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

Latest Income Tax Slab Rates AY 2017-18, FY 2016-17 & All Past Years. Income Tax Rates 2017-2018, Income tax Rates for FY 2016-2017.  Income Tax slab rates for FY 2015-16AY 2016, 17, 2015-16, 2014-15, 2013-14 Etc. Tax Slab Rates for 2016-17, Find Latest Income Tax Slab Rates 2014-15. Check Latest Income Tax Slab for FY 2016-17 AY 2017-18. In this article you can find all Latest Income Tax Slab Rates of FY 2016-17, 2015-2016, 2014-15, 2013-14, 2012-13 etc. If You  are Searching for Income Tax Slab Rates than you are on right Place. In This Article you can find all latest income tax rates for A.Y. 2017-18 and F.Y. 2016-17, CAknowledge.in Provide All Income tax slab rates in Very Simple Manner like We Provide These Income Tax Slab Rates in Table Format etc. In Our Next Update we provide Latest Income Tax Slab Rates AY 2017-18 or FY 2016-17. Recently we also provide Special Article on What is Franking ? Why Documents Need to be Franking ? and How to E-File Income Tax Return full guide and Procedure. Now you can Scroll Down Below and check complete details regarding all latest income tax slab rates for A.Y. 2017-2018 and All Past Years at One Place.

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

In respect of income of all categories of assessees liable to tax for the assessment year 2017-18, the rates of income-tax have been specified in Part I of the First Schedule to the Bill. These are the same as those laid down in Part III of the First Schedule to the Finance Act, 2016 as amended by the Taxation Laws (Second Amendment) Act, 2016 (No.48 of 2016), for the purposes of computation of “advance tax”, deduction of tax at source from “Salaries” and charging of tax payable in certain cases.

Individual, Hindu undivided family, association of persons, body of individuals, artificial juridical person.

Individual Income Tax Slab for A.Y. 2017-18 (F.Y. 2016-17)

The Income Tax Slab Rates are the same for both Males as well as Females. The following Income Tax Slabs are the applicable for Financial Year 2016-17

Income Tax SlabsIncome Tax Rates
Where Total Income does not exceed Rs. 2,50,000NIL
Where the Total Income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,00010% of the Amount by which it exceeds Rs. 2,50,000
Where the Total Income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,00020% of the Amount by which it exceeds Rs. 5,00,000
Where the Total Income exceeds Rs. 10,00,00030% of the Amount by which it exceeds Rs. 10,00,000

The following Income Tax Slab Rates are applicable for Financial Year 2017-18

Income Tax SlabsIncome Tax Rates
Where Total Income does not exceed Rs. 2,50,000NIL
Where the Total Income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,0005% of the Amount by which it exceeds Rs. 2,50,000
Where the Total Income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,00020% of the Amount by which it exceeds Rs. 5,00,000
Where the Total Income exceeds Rs. 10,00,00030% of the Amount by which it exceeds Rs. 10,00,000

In view of proposed rationalisation of tax rates for individuals in the income slab of Rs. 2,50,000 to Rs.5,00,000,it is proposed to amend section 87A so as to reduce the maximum amount of rebate available under this section from existing Rs. 5000 to Rs. 2500. It is also proposed to provide that this rebate shall be available to only resident individuals whose total income does not exceed Rs. 3,50,000.

The existing provisions of section 87A provide for a rebate up to Rs. 5000 from the income-tax payable to a resident individual if this total income does not exceed Rs. 5,00,000.

This amendment will take effect from 1st April, 2018 and will, accordingly, apply in relation to the assessment year 2018-19 and subsequent assessment years.

Income Tax Slabs for Individuals for 60 years or above but below 80 years A.Y.2017-18

Income Tax SlabsIncome Tax Rates
Where Total Income does not exceed Rs. 3,00,000NIL
Where the Total Income exceeds Rs. 3,00,000 but does not exceed Rs. 5,00,00010% of the Amount by which it exceeds Rs. 3,00,000
Where the Total Income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,00020% of the Amount by which it exceeds Rs. 5,00,000
Where the Total Income exceeds Rs. 10,00,00030% of the Amount by which it exceeds Rs. 10,00,000

Income Tax Slabs for Individuals for 60 years or above but below 80 years A.Y.2018-19

 IncomeTax Rates
i)Income up to 3 lakhNIL
ii)Income From 3 Lakh to 5 Lakh5% on income over Rs. 3 Lakh
iii)Income from 5 Lakh to 10 Lakh20% on above income 5 lakh
iv)Income above 10 lakh30% on income above 10 lakh
3% education cess will be applicable on income tax & surcharge

Income Tax Slab for Individuals Over 80 Years A.Y.2019-19

 IncomeTax Rates
i)Income up to 5 LakhNIL
ii)Income From 5 Lakh to 10 Lakh20% on income over Rs.5 Lakh
iii)Income above 10 lakh30% on income above 10 lakh
3% education cess will be applicable on income tax & surcharge

Surcharge at the rate of

(i) ten per cent (10%). of such income-tax in case of a person having a total income exceeding fifty lakh rupees but not exceeding one crore rupees; and

(ii) fifteen per cent (15%). of such income-tax in case of a person having a total income exceeding one crore rupees.

Income Tax Slab Rates for A.Y. 2016-17 (F.Y. 2015-16)

Note – Income Tax Slab Rate for Men’s and Women‘s are Same for AY 2016-17. Check Latest Income Tax Slab Rates for AY 2016-2017 from below…

Individual Income Tax Slab for A.Y. 2016-17 (F.Y. 2015-16)

IncomeTax Rates
i)Income up to 2.5 lakhNIL
ii)Income From 2.5 Lakh to 5 Lakh10% on income over Rs. 2.5 Lakh
iii)Income from 5 Lakh to 10 LakhRs. 25,000/- plus 20% on above income 5 lakh
iv)Income above 10 lakhRs. 1 lakh 25 thousand plus 30% on income above 10 lakh
v)Exclusive of surcharge @ 10% for A.Y. 2015-16 and @ 12% for A.Y. 2016-17 whose total income exceeds  1 crore.
vi)3% Education Cess, Secondary & Higher Education Cess will be applicable on income tax & surcharge

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

Must – Rebate under Section 87A – Complete Details

Income Tax Slabs for Individuals for 60 years or above but below 80 years A.Y.2016-17

 IncomeTax Rates
i)Income up to 3 lakhNIL
ii)Income From 3 Lakh to 5 Lakh10% on income over Rs. 3 Lakh
iii)Income from 5 Lakh to 10 LakhRs. 20,000/- plus 20% on above income 5 lakh
iv)Income above 10 lakhRs. 1 lakh 20 thousand plus 30% on income above 10 lakh
Surcharge will be applicable @ 10% when total taxable income is over 1 crore.
3% education cess will be applicable on income tax & surcharge

Income Tax Slab for Individuals Over 80 Years A.Y.2016-17

 IncomeTax Rates
i)Income up to 5 LakhNIL
ii)Income From 5 Lakh to 10 Lakh20% on income over Rs.5 Lakh
iii)Income above 10 lakhRs. 1 lakh plus 30% on income above 10 lakh
Surcharge will be applicable @ 10% when total taxable income is over 1 crore.
3% education cess will be applicable on income tax & surcharge

Income Tax Slab for Co-Operative Societies for AY 2016-17

A.Y. AmountRate of Tax*
2014-15 &
2015-16
Up to Rs. 10,00010%
From Rs. 10,001 to Rs 20,00020%
More than  Rs. 20,00030%

* 1. Exclusive of education cess @ 3%
  2. Exclusive of surcharge @ 10% for A.Y. 2015-16 and @ 12% for A.Y. 2016-17 whose total income exceeds ` 1 crore.

Income Tax Slab Rate for Foreign Company AY 2016-17

Nature of IncomeTax 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 Government50%
Any other income40%

Add:

 a) Surcharge: The amount of income-tax 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:

 (i) Where income exceeds one crore rupees but not exceeding ten crore rupees, the total amount payable as income-tax 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.

 (ii) Where income exceeds ten crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees.

 b) Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income-tax and surcharge.

 c) Secondary and Higher Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income-tax and surcharge.

Income Tax Slab for A.Y. 2015-16 (F.Y. 2014-15)

Same as Income Tax Slab Rates of AY 2016-17. No Change in Slab Rate for AY 2016-17 and AY 2015-16, Both Years Tax Slab Rate is Same.

Note – Income Tax Slab Rate for Men’s and Women’s are Same for AY 2015-16

Income Tax Slab for A.Y. 2014-15 (F.Y. 2013-14)

Income Tax Slab for Individuals who are below than 60 years of age

 IncomeTax Rates
i)Income up to 2 lakhNIL
ii)Income From 2 Lakh to 5 Lakh10% on income over Rs. 2 Lakh; Less: Tax Credit – 10% of taxable income up to Rs.2000/- maximum
iii)Income from 5 Lakh to 10 LakhRs. 30,000/- plus 20% on above income 5 lakh
iv)Income above 10 lakhRs. 1 lakh 30 thousand plus 30% on income above 10 lakh
v)Surcharge will be applicable @ 10% when total taxable income is over 1 crore.
vi)3% education cess will be applicable on income tax & surcharge

Income Tax Slab for Individuals who are 60 years or over 60 years but below 80 years of age

 IncomeTax Rates
i)Income up to 2 .5 lakhNIL
ii)Income From 2.5 Lakh to 5 Lakh10% on income over Rs. 2.5 Lakh
iii)Income from 5 Lakh to 10 LakhRs. 25,000/- plus 20% on above income 5 lakh
iv)Income above 10 lakhRs. 1 lakh 25 thousand plus 30% on income above 10 lakh
Surcharge will be applicable @ 10% when total taxable income is over 1 crore.
3% education cess will be applicable on income tax & surcharge

Income Tax Slab for Individuals who are over 80 years of age

 IncomeTax Rates
i)Income up to 5 LakhNIL
ii)Income From 5 Lakh to 10 Lakh20% on income over Rs.5 Lakh
iii)Income above 10 lakhRs. 1 lakh plus 30% on income above 10 lakh
Surcharge will be applicable @ 10% when total taxable income is over 1 crore.
3% education cess will be applicable on income tax & surcharge

Income Tax Slab for A.Y. 2013-14 (F.Y. 2012-13)

A. Tax Rates For Individuals (Men & Women), Hindu Undivided Families, Association of Persons and Body of Individuals
Total Income (Rs.)Tax Rate (%)
Upto Rs. 200,000*Nil
200,001 to 500,00010
500,001 to 10,00,00020
Above Rs. 10,00,00030
*In the case of a resident individual of sixty years or more but less than eighty years, the basicexemption limit is Rs. 250,000
The category of women below the age of 65 years has been removed

Income Tax Slab for Individuals who are over 80 years of age

B. Tax Rates For Senior Citizens (80 Years Or Above)
Total Income (Rs.)Tax Rate (%)
Upto Rs. 500,000*Nil
500,001 to 10,00,00020
Above Rs. 10,00,00030
Surcharge is Nil
Education cess is applicable @ 3% on income tax
Marginal relief may be available

 

C. Tax Rates For For Partnership Firms
Tax Rate (%)
Partnership Firms are taxable @ 30%
Surcharge is Nil
Education cess is applicable @ 3% on income tax

 

D. Tax Rates For Domestic Companies
Tax Rate (%)
Domestic companies are taxable @ 30%
Surcharge is applicable @ 5% if total income is in excess of Rs. 10,000,000
Education cess is applicable @ 3% on income tax (inclusive of surcharge, if any)

 

E. Tax Rates For Foreign Companies
Tax Rate (%)
Foreign companies are taxable @ 40%
Surcharge is applicable @ 2% if total income is in excess of Rs. 10,000,000
Education cess is applicable @ 3% on income tax (inclusive of surcharge, if any)

About Raju Choudhary

Article by Raju Choudhary Raju has written 810 articles. If you like This post, you can follow CAknowledge on Twitter. Subscribe to CAknowledge feed via RSS or EMAIL to receive instant updates.

7 comments

  1. Great information and thank you very much for sharing with us.

  2. Thank you so much sir for the information you provided here……

  3. kintali.naveenkumar

    very useful website for ca students thanks alot sir

  4. THANKS FOR VERY USEFUL INFORMATION

  5. SIR, I WANT TO KNOW ABOUT UPDATIONS IN INCOME TAX 2015-16 AND 3CB 3CD

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