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Income Tax Slab Rates AY 2017-18, FY 2016-17

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Income Tax Slab Rates AY 2017-18, FY 2016-17, Income Tax Rates for Financial Year 2016-17 relevant to Assessment Year 2017-18. Income Tax Slabs & Rates for Assessment Year 2017-18 As proposed in Budget 2016-17. Recently we Provide Income tax slab rates for AY 2016-17, FY 2015-16 Now here we are providing Income Tax Slab Rates AY 2017-18, FY 2016-17 for All categories like – Income Tax Slab Rates for Individuals, Income Tax Slab Rates for co-operative Society, Income Tax Slab Rates for Domestic Companies, Income Tax Slab Rates for Foreign Companies, Income Tax Slab Rates for Firms or Local Authority, Surcharge Details for AY 2017-18, FY 2016-17, Rebate us 87a, Income Tax Slab Rates for Women’s, Income Tax Slab Rates for Men’s, Income Tax Slab Rates for Senior Citizens, Income Tax Slab Rates  for Super Senior Citizens, etc. Now you can scroll down and check more details about “Income Tax Slab Rates AY 2017-18, FY 2016-17″ from below….

Income Tax Slab Rates AY 2017-18, FY 2016-17

Sr. No. Particulars Tax Rates
Individual – Male and Female :-
1 Taxable Income upto Rs. 2,50,000 NIL
2 Taxable income Rs 2,50,000 to Rs 5,00,000 10%
3 Taxable Income Rs 5,00,000 to Rs 10,00,000 20%
4 Taxable Income above Rs 10,00,000/- 30%
Individual – Senior Citizens (Age 60 years to 79 years)
1 Taxable Income upto Rs. 3,00,000 NIL
2 Taxable income Rs 3,00,000 to Rs 5,00,000 10%
3 Taxable Income Rs 5,00,000 to Rs 10,00,000 20%
4 Taxable Income above Rs 10,00,000/- 30%
Individual – Super Senior Citizens (Age 80 years and above) 
1 Taxable Income upto Rs. 5,00,000 NIL
2 Taxable Income Rs 5,00,000 to Rs 10,00,000 20%
3 Taxable Income above Rs 10,00,000/- 30%

Plus :-

  • Surcharge: 15% of the Income Tax if taxable income exceeds Rs 1 crore.
  • Education Cess: 3% of the total of Income Tax and Surcharge.

Note: Relief under Section 87A is available to a resident individual if his total income does not exceed Rs. 5,00,000. The relief available shall be 100% of income-tax or Rs 5,000 whichever is less.

2. Co-operative Society:

Where the taxable income does not exceed Rs 10,000 10%
Where the taxable income exceeds Rs 10,000 but does not exceed Rs 20,000. Rs.1,000 + 20% of income in excess of Rs. 10,000.
Where the taxable income exceeds Rs. 20,000 Rs 3,000 + 30% of the amount by which the taxable income exceeds Rs.20,000

Plus :-

  • Surcharge: 12% of the Income Tax if taxable income exceeds Rs 1 crore.
  • Education Cess: 3% of the total of Income Tax and Surcharge.

Firm /Local Authority

Income Tax: 30% of taxable income

Plus :-

  • Surcharge: 12% of the Income Tax if taxable income exceeds Rs 1 crore.
  • Education Cess: 3% of the total of Income Tax and Surcharge.

Domestic Company:

  • Income Tax: 30% of taxable income
  • Tax Rate is 29% if turnover or gross receipt of the company doesn’t exceed Rs. 5 crore in F Y 2014- 15

Plus :-

  • Surcharge 7% of the Income-tax if taxable income exceeds Rs 1 crore.
  • Surcharge 12% of the Income-tax if taxable income exceeds Rs 10 crore.
  • Education Cess: 3% of the total of Income Tax and Surcharge.

Foreign Company:

Income Tax: 40% of taxable income

Plus :-

  • Surcharge 2% of the Income-tax if taxable income exceeds Rs 1 crore.
  • Surcharge 5% of the Income-tax if taxable income exceeds Rs 10 crore.
  • Education Cess: 3% of the total of Income Tax and Surcharge.

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Article by Raju Choudhary Raju has written 537 articles. If you like This post, you can follow CAknowledge on Twitter. Subscribe to CAknowledge feed via RSS or EMAIL to receive instant updates.

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