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


Income Tax Slab Rates for FY 2017-18 | AY 2018-19
Income Slabs & Income Tax Rates  for the Financial Year 2017-18 i.e. Assessment Year 2018-19 (these will be effective  on income earned during 01.04.2017 to 31.03.2018) for various categories of Indian Income Tax payers.
Categorized based on age group
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Categorized based on age group
Particulars Category Based on Age Based on date of Birth
 
Individual-Resident
Non Senior Citizen Aged below 60 years  Born on or after 01.04.1958
Senior Citizen Aged 60 or above but     below 80 years  Born on or after 01.04.1938 but before 01.04.1958
Super Senior Citizen Aged above 80 years  Born before 01.04.1938

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Income Tax Slab Rates for Residential Individual FY 2017-18 i.e. AY 2018-19
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Particulars Income Tax Rates
Income Slabs Non- senior Citizens Senior Citizens Super Senior Citizens
Upto Rs. 2,50,000 Nil Nil Nil
 Rs. 2,50,001 to Rs. 3,00,000 5% Nil Nil
 Rs. 3,00,001 to Rs. 5,00,000 5% 5% Nil
 Rs. 5,00,001 to Rs. 10,00,000 20% 20% 20%
 Above Rs. 10,00,000 30% 30% 30%

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Rebate under section 87A :
Benefits under this section are  applicable to  individual resident in India whose total income does not exceed Rs. 3,50,000/- .this section  provides for a rebate of an amount equal to hundred percent of such income-tax or an amount of Rs. 5000/- (Rs. 2500 from Financial Year 2017-18), whichever is less, from the amount of income-tax.
Surcharge: .
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Surcharge for different Income Tax Slabs for FY 2017-18 i.e. AY 2018-19
Income Slabs Rate of Surcharge
Upto Rs. 50 lakhs Nil
Above Rs. 50 lakhs upto Rs. 1 crore 10%
Above Rs. 1 crore 15%

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It is calculated on Income tax payable. However, it is to be noted that the amount of Income Tax and Surcharge should not increase the amount of income tax payable on a taxable income by more than the amount of increase in taxable income. Following are the rates of surcharge applicable for various income slabs
Education Cess including secondary and higher education cess
It is levied at 3% on total income tax and surcharge.
Income Tax Slab Rates for For NRI or HUF or AOP or BOI or AJP FY 2017-18 i.e. AY 2018-19
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Particulars Assessee
Income Slabs Income Tax Rates
Upto Rs. 2,50,000 Nil
 Rs. 2,50,001 to Rs. 5,00,000 5%
 Rs. 5,00,001 to Rs. 10,00,000 20%
 Above Rs. 10,0,000 30%

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(NRI – Non Resident Individual ; HUF – Hindu Undivided Family ; AOP – Association of Persons ; BOI – Body of Individuals;  AJP – Artificial Judicial Persons)
Rebate under section 87A :
Benefits under this section are not applicable to  NRI or HUF or AOP or BOI or AJP
Surcharge: .
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Surcharge for different Income Tax Slabs for FY 2017-18 i.e. AY 2018-19
Income Slabs Rate of Surcharge
Upto Rs. 50 lakhs Nil
Above Rs. 50 lakhs upto Rs. 1 crore 10%
Above Rs. 1 crore 15%

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It is calculated on Income tax payable. However, it is to be noted that the amount of Income Tax and Surcharge should not increase the amount of income tax payable on a taxable income by more than the amount of increase in taxable income. Following are the rates of surcharge applicable for various income slabs
Education Cess including secondary and higher education cess
It is levied at 3% on total income tax and surcharge.
Income Tax Slab Rates for Co-operative Society  FY 2017-18 i.e. AY 2018-19
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Particulars Assessee
Income Slabs Income Tax Rates
Upto Rs. 10,000 10%
 Rs. 10,000 to Rs. 20,000 20%
 Above Rs. 20,000 30%

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Rebate under section 87A :
Benefits under this section is not available to Co – operative Society.
Surcharge:
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Surcharge for different Income Tax Slabs for FY 2017-18 i.e. AY 2018-19
Income Slabs Rate of Surcharge
Upto. Rs. 1 crore Nil
Above Rs. 1 crore 12%

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It is calculated on Income tax payable. However, it is to be noted that the amount of Income Tax and Surcharge should not increase the amount of income tax payable on a taxable income by more than the amount of increase in taxable income. Following are the rates of surcharge applicable for various income slabs
Education Cess including secondary and higher education cess
It is levied at 3% on total income tax and surcharge.
Income Tax Slab Rates for Firm or Local Authority FY 2017-18 i.e. AY 2018-19
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Particulars Assessee
Income Slabs Income Tax Rates
Taxable Income 30 %

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Rebate under section 87A :
Benefits under this section is not available to firm or local authority.
Surcharge:
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Surcharge for different Income Tax Slabs for FY 2017-18 i.e. AY 2018-19
Income Slabs Rate of Surcharge
Upto. Rs. 1 crore Nil
Above Rs. 1 crore 12%

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It is calculated on Income tax payable. However, it is to be noted that the amount of Income Tax and Surcharge should not increase the amount of income tax payable on a taxable income by more than the amount of increase in taxable.
Education Cess including secondary and higher education cess
It is levied at 3% on total income tax and surcharge.
Income Tax Slab Rates for  Domestic Company FY 2017-18 i.e. AY 2018-19
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Particulars Income Tax Rates
Income Slabs Turnover upto Rs. 50 crores in P.Y 2015-16 Turnover above Rs. 50 crores
Taxable Income 25% 30%

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Rebate under section 87A :
Benefits under this section is not available to domestic company.
Surcharge:
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Surcharge for different Income Tax Slabs for FY 2017-18 i.e. AY 2018-19
Income Slabs Rate of Surcharge
Turnover upto Rs. 50 crores Turnover above Rs. 50 crores
Upto. Rs. 1 Crore Nil Nil
Above Rs. 1 Crore to Rs. 10 Crores 7% 7%
Above Rs. 10 Crores 12% 12%

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It is calculated on Income tax payable. However, it is to be noted that the amount of Income Tax and Surcharge should not increase the amount of income tax payable on a taxable income by more than the amount of increase in taxable.
Education Cess including secondary and higher education cess
It is levied at 3% on total income tax and surcharge.  
Income Tax Slab Rates for Company other than domestic company FY 2017-18 i.e. AY 2018-19
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Particulars Assessee
Taxable Income Income Tax Rates
Royalties received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st day of March, 1961 but before the 1st day of April, 1976  50%
Fees for rendering technical services received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 29th day of February, 1964 but before the 1st day of April, 1976, and where such agreement has, in either case, been approved by the Central Government. 50%
Others 40%

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Rebate under section 87A :
Benefits under this section is not available to company other than domestic company
Surcharge:
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Surcharge for different Income Tax Slabs for FY 2017-18 i.e. AY 2018-19
Income Slabs Rate of Surcharge
Upto. Rs. 1 crore Nil
Above Rs. 1 crore 2%
Above Rs. 10 crores 5%

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It is calculated on Income tax payable. However, it is to be noted that the amount of Income Tax and Surcharge should not increase the amount of income tax payable on a taxable income by more than the amount of increase in taxable.
Education Cess including secondary and higher education cess
It is levied at 3% on total income tax and surcharge.
Refer Below link for filing Income Tax return Through Studycafe:

File Your Tax Return Online


 


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Compiled by CA Ankita Khetan
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One Comment

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  1. What about a company that was incorporated in fy 16-17
    Can we assume the turnover of 15-16 to be nil and file the return of fy 17-18 at 25%??

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