As per IT act 1961 in India an individual is taxed according to the pre-set Income Tax rate, these rates are prepared according to earning levels every Financial Year.
In India, individuals, HUF’s, AOP (Associate of Persons) and BOI (Body of Individuals) have tax liability as per the tax rate decided by the government. The businesses and companies also have tax liability as per a fixed rate, but exceptions are there for certain income level.
Pay Income Tax Online: Complete Details and Steps Discussed Get Details
IT slab for salaried individuals & HUFs (under the age of 60 years)
| Income Tax Slab | Tax Rate |
|---|---|
| Up to Rs. 2,50,000 | No Tax |
| From Rs. 2,50,000 – Rs. 5,00,000 | 5% |
| From Rs. 5,00,000 – Rs. 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
|
Surcharge:
|
|
| A Cess of 3% on the total of income tax + surcharge will be also applicable to tax payment. | |
Tax slab for salaried individuals & HUFs (from the age of 60 years - 80 years)
| Tax Slab | Rate |
|---|---|
| Up to Rs. 3,00,000* | No Tax |
| From Rs. 3,00,000 – Rs. 5,00,000 | 5% |
| From Rs. 5,00,000 – Rs. 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
|
Surcharge:
|
|
| A Cess of 3% on the total of IT + surcharge will be also applicable to tax payment. | |
| * In the case of individuals belonging to the group of the age of 60 years-80 years, income up to Rs. 3,00,000 is non-taxable. | |
Tax slab for salaried individuals & HUFs (Above 80 years of age)
| Tax Slab | Tax Rate |
|---|---|
| Up to Rs. 5,00,000* | No Tax |
| From Rs. 5,00,000 – Rs. 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
|
Surcharge:
|
|
| A Cess of 3% on the total of income tax + surcharge will be also applicable to tax payment. | |
| * In the case of individuals of the age group above 80 years, income up to INR 5,00,000 non-taxable. | |
The tax slabs defined for Financial Year 2016-17 are also applicable for the FY 2015-16 (Assessment Year 2016-17) and FY 2014-15 (Assessment Year 2015-16).
IT rates for Individual Taxpayers Under the Age of 60 years
| Tax Slab | Rate |
|---|---|
| Up to Rs. 2,50,000 | No Tax |
| From Rs. 2,50,000 to Rs. 5,00,000 | 10% |
| From Rs. 5,00,000 to Rs. 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
| A surcharge of 12% of income tax will be applicable on the taxpayers with income above Rs. 1 Cr. This is subjected to marginal relief. | |
| An Education Cess of 2% and Secondary and Higher Education Cess of 1% on the total of income tax + surcharge will be also applicable to tax payment. | |
For Resident Senior Citizens (from Age of 60- 80 years as on the last day of the Previous Year)
| Tax Slab | Tax Rate |
|---|---|
| Up to Rs. 3,00,000 | No Tax |
| From Rs. 3,00,000 to Rs. 5,00,000 | 10% |
| From Rs. 5,00,000 to Rs. 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
| A surcharge of 12% of income tax will be applicable on the taxpayers with income above Rs. 1 Cr. This is subjected to marginal relief. | |
| An Education Cess of 2% and Secondary and Higher Education Cess of 1% on the total of income tax + surcharge will be also applicable to tax payment. | |
For Resident Super Senior Citizens (Above the age of 80 as on the last day of the Previous Year)
| IT Slab | Rate |
|---|---|
| Up to Rs. 5,00,000 | No Tax |
| From Rs. 5,00,000 – Rs. 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
| A surcharge of 12% of income tax will be applicable on the taxpayers with income above Rs. 1 Cr. This is subjected to marginal relief. | |
| An Education Cess of 2% and Secondary and Higher Education Cess of 1% on the total of income tax + surcharge will be also applicable to tax payment. | |
For this assessment year, section 87A rebates were offered 100% of the income tax or Rs. 5,000 whichever is less. This rate has changed for the Assessment Year 2018-19.
Tax Slab for Hindu Undivided Families (HUFs)
| Tax Slab | Tax Rate |
|---|---|
| Up to INR 2,50,000 | No Tax |
| From INR 2,50,000 to INR 5,00,000 | 10% |
| From INR 5,00,000 to INR 10,00,000 | 20% |
| Above INR 10,00,000 | 30% |
| A surcharge of 12% of income tax will be applicable on the taxpayers with income above INR 1 Cr. This is subjected to marginal relief. | |
| An Education Cess of 2% and Secondary and Higher Education Cess of 1% on the total of income tax + surcharge will be also applicable to tax payment. | |
For this assessment year, section 87A rebates were offered 100% of the income tax or Rs. 5,000 whichever is less. This rate has changed for the Assessment Year 2018-19.
IT Rates for legal Entities Registered as Associations of Persons
| Slab | Rate |
|---|---|
| Up to INR 2,50,000 | No Tax |
| From INR 2,50,000 to INR 5,00,000 | 10% |
| From INR 5,00,000 to INR 10,00,000 | 20% |
| Above INR 10,00,000 | 30% |
| A surcharge of 12% of income tax will be applicable on the taxpayers with income above INR 1 Cr. This is subjected to marginal relief. | |
| An Education Cess of 2% and Secondary and Higher Education Cess of 1% on the total of income tax + surcharge will be also applicable to tax payment. | |
For this assessment year, section 87A rebates were offered 100% of the income tax or Rs. 5,000 whichever is less. This rate has changed for the Assessment Year 2018-19.
Tax Slab for Legal Entities Registered as Bodies of Individuals
| Slab | Rate |
|---|---|
| Up to Rs. 2,50,000 | No Tax |
| From Rs. 2,50,000 to Rs. 5,00,000 | 10% |
| From Rs. 5,00,000 to Rs. 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
| A surcharge of 12% of income tax will be applicable on the taxpayers with income above Rs. 1 Cr. This is subjected to marginal relief. | |
| An Education Cess of 2% and Secondary and Higher Education Cess of 1% on the total of income tax + surcharge will be also applicable to tax payment. | |
For this assessment year, section 87A rebates were offered 100% of the income tax or Rs. 5,000 whichever is less. This rate has changed for the Assessment Year 2018-19.
Tax Rate for Other Artificial Judicial Persons
| Tax Slab | Tax Rate |
|---|---|
| Up to INR 2,50,000 | No Tax |
| From INR 2,50,000 to INR 5,00,000 | 10% |
| From INR 5,00,000 to INR 10,00,000 | 20% |
| Above INR 10,00,000 | 30% |
| A surcharge of 12% of income tax will be applicable on the taxpayers with income above INR 1 Cr. This is subjected to certain amount of tax saving. | |
| An Education Cess of 2% and Secondary and Higher Education Cess of 1% on the total of income tax + surcharge will be also applicable to tax payment. | |
For this assessment year, section 87A rebates were offered 100% of the income tax or Rs. 5,000 whichever is less. This rate has changed for the Assessment Year 2018-19.
Get the Calculation of Tax Liability on Salary Get Details
Tax Rate for Foreign Companies
| Nature of Earning | Tax Rate |
|---|---|
| If the Foreign company receives the earning in form of royalty paid by the Government of India in relation to agreements made with as Indian Concern (after March 31st, 1961, and before April 1st, 1976) | 50% |
| If the Foreign company receives the income in the form of fees for technical services rendered for agreements made with Indian concerns (after February 29th, 1964, and before April 1st, 1976) | 50% |
| Any other Earning | 40% |
Surcharge:
|
|
| An Education Cess of 2% and Secondary and Higher Education Cess of 1% on the total of income tax + surcharge will be also applicable to tax payment. | |
For Co-operative Societies
| Tax Slab | Tax Rate |
|---|---|
| Up to INR 10,000 | 10% |
| From INR 10,000 to INR 20,000 | 20% |
| Above INR 20,000 | 30% |
| A surcharge of 12% of income tax will be applicable on the taxpayers with earning above INR 1 Cr. This is subjected to certain amount of tax saving. | |
| An Education Cess of 2% and Secondary and Higher Education Cess of 1% on the total of IT + surcharge will be also applicable to tax payment. | |
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13th June 2017
Vishwa Times
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