Income Tax Rate 2017-18 in IndiaIncome Tax Rate for Financial Year 2017-18, Assessment Year 2018-19 in India for Individuals, Sr. Citizen, Partnership Firms, Body of Individuals Trust and Companies.

 

TAX RATE FOR BUSINESS

1. Income Tax Rate for Companies for Financial Year 2017-18

Income Slab Tax Rate
Income upto Rs. 50 Lakhs 25%
Income above Rs. 50 Lakhs 30%
Surcharge

Income Less than Rs. 1 Crore

Income Rs. 1 Crore to Rs. 10 Crore

More than Rs. 10 Crore

 

Nil

7%

12%

Education cess

3% Education cess on Total income tax + surcharge

 

Income Tax on Partnership Firms for Financial Year 2017-18

Income Slab Tax Rate
Income Tax Rate 30%
Surcharge

Income Less than Rs. 1 Crore

More than Rs. 1 Crore

 

Nil

12%

Education cess

3% Education cess on Total income tax + surcharge

 

Income Tax Rate for Cooperative Societies for for Financial Year 2017-18

Income Slab Tax Rate
Income Tax Upto Rs. 10,000 10%
Income Rs. 10,000 to Rs. 20,000 20%
Income above Rs. 30,000 30%

Education cess

3% Education cess on Total income tax + surcharge

 

 

TAX RATE FOR INDIVIDUALS AND HUF

Income tax slab for Individuals and HUF below 60 years men and women for FY 2017-18

Income Slab Tax Rate
Income upto Rs. 2,50,000 Nil
Rs. 2,50,000 to Rs. 5,00,000 5%
Rs. 5,00,000 to Rs. 10,00,000 20%
Rs. 10,00,000 above 30%

Surcharge

10% Surcharge for total income from Rs. 50 laksh to Rs. 1 Crore.

15% Surcharge where total income Exceeds Rs. 1 Crore

Education cess

3% Education cess on Total income tax + surcharge

 

Income tax slab for Senior Citizens 60 year to 80 years men and women for FY 2017-18

Income Slab Tax Rate
Income upto Rs. 3,00,000 Nil
Rs. 3,00,000 to Rs. 5,00,000 5%
Rs. 5,00,000 to Rs. 10,00,000 20%
Rs. 10,00,000 above 30%

Surcharge

10% Surcharge for total income from Rs. 50 laksh to Rs. 1 Crore.

15% Surcharge where total income Exceeds Rs. 1 Crore

Education cess

3% Education cess on Total income tax + surcharge

 

Income tax slab for Senior Citizen 80 years and above men and women for FY 2017-18

Income Slab Tax Rate
Income upto Rs. 2,50,000 Nil
Rs. 2,50,000 to Rs. 5,00,000 Nil
Rs. 5,00,000 to Rs. 10,00,000 20%
Rs. 10,00,000 above 30%

Surcharge

15% Surcharge where Total Income Exceeds Rs. 1 Crore

Education cess

3% Education cess on Total income tax + surcharge

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