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Income Tax Slab Rates for Assesment year 2017-18 (Financial Year 2016-2017)

Income Tax Slab Rates for Assesment year 2017-18, Financial Year 2016-17 as per the Union Budget presented before Parliament on 29th February 2016.

There is No changes have been made to the existing Income Tax slab rates as per Union Budget 2016.

The Income Tax Slab Rates For Financial year 2016-17 & Assessment year 2017-18 are same as Income Tax Slab Rates for F.Y 2015-16 and A.Y 2016-17.

Income Tax Slab for AY 2017-18 & FY 2016-17

Individual resident other than Senior citizen( aged below 60 years)

For Income Tax Calculator -FY 2016-2017 AY 2017-2018 click here

Income Tax Slab Rates for the Individual resident (i.e. born on or after 1st April 1957) other than the Senior citizen. Income Tax Slab Rates for AY 2017-18 for Individual resident are listed below. Let us have a look at Surcharge for AY 2017-18 and Income Tax Slab for AY 2017-18 are available here.

Income Slab Tax Rate
i. Taxable income up to Rs. 2,50,000/-. NIL
ii. Taxable income from Rs. 2,50,000/- up to Rs. 5,00,000/-.
  • 10% of amount by which the income exceeds Rs. 2,50,000/-.
  • Less: Tax Credit u/s 87A – rebate of Rs. 5,000/- or 10% of taxable income whichever is less.
iii. Taxable income from Rs. 5,00,000/- up to Rs. 10,00,000/-.
  • Rs. 25,000/- + 20% of the total income exceeds Rs. 5,00,000/-.
iv Taxable income above Rs. 10,00,000/-.
  • Rs. 125,000/- + 30% of the amount by which the income exceeds Rs. 10,00,000/-.
  • Surcharge: 15% of the Income Tax, where the total Income Exceed Rs. 1 Crore.
  • Education Cess: 2% of the total of Income Tax.
  • Higher Education Cess: 1% of the total Income Tax.

Senior Citizen ( aged between 60 years to 80 years)

An individual resident who is age is more than 60 years but not exceeds 80 years at any time during the previous year. i.e. born on or after 1st April 1937 but before 1st April 1957. Income Tax Slab Rates for AY 2017-18 for Senior Citizen are available below. Income Tax rates for AY 2017-18 for Senior Citizen are available here.

Income Slab  Tax Rate
i. Taxable income not exceed Rs. 3,00,000/-.
Less: Tax Credit u/s 87A – rebate of Rs. 5,000/- or 10% of taxable income whichever is less.		 NIL
ii. Taxable income from Rs. 3,00,000/- up to Rs. 5,00,000/-.
  • 10% of the amount by which the income exceeds Rs. 3,00,000/-.
  • Less : Tax Credit u/s 87A- rebate of Rs. 2,000/- or 10% of taxable income whichever is less.
iii. Taxable income from Rs. 5,00,000/- up to Rs. 10,00,000/-.
  • Rs. 20,000/- + 20% of the amount by which the income exceeds Rs. 5,00,000/-.
iv. Taxable income exceeds Rs. 10,00,000/-
  • Rs. 1,20,000/- + 30% of the amount by which the total income exceeds Rs. 10,00,000/-.
  • Surcharge: 15% of the Income Tax, where the total Income Exceed Rs. 1 Crore.
  • Education Cess: 2% of the total of Income Tax.
  • Higher Education Cess: 1% of the total Income Tax.

Super Senior Citizen

An individual resident who is age is more than 80 years or more at any time during the previous year. i.e. born on or before 1st April 1937. Income Tax Slab Rates for AY 2017-18 for Super Senior Citizen are available below.

Income Slab Tax Rate
i. Total income does not exceed Rs. 5,00,000/-. NIL
ii. Total income between Rs. 5,00,000/- to Rs. 10,00,000/-
  • 20% of the income exceeds Rs. 5,00,000/-.
iii. Total income above Rs. 10,00,000/-
  • Rs. 100,000/- + 30% of the amount by which the total income exceeds Rs. 10,00,000/-.
  • Surcharge: 15% of the Income Tax, where the total Income Exceed Rs. 1 Crore.
  • Education Cess: 2% of the total of Income Tax.
  • Higher Education Cess: 1% of the total Income Tax.

Any NRI / HUF / AOP / BOI / AJP

Income Tax Slab Rates for AY 2017-18 for Non-Resident Indian or Hindu Undivided Family or association of persons or Body of Individuals or Artificial juridical person are listed below.

Income Slab Tax Rate
i. Total income up to Rs. 2,50,000/-. NIL
ii. Total income between Rs. 2,50,000/- to Rs. 5,00,000/-.
  • 10% of total income up to Rs. 2,50,000/-.
iii. Total income between Rs. 5,00,000/- to Rs. 10,00,000/-.
  • Rs. 25,000/- + 20% of the total income up to Rs. 5,00,000/-.
iv. Total income exceeds Rs. 10,00,000/-.
  • Rs. 125,000/- + 30% of the total income exceeds Rs. 10,00,000/-.
  • Surcharge: 15% of the Income Tax, where the total Income Exceed Rs. 1 Crore.
  • Education Cess: 2% of the total of Income Tax.
  • Higher Education Cess: 1% of the total Income Tax.

Co-operative Society

Income Tax Slab Rates for AY 2017-18 for Co-operative Society are listed below.

Income Slab Tax Rate
i. Total income up to Rs. 10,000/-.
  • 10% of the income.
ii. Total income between Rs. 10,000/- to Rs. 20,000/-.
  • 20% of the income.
iii. Total income above Rs. 20,000/-
  • 30% of the total income.
  • Surcharge: 12% of the total Income Tax, where taxable income is more than Rs. 1 crore.
  • Education Cess: 2% of the total of Income Tax.
  • Higher Education Cess: 1% of the total Income Tax.

Firms

Income Tax Slab Rates for AY 2017-18 for Firms are listed below.

Income Slab Tax Rate
On Total Income  30% of total taxable income.
  • Surcharge: 12% of the Income Tax, where total taxable income is more than Rs. 1 crore.
  • Education Cess: 2% of the total of Income Tax.
  • Higher Education Cess: 1% of the total Income Tax.

Local Authority

Income Tax Slab Rates for AY 2017-18 for Local Authority are listed below.

Income Slab Tax Rate
On Total Income  30% of total taxable income.
  • Surcharge: 15% of the Income Tax, where total taxable income is more than Rs. 1 crore.
  • Education Cess: 2% of the total of Income Tax.
  • Higher Education Cess: 1% of the total Income Tax.

Domestic Company

Income Tax Slab Rates for AY 2017-18 for Domestic Company whose Turnover up to Rs. Five crores are available below.

Income Slab  Tax Rate
Turnover up to Rs. 5 crores  29% of total taxable income.
Turnover above Rs. 5 crores 30% of total taxable income.
  • SurchageSurchage: A surcharge shall increase Surcharge: The amount of income tax as computed by above rates, and after being reduced by the amount of tax rebate
    • 7% of such income tax, where total taxable income is more than Rs. 1 crore.
    • 12% of the Income Tax, where total taxable income is more than Rs. 10 crores.
  • Education Cess: 2% of the total of Income Tax.
  • Higher Education Cess: 1% of the total Income Tax.

Foreign company

Income Tax Slab Rates for AY 2017-18 for  Foreign Company whose Turnover up to Rs. 5 crores are available below.

Income Slab  Tax Rate
On Total Income  40% of total taxable income.
  • Surcharge: A surcharge shall increase the amount of income tax as computed by above rates, and after being reduced by the amount of tax rebate.
    • 2% of income tax if net income exceeds Rs. 1 crore.
    • 5% on the amount of income-tax if net income exceeds Rs. 10 crores.
  • Education Cess: 2% of the total of Income Tax.
  • Higher Education Cess: 1% of the total Income Tax.

Minimum Alternate Tax (MAT)

Alternative Minimum Tax(MAT) applies to all persons other than companies. Income Tax Slab Rates for AY 2017-18 for Minimum Alternate Tax is available below. MAT Rate for AY 2016-17 are available here. Get MAT Calculation for AY 2016-17.

Particulars Tax Surcharge Education Cess Higher Education Cess Effective Tax
i. Domestic Companies with total income not exceeding 1 Crore. 18.5% Nil 2% 1% 19.055%
ii. Domestic Companies with total income between 1 Crore to 10 Crore. 18.5% 7% 2% 1% 20.389%
iii. Other Domestic Companies 18.5% 12% 2% 1% 21.342%
iv. Foreign Companies with total income not exceeding 1 Crore. 18.5% Nil 2% 1% 19.06%
v. Foreign Companies with total income between 1 crore to 10 crore 18.5% 2% 2% 1% 19.44%
vi. Other Foreign Companies 18.5% 5% 2% 1% 20.01%

 

Income Tax Slab | Ankit Jain |

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