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Friday, 14 July 2017

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%
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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

 

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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

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