Modified on : 15 June, 2018
Top

Income Tax Slabs and Rates for AY 2017-18

Please click on the links below to view the Income Tax Slabs and Rates for the Assessment Year 2017-18 (applicable on income earned during 01.04.2016 to 31.03.2017) for various categories of Indian Income Tax payers.

Content :

Change Assessment Year
  1. Individual resident aged below 60 years (i.e. born on or after 1st April 1957)

    Income Tax :Use Tax Calculator for AY 2017-18

    Taxable IncomeIncome Tax
    Upto ₹ 2,50,000/-. NIL
    Above ₹ 2,50,000/- and upto ₹ 5,00,000/-. 10% of (taxable income - 2,50,000).
    Tax Relief u/s 87A : In case taxable income is upto ₹ 5,00,000/-, income tax chargeable or ₹ 5,000/-, whichever is less.
    Above ₹ 5,00,000/- and upto ₹ 10,00,000/-. ₹ 25,000/- + 20% (taxable income - 5,00,000).
    Above ₹ 10,00,000/-. ₹ 125,000/- + 30% of (taxable income - 10,00,000).

    Surcharge : 15% of the Income Tax, where taxable income is more than ₹ 1 crore. (Marginal Relief in Surcharge, if applicable)

    Education Cess : 3% of the total of Income Tax and Surcharge.

  2. Senior Citizen (Individual resident who is of the age of 60 years or more but below the age of 80 years i.e. born on or after 1st April 1937 but before 1st April 1957)

    Income Tax :Use Tax Calculator for AY 2017-18

    Taxable IncomeIncome Tax
    Upto ₹ 3,00,000/- NIL
    Above ₹ 3,00,000/- and upto ₹ 5,00,000/- 10% of (taxable income - 3,00,000).
    Tax Relief u/s 87A : In case taxable income is upto ₹ 5,00,000/-, income tax chargeable or ₹ 5,000/-, whichever is less.
    Above ₹ 5,00,000/- and upto ₹ 10,00,000/- ₹ 20,000/- + 20% of (taxable income - 5,00,000).
    Above ₹ 10,00,000/- ₹ 120,000/- + 30% of (taxable income - 10,00,000).

    Surcharge : 15% of the Income Tax, where taxable income is more than ₹ 1 crore. (Marginal Relief in Surcharge, if applicable)

    Education Cess : 3% of the total of Income Tax and Surcharge.

  3. Very Senior Citizen (Individual resident who is of the age of 80 years or more i.e. born before 1st April 1937)

    Income Tax :Use Tax Calculator for AY 2017-18

    Taxable IncomeIncome Tax
    Upto ₹ 5,00,000/-. NIL
    Above ₹ 5,00,000/- and upto ₹ 10,00,000/- 20% of (taxable income - 5,00,000).
    Above ₹ 10,00,000/- ₹ 100,000/- + 30% of (taxable income - 10,00,000).

    Surcharge : 15% of the Income Tax, where taxable income is more than ₹ 1 crore. (Marginal Relief in Surcharge, if applicable)

    Education Cess : 3% of the total of Income Tax and Surcharge.

  4. Any NRI or HUF or AOP or BOI or AJP

    Income Tax :

    Taxable IncomeIncome Tax
    Upto ₹ 2,50,000/-. NIL
    Above ₹ 2,50,000/- and upto ₹ 5,00,000/-. 10% of (taxable income - 2,50,000).
    Above ₹ 5,00,000/- and upto ₹ 10,00,000/-. ₹ 25,000/- + 20% of (taxable income - 5,00,000).
    Above ₹ 10,00,000/-. ₹ 125,000/- + 30% of (taxable income - 10,00,000).

    Surcharge : 15% of the Income Tax, where taxable income is more than ₹ 1 crore. (Marginal Relief in Surcharge, if applicable)

    Education Cess : 3% of the total of Income Tax and Surcharge.

    * Abbreviations used :
       NRI - Non Resident Individual; HUF - Hindu Undivided Family; AOP - Association of Persons; BOI - Body of Individuals; AJP - Artificial Judicial Person



  5. Co-operative Society

    Income Tax :

    Taxable IncomeIncome Tax
    Upto ₹ 10,000/-. 10% of the income.
    Above ₹ 10,000/- and upto ₹ 20,000/-. ₹ 1,000/- + 20% (taxable income -10,000).
    Above ₹ 20,000/- ₹ 3,000/- + 30% of (taxable income - 20,000).

    Surcharge : 12% of the Income Tax, where taxable income is more than ₹ 1 crore. (Marginal Relief in Surcharge, if applicable)

    Education Cess : 3% of the total of Income Tax and Surcharge.

  6. Firm

    Income Tax : 30% of taxable income.

    Surcharge : 12% of the Income Tax, where taxable income is more than ₹ 1 crore. (Marginal Relief in Surcharge, if applicable)

    Education Cess : 3% of the total of Income Tax and Surcharge.

  7. Local Authority

    Income Tax : 30% of taxable income.

    Surcharge : 12% of the Income Tax, where taxable income is more than ₹ 1 crore. (Marginal Relief in Surcharge, if applicable)

    Education Cess : 3% of the total of Income Tax and Surcharge.

  8. Domestic Company - Turnover upto ₹ 5 crores

    Income Tax : 29% of taxable income.

    Surcharge : The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge

    • At the rate of 7% of such income tax, provided that the taxable income exceeds ₹ 1 crore. 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.
    • At the rate of 12% of such income tax, provided that the taxable income exceeds ₹ 10 crores. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of ₹ 10 crores by more than the amount of increase in taxable income.

    Education Cess : 3% of the total of Income Tax and Surcharge.

  9. Domestic Company - Turnover exceeding ₹ 5 crores

    Income Tax : 30% of taxable income.

    Surcharge : The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge

    • At the rate of 7% of such income tax, provided that the taxable income exceeds ₹ 1 crore. 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.
    • At the rate of 12% of such income tax, provided that the taxable income exceeds ₹ 10 crores. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of ₹ 10 crores by more than the amount of increase in taxable income.

    Education Cess : 3% of the total of Income Tax and Surcharge.

  10. Company other than a Domestic Company

    Income Tax :

    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%

    Surcharge : The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge

    • At the rate of 2% of such income tax, provided that the taxable income exceeds ₹ 1 crore. 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.
    • At the rate of 5% of such income tax, provided that the taxable income exceeds ₹ 10 crores. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of ₹ 10 crores by more than the amount of increase in taxable income.

    Education Cess : 3% of the total of Income Tax and Surcharge.



* Marginal Relief :

When an assessee's taxable income exceeds ₹ 1 crore, he is liable to pay Surcharge at prescribed rates 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 an individual assesseee (< 60 years) having taxable income of ₹ 1,00,01,000/-

1. Income Tax₹ 28,25,300
2. Surcharge @15% of Income Tax₹ 4,23,795
3. Income Tax on income of ₹ 1 crore₹ 28,25,000
4. Maximum Surcharge payable
(Income over ₹ 1 crore less income tax on income over ₹ 1 crore)
₹ 700/- (1000 - 300)
5. Income Tax + Surcharge payable₹ 28,26,000
6. Marginal Relief in Surcharge₹ 4,23,795/- (423095 - 700)

Disclaimer :

All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.