Quick Glance at Income Tax Rates

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 INCOME         RATE Upto 2,50,000 NIL 2,50,000-5,00,000 10% 5,00,000-10,00,000 20% Above 10,00,000 30% Rebate for Resident Individuals For Income upto 5,00,000  -   Rs.5000	General Rates INCOME         RATE Upto 2,50,000 NIL 2,50,000-5,00,000 5% 5,00,000-10,00,000 20% Above 10,00,000 30% Rebate for Resident Individuals For Income upto 3,50,000  -   Rs.2,500
B. Senior Citizens(60yrs-80yrs) INCOME         RATE Upto  3,00,000 NIL 3,00,000-5,00,000 10% 5,00,000-10,00,000 20% Above 10,00,000 30% Rebate for Resident Individuals For Income upto 5,00,000  -   Rs.5000	Senior Citizens(60yrs-80yrs) INCOME         RATE Upto  3,00,000 NIL 3,00,000-5,00,000 5% 5,00,000-10,00,000 20% Above 10,00,000 30% Rebate for Resident Individuals For Income upto 3,50,000  -   Rs.2,500
C. Super senior Citizens(80yrs and above) INCOME         RATE Upto 5,00,000 NIL 5,00,000-10,00,000 20% Above 10,00,000 30%	Super senior Citizens(80yrs and above) INCOME         RATE Upto 5,00,000 NIL 5,00,000-10,00,000 20% Above 10,00,000 30%
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  Particulars Turnover/Gross receipts less than Rs. 5 crores Turnover/Gross receipts more than Rs. 5 crore Taxable income less than Rs 1 crore Taxable income more than Rs 1 crore Taxable income less than Rs 1 crore Taxable income more than Rs 1 crore but less than Rs 10 crores Taxable income more than Rs 10 crores Corporate tax 29% 29% 30% 30% 30% Surcharge 0 7% 0 7% 12% Education cess 3% 3% 3% 3% 3% 2222

fdsdfsdfsdfsdf Company Turnover Tax Rate Less than 50 crore 25% More than 50 crore 30% 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 1. Portion of income consisting of royalties received from govt or Indian concern after 31/03/1961 but before 1/04/1976 2. Fees for rendering technical services received from govt or an Indian concern after 29/02/1964 but before 1/04/1976 50% Balance Income 40% 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