Citizens(80yrs and above)
|
||||||||||||||||||||
Surcharge
Above
1,00,00,000
15%
Cess
3% of Total Income Tax + Surcharge
|
Surcharge
50,00,000-1,00,00,000 10%
Above 1,00,00,000
15%
Cess
3% of Total Income Tax + Surcharge
|
||||||||||||||||||||
Other Taxation proposals:
·
Holding period for Long term capital
gain for all immovable properties has been reduced to 2 years
from 3 year.
·
The base year for calculation of
Indexation is going to be 2001.
·
Tax benefit on loan repayment of second
house will be restricted to Rs 2 lakh per annum. Balance loss if any
will be carried forward to be set off against house property income of
subsequent 8 years.
·
Transactions worth above Rs 3 Lakh
cannot be done in Cash mode.
·
All Indian Political parties have to file
their Income Tax Returns.
|
II. For Domestic Companies
FY 2016-17(AY 2017-18)
|
FY 2017-18(AY 2018-19)
|
|||||||||||||||||||||||||||||||||||
For Income upto 5,00,000 -
R00
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|
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Surcharge:
·
7% surcharge if the income
is more than 1 crore but less than 10 crore
·
12% surcharge if the income
is more than 10 crore
Education Cess
3% cess on income tax including surcharge
|
III. For Foreign Companies
FY 2016-17(AY 2017-18)
|
FY 2017-18(AY 2018-19)
|
||||
A foreign company has to pay 40% income tax.
Surcharge:
2% surcharge if the income is more than 1 crore but less
than 10 crore.
5% surcharge if the income is more than 10 crore.
Education Cess
3% cess on income tax including surcharge
|
fdsdfsdfsdfsdf
Surcharge:
2% surcharge if the income is more than 1 crore but less
than 10 crore
5% surcharge if the income is more than 10 crore
Education Cess
2% cess on income tax including surcharge
|
IV. For Partnership Firm
FY 2016-17(AY 2017-18)
|
FY 2017-18(AY 2018-19)
|
Tax rate-30%
Surcharge –
A surcharge @ 12% of tax is
applicable if income exceeds Rs.1 crore
Education Cess
2% cess on income tax including surcharge
Secondary and Higher Education Cess
1% on the
amount of tax computed, inclusive of surcharge.
|
Tax rate-30%
Surcharge –
A surcharge @ 12% of tax is
applicable if income exceeds Rs.1 crore
Education Cess
3% cess on income tax including surcharge
|
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