Tax Rates
In case of an Individual (resident or nonresident) or HUF or Association of Person or Body of Individual or any other artificial juridical person
Assessment Year 201718
Taxable income | Tax Rate |
Up to Rs. 2,50,000 | Nil |
Rs. 2,50,000 to Rs. 5,00,000 | 10% |
Rs. 5,00,000 to Rs. 10,00,000 | 20% |
Above Rs. 10,00,000 | 30% |
Less: Rebate under Section 87A [see Note] Add: Surcharge and Education Cess [see Note]
Assessment Year 201819
Taxable income | Tax Rate |
Up to 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% |
Above Rs. 10,00,000 | 30% |
Less: Rebate under Section 87A [see Note] Add: Surcharge and Education Cess [see Note]
2. In case of a resident senior citizen (who is 60 years or more at any time during the previous year but less than 80 years on the last day of the previous year)
Assessment Year 201718
Taxable income | Tax Rate |
Up to Rs. 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% |
Less: Rebate under Section 87A [see Note] Add: Surcharge and Education Cess [see Note]
Assessment Year 201819
Taxable income | Tax Rate |
Up to Rs. 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% |
Less: Rebate under Section 87A [see Note] Add: Surcharge and Education Cess [see Note]
3. In case of a resident super senior citizen (who is 80 years or more at any time during the previous year)
Assessment Year 201718
Taxable income | Tax Rate |
Up to Rs. 5,00,000 | Nil |
Rs. 5,00,000 Rs. 10,00,000 | 20% |
Above Rs. 10,00,000 | 30% |
Add: Surcharge and Education Cess [see Note]
Assessment Year 201819
Taxable income | Tax Rate |
Up to Rs. 5,00,000 | Nil |
Rs. 5,00,000 Rs. 10,00,000 | 20% |
Above Rs. 10,00,000 | 30% |
Add: Surcharge and Education Cess [see Note] Note:
Assessment Year 201718
- Surcharge: The amount of incometax shall be increased by a surcharge at the rate of 15% of such tax, where total income exceeds one crore However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income tax and surcharge shall not exceed total amount payable as incometax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).
- Education Cess: The amount of incometax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such incometax and surcharge.
- Secondary and Higher Education Cess: The amount of incometax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such incometax and
- Rebate under Section 87A: The rebate is available to a resident individual if his total income does not exceed 5,00,000. The amount of rebate shall be 100% of incometax or Rs. 5,000, whichever is less.
Assessment Year 201819
- Surcharge:
- The amount of incometax shall be increased by a surcharge at the rate of 10% of such tax, where total income exceeds fifty lakh rupees but does not exceed one crore
However, the surcharge shall be subject to marginal relief (where income exceeds fifty lakh rupees, the total amount payable as incometax and surcharge shall not exceed total amount payable as incometax on total income of fifty lakh rupees by more than the amount of income that exceeds fifty lakh rupees).
- The amount of incometax shall be increased by a surcharge at the rate of 15% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as incometax and surcharge shall not exceed total amount payable as income tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).
- Education Cess: The amount of incometax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such incometax and surcharge.
- Secondary and Higher Education Cess: The amount of incometax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such incometax and
- Rebate under Section 87A: The rebate is available to a resident individual if his total income does not exceed 3,50,000. The amount of rebate shall be 100% of incometax or Rs. 2,500, whichever is less.
4. Partnership Firm
For the Assessment Year 201718 and 201819, a partnership firm (including LLP) is taxable at 30%. Add:
- Surcharge: The amount of incometax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income tax and surcharge shall not exceed total amount payable as incometax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).
- Education Cess: The amount of incometax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such incometax and surcharge.
- Secondary and Higher Education Cess: The amount of incometax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such incometax and
5. Local Authority
For the Assessment Year 201718 and 201819, a local authority is taxable at 30%. Add:
- Surcharge: The amount of incometax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income tax and surcharge shall not exceed total amount payable as incometax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).
- Education Cess: The amount of incometax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such incometax and surcharge.
- Secondary and Higher Education Cess: The amount of incometax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such incometax and
6. Domestic Company
For the Assessment Year 201718 and 201819, a domestic company is taxable at 30%. For Assessment Year 201718, tax rate would be 29% where turnover or gross receipt of the company does not exceed Rs. 5 crore in the previous year 201415.However, for Assessment year 201819, tax rate would be 25% where turnover or gross receipt of the company does not exceed Rs. 50 crore in the previous year 201516.
Add:
- Surcharge: The amount of incometax shall be increased by a surcharge at the rate of 7% of such tax, where total income exceeds one crore rupees but not exceeding ten crore rupees and at the rate of 12% of such tax, where total income exceeds ten crore rupees. However, the surcharge shall be subject to marginal relief, which shall be as under:
- Where income exceeds one crore rupees but not exceeding ten crore rupees, the total amount payable as incometax and surcharge shall not exceed total amount payable as incometax on total income of one crore rupees by more than the amount of income that exceeds one crore
- Where income exceeds ten crore rupees, the total amount payable as incometax and surcharge shall not exceed total amount payable as incometax on total income of ten crore rupees by more than the amount of income that exceeds ten crore
- Education Cess: The amount of incometax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such incometax and surcharge.
- Secondary and Higher Education Cess: The amount of incometax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such incometax and
7. Foreign Company
Assessment Year 201718 and Assessment Year 201819
Nature of Income | Tax Rate |
Royalty received from Government or an Indian concern in pursuance of an agreement made with the Indian concern after March 31, 1961, but before April 1, 1976, or fees for rendering technical services in pursuance of an agreement made after February 29, 1964 but before April 1, 1976 and where such agreement has, in either case, been approved by the Central Government | 50% |
Any other income | 40% |
Add:
- Surcharge: The amount of incometax shall be increased by a surcharge at the rate of 2% of such tax, where total income exceeds one crore rupees but not exceeding ten crore rupees and at the rate of 5% of such tax, where total income exceeds ten crore rupees. However, the surcharge shall be subject to marginal relief, which shall be as under:
- Where income exceeds one crore rupees but not exceeding ten crore rupees, the total amount payable as incometax and surcharge shall not exceed total amount payable as incometax on total income of one crore rupees by more than the amount of income that exceeds one crore
- Where income exceeds ten crore rupees, the total amount payable as incometax and surcharge shall not exceed total amount payable as incometax on total income of ten crore rupees by more than the amount of income that exceeds ten crore
- Education Cess: The amount of incometax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such incometax and surcharge.
- Secondary and Higher Education Cess: The amount of incometax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such incometax and
8. Cooperative Society
Assessment Year 201718 and Assessment Year 201819
Taxable income | Tax Rate |
Up to Rs. 10,000 | 10% |
Rs. 10,000 to Rs. 20,000 | 20% |
Above Rs. 20,000 | 30% |
Add:
- Surcharge: The amount of incometax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income tax and surcharge shall not exceed total amount payable as incometax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).
- Education Cess: The amount of incometax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such incometax and surcharge.
- Secondary and Higher Education Cess: The amount of incometax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such incometax and