Income Tax Slabs | Rates for 2016-17 (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

    Income SlabsTax Rates
    Where the taxable income does not exceed ₹ 2,50,000/-. NIL
    Where the taxable income exceeds ₹ 2,50,000/- but does not exceed ₹ 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.
    Where the taxable income exceeds ₹ 5,00,000/- but does not exceed ₹ 10,00,000/-. ₹ 25,000/- + 20% (taxable income - 5,00,000).
    Where the taxable income exceeds ₹ 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

    Income SlabsTax Rates
    Where the taxable income does not exceed ₹ 3,00,000/- NIL
    Where the taxable income exceeds ₹ 3,00,000/- but does not exceed ₹ 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.
    Where the taxable income exceeds ₹ 5,00,000/- but does not exceed ₹ 10,00,000/- ₹ 20,000/- + 20% of (taxable income - 5,00,000).
    Where the taxable income exceeds ₹ 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

    Income SlabsTax Rates
    Where the taxable income does not exceed ₹ 5,00,000/-. NIL
    Where the taxable income exceeds ₹ 5,00,000/- but does not exceed ₹ 10,00,000/- 20% of (taxable income - 5,00,000).
    Where the taxable income exceeds ₹ 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 :

    Income SlabsTax Rates
    Where the taxable income does not exceed ₹ 2,50,000/-. NIL
    Where the taxable income exceeds ₹ 2,50,000/- but does not exceed ₹ 5,00,000/-. 10% of (taxable income - 2,50,000).
    Where the taxable income exceeds ₹ 5,00,000/- but does not exceed ₹ 10,00,000/-. ₹ 25,000/- + 20% of (taxable income - 5,00,000).
    Where the taxable income exceeds ₹ 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 :

    Income SlabsTax Rates
    Where the taxable income does not exceed ₹ 10,000/-. 10% of the income.
    Where the taxable income exceeds ₹ 10,000/- but does not exceed ₹ 20,000/-. ₹ 1,000/- + 20% (taxable income -10,000).
    Where the taxable income exceeds ₹ 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 :

    • @ 50% of on so much of the taxable income as consist of (a) 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; or (b) 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.
    • @ 40% of the balance

    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.

Our Popupar Content : You may like to View / Use / Download

Tax Rates
Income Tax Slabs AY 2019-20 Income Tax Slabs AY 2018-19
Income Tax Slabs AY 2017-18 TDS Rates : AY 2019-20
Tax Calculators
Income Tax AY 2019-20 (Individual/HUF) Income Tax AY 2019-20 (Non-Individual)
Income Tax AY 2018-19 (Individual/HUF) Income Tax AY 2018-19 (Non-Individual)
Income Tax AY 2017-18 (Individual/HUF) Income Tax AY 2017-18 (Non-Individual)
Advance Tax (Non-individual) Advance Tax (Individual/HUF)
Interest u/s 234 (Non-corporates) Interest u/s 234 (Corporates)
Save Tax : AY 2019-20 TDS Calculator AY 2019-20
Taxable HRA Calculator Taxable Gratuity Calculator
Perquisite Value Calculator Indexed Cost & LTCG
LTCG on Securities AY 2019-20 STCG & LTCG : ITR format
Gold & Silver Assets Valuation Presumptive Income Calculator
Income Tax Information
Deductions: Taxable Income Taxability of Allowances
Exempt Incomes Deductions: House Property Income
Taxability of Pensioners & Sr. Citizens Taxability of Retirement Benefits
PAN & PAN Card View 26AS
SBI Lending Rates ITR mode of filing and ITR forms
Income Tax : Non-Residents
Income Tax Slabs AY 2019-20 Income Tax Slabs AY 2018-19
Income Tax Calculator AY 2019-20 Income Tax Calculator AY 2018-19
Advance Tax Calculator TDS Rates : AY 2019-20
TDS Calculator : AY 2019-20 Residential Status
PPF and SSY
PPF account - Features PPF Calculator
Sukanya Samriddhi Yojana Calculator Sukanya Samriddhi Yojana features
Fillable Forms with formulas
Income Tax forms TDS forms
PAN and TAN forms Post Office forms
RTO forms SBI forms
HDFC Bank forms ICICI Bank forms
Axis Bank forms EPF forms
NPS forms ESIC forms
KYC forms Aadhaar Enrollment Form
Vat forms for various states Trade Mark forms
Prof. Tax Rates, forms & Calculator CGAS 1988 forms
LIC forms Passport forms
Misc. Tools, Utilities and info
PO Small Savings Calculator Ramayana Prashnavali
Property Tax Delhi Calculator Bank Holidays 2018
Liberalised Remittance Scheme Forex Facilites for Residents

Have forms in PDF

We can convert your PDF format forms into fillable PDF forms having built in calculation formulas for a small fee.
If interested, please contact us.