Modified on : 6 May, 2018
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Income Tax Calculator AY 2017-18
for Firm, Company, Co-operative and Local Authority

This calculator calculates income tax, Surcharge and Health and Education Cess for non-individual assessees viz. Firm, Domestic Company, Other Company, Local Authority and Co-operatives for the Assessment Year 2017-18. This Calculator takes into account Marginal Relief in Surcharge, in case of taxable income exceeding ₹ 1 crore of Firms, Co-operatives and Local Authorities and ₹ 1 crore / 10 crore in case of Domestic and other than domestic companies (Foreign Companies).

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Income
and
Deductions
Income from Salary / Pension
Income from Business or Profession
Income from House Property ( enter -ve, if loss )
Income from Capital Gains
Income from Other Sources
Less: Deductions under Chapter VI A
Less: Any other eligible deductions
Total Income Taxable at Normal Rate
Additional
Inputs
Income at Special Rate
Income Tax at Special Rate
Rebate under Section 88E
Income
and
Income Tax
Liability
Total Income (Income Taxable at Normal Rate + Income Taxable at Special Rate )
Income Tax at Normal Rates
Total Income Tax
[Income Tax (Normal Rate + Spl. Rate) - Ded. under section 88E]
Surcharge at applicable rates
(Applicable if taxable income exceeds ₹ 1 core)
Less: Marginal Relief in Surcharge
(Applicable, if income is marginally over Rs. 1 crore / 10 crore)
Net Surcharge
Income Tax + Surcharge
Education Cess (3% of Income tax + Surcharge)
Total Tax liability
Income Net of Income Tax Liability

Surcharge Rates

  • If total income is more than ₹ 1 Crore, 5% of Income Tax in case of domestic companies, 2 % of Income Tax in case of other than domestic companies and 10% in case of others The surcharge is reduced by Marginal Tax Relief, if applicable.
  • If total income is more than ₹ 10 Crores, 10% of Income Tax in case of domestic companies, 5 % of Income Tax in case of other than domestic companies and 10% in case of others

Marginal Relief in Surcharge

When an assessee's taxable income exceeds ₹ 1 crore, he is liable to pay Surcharge at the rates (as mentioned above) on Income Tax payable by him. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of ₹ 1 crore by more than the amount of increase in taxable income.

Example

In case of a domestic firm having taxable income of ₹ 1,00,01,000/-

1. Income Tax₹ 30,00,300
2. Surcharge @12% of Income Tax₹ 3,60,036
3. Income Tax on income of ₹ 1 crore₹ 30,00,000
4. Maximum Surcharge payable
(Income over ₹ 1 crore less income tax on income over ₹ 1 crore)
₹ 700/- [1000 - 300 (income tax on income over ₹ 1 crore)]
5. Income Tax + Surcharge payable₹ 30,01,000
6. Marginal Relief in Surcharge₹ 3,59,936 (3,60,036 - 700)

Important : The above calculator is compiled to enable users / visitors of this site to have a quick and easy online tool for basic calculation. The calculator does not claim to give correct calculation in all circumstances. It is advised that the exact calculation may be made after taking into account all relevant provisions contained in the Income Tax Act and Rules.

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