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Income Tax Slab Rates for FY 2018-19, FY 2017-18, FY 2016-17 and FY 2015-16 (Updated)

   

Updated on 21 Mar 2018


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Income Tax Slab Rates for FY 2018-19 (AY 2019-20)

Slab Rates for FY 2018-19 has been proposed in Latest India's Union Budget 2018. Click Here to know more in detail about budget 2018

Part-I: Tax Rates in case of Individual (Less than 60 Years) & HUF

TAXABLE INCOME TAX RATES
0 - 2,50,000 Nil
Rs 2,50,000 - Rs 5,00,000 5%
Rs 5,00,000 - Rs 10,00,000 20%
Above Rs 10,00,000 30%

Notes

  1. Above Tax rates are also applicable to Association of Person (AOP) or Body of Individual (BOI) or any other artificial juridical person
  2.  Additionally, Surcharge will be levied on Income Tax where
    • Total Income From Rs 50 Lakh to Rs 1 Crore - 10%
    • Total Income exceeds Rs 1 Crore - 15%
  3.  Additionally, 4% of Health & Education cess will be levied on Income Tax.

 

Part-II: Tax Rates in case of Resident Senior Citizen ( Age 60 - 80 Years)

TAXABLE INCOME TAX RATES
0 - 3,00,000 Nil
Rs 3,00,000 - Rs 5,00,000 5%
Rs 5,00,000 - Rs 10,00,000 20%
Above Rs 10,00,000 30%

Notes

  1.  Addtionally, Surcharge will be levied on Income Tax where
    • Total Income From Rs 50 Lakh to Rs 1 Crore - 10%
    • Total Income exceeds Rs 1 Crore - 15%
  2.  Addtionally, 4% of Health & Education cess will levied on Income Tax.

 

Part-III: Tax Rates in case of Resident Super Senior Citizen ( Age more than 80 Years)

TAXABLE INCOME TAX RATES
0 - 5,00,000 Nil
Rs 5,00,000 - Rs 10,00,000 20%
Above Rs 10,00,000 30%

Notes

  1.  Additionally, Surcharge will be levied on Income Tax where
    • Total Income From Rs 50 Lakh to Rs 1 Crore - 10%
    • Total Income exceeds Rs 1 Crore - 15%
  2.  Additionally, 4% of Health & Education cess will be levied on Income Tax.

 

Part-IV: Tax Rates in case of Partnership Firm and Domestic Company

ENTITY TAX RATES
Partnership Firm (Including LLP) 30%
Domestic Company  
Gross Turnover Less than Rs.250 Crore in FY 2016-17 25%
Any Other Case 30%

Notes

  1.  Additionally, 12% Surcharge will be levied on Income Tax in case of Partnership Firm where Total Income exceeds Rs 1 Crore
  2.  In case of Domestic Company, Surcharge will be levied
    • where total income from Rs 1 crore to Rs 10 Crore - 7%
    • where total income exceeds Rs 10 Crore - 12%
  3. Additionally, 4% of Health & Education cess will be levied on Income Tax.

 

Income Tax Slab Rates for FY 2017-18 (AY 2018-19)

Part-I: Tax Rates in case of Individual (Less than 60 Years)

TAXABLE INCOME TAX RATES
0 - 2,50,000 Nil
Rs 2,50,000 - Rs 5,00,000 5%
Rs 5,00,000 - Rs 10,00,000 20%
Above Rs 10,00,000 30%

Notes

  1. Above Tax rates are also applicable to HUF or Association of Person (AOP) or Body of Individual (BOI) or any other artificial juridical person
  2.  Additionally, Surcharge will be levied on Income Tax where
    • Total Income From Rs 50 Lakh to Rs 1 Crore - 10%
    • Total Income exceeds Rs 1 Crore - 15%
  3.  Additionally, 3% of Education cess will be levied on Income Tax.
  4. Rebate to the extent of Rs 2,500 is allowed as a deduction from Income Tax and is only available to Resident Individual if his total income does not exceed Rs 3,50,000.

 

Part-II: Tax Rates in case of Resident Senior Citizen ( Age 60 - 80 Years)

TAXABLE INCOME TAX RATES
0 - 3,00,000 Nil
Rs 3,00,000 - Rs 5,00,000 5%
Rs 5,00,000 - Rs 10,00,000 20%
Above Rs 10,00,000 30%

Notes

  1.  Addtionally, Surcharge will be levied on Income Tax where
    • Total Income From Rs 50 Lakh to Rs 1 Crore - 10%
    • Total Income exceeds Rs 1 Crore - 15%
  2.  Addtionally, 3% of Education cess will levied on Income Tax.
  3. Rebate to the extent of Rs 2,500 is allowed as a deduction from Income Tax and is only available to Resident Individual if his total income does not exceed Rs 3,50,000.

 

Part-III: Tax Rates in case of Resident Super Senior Citizen ( Age more than 80 Years)

TAXABLE INCOME TAX RATES
0 - 5,00,000 Nil
Rs 5,00,000 - Rs 10,00,000 20%
Above Rs 10,00,000 30%

Notes

  1.  Additionally, Surcharge will be levied on Income Tax where
    • Total Income From Rs 50 Lakh to Rs 1 Crore - 10%
    • Total Income exceeds Rs 1 Crore - 15%
  2.  Additionally, 3% of Education cess will be levied on Income Tax.
  3. Rebate to the extent of Rs 2,500 is allowed as a deduction from Income Tax and is only available to Resident Individual if his total income does not exceed Rs 3,50,000. 

 

Part-IV: Tax Rates in case of Partnership Firm and Domestic Company

ENTITY TAX RATES
Partnership Firm (Including LLP) 30%
Domestic Company  
Gross Turnover Less than Rs.50 Crore in FY 2015-16 25%
Any Other Case 30%

Notes

  1.  Additionally, 12% Surcharge will be levied on Income Tax in case of Partnership Firm where Total Income exceeds Rs 1 Crore
  2.  In case of Domestic Company, Surcharge will be levied
    • where total income from Rs 1 crore to Rs 10 Crore - 7%
    • where total income exceeds Rs 10 Crore - 12%
  3.  Additionally, 3% of Education cess will be levied on Income Tax.

 

Income Tax Slab Rates for FY 2016-17 (AY 2017-18)

Part-I: Tax Rates in case of Individual (Less than 60 Years)

TAXABLE INCOME TAX RATES
0 - 2,50,000 Nil
Rs 2,50,000 - Rs 5,00,000 10%
Rs 5,00,000 - Rs 10,00,000 20%
Above Rs 10,00,000 30%

Notes

  1. Above Tax rates are also applicable to HUF or Association of Person (AOP) or Body of Individual (BOI) or any other artificial juridical person
  2.  Additionally, 15% Surcharge will be levied on Income Tax where Total Income exceeds Rs 1 Crore.
  3.  Additionally, 3% of Education cess will be levied on Income Tax.
  4. Rebate to the extent of Rs 5,000 is allowed as the deduction from Income Tax and is only available to Resident Individual if his total income does not exceed Rs 5,00,000.

 

Part-II: Tax Rates in case of Resident Senior Citizen ( Age 60 - 80 Years)

TAXABLE INCOME TAX RATES
0 - 3,00,000 Nil
Rs 3,00,000 - Rs 5,00,000 10%
Rs 5,00,000 - Rs 10,00,000 20%
Above Rs 10,00,000 30%

Notes

  1. Addtionally, 15% Surcharge will be levied on Income Tax where Total Income exceeds Rs 1 Crore.
  2.  Additionally, 3% of Education cess will be levied on Income Tax.
  3. Rebate to the extent of Rs 5,000 is allowed as a deduction from Income Tax and is only available to Resident Individual if his total income does not exceed Rs 5,00,000

 

Part-III: Tax Rates in case of Resident Super Senior Citizen ( Age more than 80 Years)

TAXABLE INCOME TAX RATES
0 - 5,00,000 Nil
Rs 5,00,000 - Rs 10,00,000 20%
Above Rs 10,00,000 30%

Notes

  1. Additionally, 15% Surcharge will be levied on Income Tax where Total Income exceeds Rs 1 Crore.
  2.  Additionally, 3% of Education cess will be levied on Income Tax.
  3. Rebate to the extent of Rs 5,000 is allowed as a deduction from Income Tax and is only available to Resident Individual if his total income does not exceed Rs 5,00,000.

 

Part-IV: Tax Rates in case of Partnership Firm and Domestic Company

ENTITY TAX RATES
Partnership Firm (Including LLP) 30%
Domestic Company  
Gross Turnover Less than Rs.5 Crore in FY 2014-15 29%
Any Other Case 30%

Notes

  1.  Additionally, 12% Surcharge will be levied on Income Tax in case of Partnership Firm where Total Income exceeds Rs 1 Crore
  2.  In case of Domestic Company, Surcharge will be levied
    • where total income from Rs 1 crore to Rs 10 Crore - 7%
    • where total income exceeds Rs 10 Crore - 12%
  3.  Additionally, 3% of Education cess will be levied on Income Tax.

 

Income Tax Slab Rates for FY 2015-16 (AY 2016-17)

Part-I: Tax Rates in case of Individual (Less than 60 Years)

TAXABLE INCOME TAX RATES
0 - 2,50,000 Nil
Rs 2,50,000 - Rs 5,00,000 10%
Rs 5,00,000 - Rs 10,00,000 20%
Above Rs 10,00,000 30%

Notes

  1. Above Tax rates are also applicable to HUF or Association of Person (AOP) or Body of Individual (BOI) or any other artificial juridical person
  2.  Additionally, 12% Surcharge will be levied on Income Tax where Total Income exceeds Rs 1 Crore.
  3.  Additionally, 3% of Education cess will be levied on Income Tax.

 

Part-II: Tax Rates in case of Resident Senior Citizen ( Age 60 - 80 Years)

TAXABLE INCOME TAX RATES
0 - 3,00,000 Nil
Rs 3,00,000 - Rs 5,00,000 10%
Rs 5,00,000 - Rs 10,00,000 20%
Above Rs 10,00,000 30%

Notes

  1. Addtionally, 12% Surcharge will be levied on Income Tax where Total Income exceeds Rs 1 Crore.
  2.  Additionally, 3% of Education cess will be levied on Income Tax.

 

Part-III: Tax Rates in case of Resident Super Senior Citizen ( Age more than 80 Years)

TAXABLE INCOME TAX RATES
0 - 5,00,000 Nil
Rs 5,00,000 - Rs 10,00,000 20%
Above Rs 10,00,000 30%

Notes

  1. Additionally, 12% Surcharge will be levied on Income Tax where Total Income exceeds Rs 1 Crore.
  2.  Additionally, 3% of Education cess will be levied on Income Tax.

 




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