INCOME TAX CHART FOR THE A.Y. 2017-18
The Income Tax slab rates are different for different categories of taxpayers. We can divide Income Tax slab rates for the following categories:
- Individual or HUF or Association of Person or Body of Individual or Artificial Juridical Person
- Resident senior citizen
- Resident super senior citizen
- Partnership Firm
- Local Authority
- Domestic Company
- Foreign Company
- For a Co-operative Society
Income Tax Slab Rates for Assessment Year 2017-18
Slab Rates for Individual or HUF or Association of Person or Body of Individual or Artificial Juridical Person for A.Y. 2017-18 (F.Y. 2016-17)
| Income Range (in Rupees) | Tax Rate (in %age) |
| Zero – 2,50,000 | Nil |
| 2,50,000-5,00,000 | 10% |
| 5,00,000-10,00,000 | 20% |
| Above 10,00,000 | 30% |
|
Less: Rebate u/s 87A – It is only applicable to resident individuals with income up to Rs. 5,00,000. The maximum amount of rebate allowed is Rs. 5,000.
Add: Surcharge – A surcharge @ 15% of tax is applicable if income exceeds Rs. 1 crore. However, surcharge is subject to marginal relief as stated:
Add: “Education Cess” and
“Secondary and Higher Education Cess” shall be levied at the rate of 2%
and 1% respectively, on the amount of tax computed, inclusive of
surcharge.
|
|
[ Read: Tax Deductions under Section 80C ]
Slab Rates for Resident Senior Citizen (between 60 and 80 years of age) for A.Y. 2017-18 (F.Y. 2016-17)
| Income Range (in Rupees) | Tax Rate (in %age) |
| Zero – 3,00,000 | Nil |
| 3,00,000-5,00,000 | 10% |
| 5,00,000-10,00,000 | 20% |
| Above 10,00,000 | 30% |
|
Less: Rebate u/s 87A – It is only applicable to resident individuals with income up to Rs. 5,00,000. The maximum amount of rebate allowed is Rs. 5,000.
Add: Surcharge – A surcharge @ 15% of tax is applicable if income exceeds Rs. 1 crore. However, surcharge is subject to marginal relief.
Add: “Education Cess” and
“Secondary and Higher Education Cess” shall be levied at the rate of 2%
and 1% respectively, on the amount of tax computed, inclusive of
surcharge.
|
|
Slab Rates for resident super senior citizen (80 years and above) for A.Y. 2017-18 (F.Y. 2016-17)
| Income Range (in Rupees) | Tax Rate (in %age) |
| Zero – 5,00,000 | Nil |
| 5,00,000 – 10,00,000 | 20% |
| Above 10,00,000 | 30% |
|
Add: Surcharge – A
surcharge @ 15% of tax is applicable if income exceeds Rs. 1 crore.
However, surcharge is subject to marginal relief.
Add: “Education Cess” and
“Secondary and Higher Education Cess” shall be levied at the rate of 2%
and 1% respectively, on the amount of tax computed, inclusive of
surcharge.
|
|
Slab Rates for a partnership firm (including LLP) for A.Y. 2017-18 (F.Y. 2016-17)
| Tax Rate | Surcharge | Education Cess | Secondary & Higher Education Cess |
| 30% | 12% | 2% | 1% |
|
Add: Surcharge – A
surcharge @ 12% of tax is applicable if income exceeds Rs. 1 crore.
However, surcharge is subject to marginal relief.
Add: Education Cess – It is
also applicable only when income exceeds Rs. 1 crore. The rate of
surcharge is 2% of income tax plus surcharge.
Add: “Education Cess” and “Secondary and Higher Education Cess” shall be levied at the rate of 2% and 1% respectively, on the amount of tax computed, inclusive of surcharge. |
|||
Slab Rates for a local authority for A.Y. 2017-18 (F.Y. 2016-17)
| Tax Rate | Surcharge | Education Cess | Secondary & Higher Education Cess |
| 30% | 12% | 2% | 1% |
|
Add: Surcharge – A
surcharge @ 12% of tax is applicable if income exceeds Rs. 1 crore.
However, surcharge is subject to marginal relief.
Add: “Education Cess” and
“Secondary and Higher Education Cess” shall be levied at the rate of 2%
and 1% respectively, on the amount of tax computed, inclusive of
surcharge.
|
|||
Slab Rates for a domestic company for A.Y. 2017-18 (F.Y. 2016-17)
| Tax Rate | Surcharge | Education Cess | Secondary & Higher Education Cess |
| 29% for income up to Rs. 5 crore | 7% for income between Rs. 1 crore & Rs. 10 crore | 2% of income tax plus surcharge | 1% of income tax plus surcharge |
| 30% for income exceeding Rs. 5 crore | 7% for income between Rs. 1 crore & Rs. 10 crore and 12% if income exceeds Rs. 10 crore | ||
|
Add: Surcharge – A
surcharge @ 7% or 12% of tax is applicable if income exceeds Rs. 1
crore. However, surcharge is subject to marginal relief.
Add: “Education Cess” and
“Secondary and Higher Education Cess” shall be levied at the rate of 2%
and 1% respectively, on the amount of tax computed, inclusive of
surcharge.
|
|||
Slab Rates for a foreign company for A.Y. 2017-18 (F.Y. 2016-17)
| Tax Rate | Surcharge | Education Cess | Secondary & Higher Education Cess |
|
| Income b/w Rs. 1 crore & Rs.10 crore | Income exceeds Rs. 10 crore | |||
| 50% on royalty received from government or Indian concern* | 2% | 5% | 2% | 1% |
| 40% on any other income | 2% | 5% | ||
|
*Note: Royalty here means –
Add: Surcharge – A surcharge is applicable in the following 2 conditions subject to marginal relief:
Marginal Relief on Surcharge –
Add: “Education Cess” and
“Secondary and Higher Education Cess” shall be levied at the rate of 2%
and 1% respectively, on the amount of tax computed, inclusive of
surcharge.
|
||||
Slab Rates for a Co-operative Society for A.Y. 2017-18 (F.Y. 2016-17)
| Income Range (in Rupees) | Tax Rate (in %age) |
| Zero – 10,000 | Nil |
| 10,000-20,000 | 20% |
| Above 20,000 | 30% |
|
Add: Surcharge – A
surcharge @ 12% of tax is applicable if income exceeds Rs. 1 crore.
However, surcharge is subject to marginal relief as stated:
Add: “Education Cess” and
“Secondary and Higher Education Cess” shall be levied at the rate of 2%
and 1% respectively, on the amount of tax computed, inclusive of
surcharge.
|
|
[ Calculate Your Income Tax Liability ]
Income Tax Slab Rates for Assessment Year 2018-19
Slab Rates for Individual or HUF or Association of Person or Body of Individual or Artificial Juridical Person for A.Y. 2018-19 (F.Y. 2017-18)
| Income Range (in Rupees) | Tax Rate (in %age) |
| Zero – 2,50,000 | Nil |
| 2,50,000-5,00,000 | 5% |
| 5,00,000-10,00,000 | 20% |
| Above 10,00,000 | 30% |
|
Less: Rebate u/s 87A – It is only applicable to resident individuals with income up to Rs. 3,50,000. The maximum amount of rebate allowed is Rs. 2,500.
Add: Surcharge – A surcharge @ 10% of tax is applicable if income lies between Rs. 50 lakhs to Rs. 1 crore, but if it exceeds Rs. 1 crore then the surcharge will be payable @ 15%. However, surcharge is subject to marginal relief as stated:
Add: “Education Cess” and
“Secondary and Higher Education Cess” shall be levied at the rate of 2%
and 1% respectively, on the amount of tax computed, inclusive of
surcharge.
|
|
Slab Rates for Resident Senior Citizen (between 60 and 80 years of age) for A.Y. 2018-19 (F.Y. 2017-18)
| Income Range (in Rupees) | Tax Rate (in %age) |
| Zero – 3,00,000 | Nil |
| 3,00,000-5,00,000 | 5% |
| 5,00,000-10,00,000 | 20% |
| Above 10,00,000 | 30% |
|
Less: Rebate u/s 87A – It is only applicable to resident individuals with income up to Rs. 3,50,000. The maximum amount of rebate allowed is Rs. 2,500.
Add:Surcharge – A surcharge @ 10% of tax is applicable if income lies between Rs. 50 lakhs to Rs. 1 crore, but if it exceeds Rs. 1 crore then the surcharge will be payable @ 15%. However, surcharge is subject to marginal relief as stated:
Add: “Education Cess” and
“Secondary and Higher Education Cess” shall be levied at the rate of 2%
and 1% respectively, on the amount of tax computed, inclusive of
surcharge.
|
|
Slab Rates for Resident Super Senior Citizen (80 years and above) for A.Y. 2018-19 (F.Y. 2017-18)
| Income Range (in Rupees) | Tax Rate (in %age) |
| Zero – 5,00,000 | Nil |
| 5,00,000-10,00,000 | 20% |
| Above 10,00,000 | 30% |
|
Add: Surcharge – A
surcharge @ 10% of tax is applicable if income lies between Rs. 50 lakhs
to Rs. 1 crore, but if it exceeds Rs. 1 crore then the surcharge will
be payable @ 15%. However, surcharge is subject to marginal relief as
stated:
Add: “Education Cess” and
“Secondary and Higher Education Cess” shall be levied at the rate of 2%
and 1% respectively, on the amount of tax computed, inclusive of
surcharge.
|
|
Slab Rates for a partnership firm (including LLP) for A.Y. 2018-19 (F.Y. 2017-18)
| Tax Rate | Surcharge | Education Cess | Secondary & Higher Education Cess |
| 30% | 12% | 2% | 1% |
|
Add: Surcharge – A
surcharge @ 12% of tax is applicable if income exceeds Rs. 1 crore.
However, surcharge is subject to marginal relief.
Add: “Education Cess” and
“Secondary and Higher Education Cess” shall be levied at the rate of 2%
and 1% respectively, on the amount of tax computed, inclusive of
surcharge.
|
|||
Slab Rates for a local authority for A.Y. 2018-19 (F.Y. 2017-18)
| Tax Rate | Surcharge | Education Cess | Secondary & Higher Education Cess |
| 30% | 12% | 2% | 1% |
|
Add: Surcharge – A
surcharge @ 12% of tax is applicable if income exceeds Rs. 1 crore.
However, surcharge is subject to marginal relief.
Add: “Education Cess” and
“Secondary and Higher Education Cess” shall be levied at the rate of 2%
and 1% respectively, on the amount of tax computed, inclusive of
surcharge.
|
|||
Slab Rates for a domestic company for A.Y. 2018-19 (F.Y. 2017-18)
| Tax Rate | Surcharge | Education Cess | Secondary & Higher Education Cess |
| 25% for income up to Rs. 50 crore | 7% for income between Rs. 1 crore & Rs. 10 crore | 2% of income tax plus surcharge | 1% of income tax plus surcharge |
| 30% for income exceeding Rs. 50 crore | 7% for income between Rs. 1 crore & Rs. 10 crore and 12% if income exceeds Rs. 10 crore | ||
|
Add: Surcharge – A
surcharge @ 12% of tax is applicable if income exceeds Rs. 1 crore.
However, surcharge is subject to marginal relief.
Add: “Education Cess” and
“Secondary and Higher Education Cess” shall be levied at the rate of 2%
and 1% respectively, on the amount of tax computed, inclusive of
surcharge.
|
|||
Slab Rates for a foreign company for A.Y. 2018-19 (F.Y. 2017-18)
| Tax Rate | Surcharge | Education Cess | Secondary & Higher Education Cess |
|
| Income b/w Rs. 1 crore & Rs. 10 crore | Income exceeds Rs. 10 crore | |||
| 50% on royalty received from government or Indian concern* | 2% | 5% | 2% | 1% |
| 40% on any other income | 2% | 5% | ||
|
*Note: Royalty here means –
Add: Surcharge – A surcharge is applicable in the following 2 conditions subject to marginal relief:
Marginal Relief on Surcharge –
Add: “Education Cess” and
“Secondary and Higher Education Cess” shall be levied at the rate of 2%
and 1% respectively, on the amount of tax computed, inclusive of
surcharge.
|
||||
Slab Rates for a Co-operative Society for 2018-19 (F.Y. 2017-18)
| Income Range (in Rupees) | Tax Rate (in %age) |
| Zero – 10,000 | Nil |
| 10,000 – 20,000 | 20% |
| Above 20,000 | 30% |
|
Add: Surcharge – A
surcharge @ 12% of tax is applicable if income exceeds Rs. 1 crore.
However, surcharge is subject to marginal relief as stated:
Add: “Education Cess” and
“Secondary and Higher Education Cess” shall be levied at the rate of 2%
and 1% respectively, on the amount of tax computed, inclusive of
surcharge.
|
|
How to Calculate Income Tax from Income Tax Slab Rates?
Suppose Mr. Nikhil has an annual income of Rs. 10 lakh in the Financial Year 2016-17. How will we calculate his tax liability for Assessment Year 2017-18?| Income (in rupees) | Tax Rate (in %age) | Calculation |
| Zero – 2,50,000 | Nil | 2,50,000 x 0 = 0 |
| 2,50,000 – 5,00,000 | 10% | 2,50,000 x 10% = 25,000 |
| 5,00,000 – 10,00,000 | 20% | 5,00,000 x 20% = 1,00,000 |
| Above 10,00,000 | 30% | 0 x 30% = 0 |
| Total tax = (0 + 25,000 + 1,00,000 + 0) x 1.03 = Rs. 1,28,750 | ||
Now suppose that he earns the same amount of income in the Financial Year 2017-18. How will we calculate his tax liability for Assessment Year 2018-19?
| Income (in rupees) | Tax Rate (in %age) | Calculation |
| Zero – 2,50,000 | Nil | 2,50,000 x 0 = 0 |
| 2,50,000 – 5,00,000 | 5% (new rate) | 2,50,000 x 5% = 12,500 |
| 5,00,000 – 10,00,000 | 20% | 5,00,000 x 20% = 1,00,000 |
| Above 10,00,000 | 30% | 0 x 30% = 0 |
| Total tax = (0 + 12,500 + 1,00,000 + 0) x 1.03 = Rs. 1,15,875 | ||
Note: This tax calculation is a basic example for your understanding which is applicable only for individuals (up to 60 years of age) without accounting for tax deductions and exemptions.
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