Income Tax Slab Rates – AY 2018-19 (FY 2017-18)

Written by Ravi Sankar Robbi

Updated on:

Tax Rates for AY 2018-19:

  1. INDIVIDUAL*/HUF/AOP/BOI/EVERY ARTIFICIAL JURIDICAL PERSON
Taxable Income# Tax rate
Upto Rs. 2,50,000 Nil
Rs. 2,50,000 to Rs. 5,00,000 5%
Rs. 5,00,000 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%

*Individual can be a resident or non-resident whose age is less than 60 years at any time during the relevant previous year i.e. 2017-18

If individual is resident senior citizen (i.e. whose age is 60 years or more but below 80 years at any time during the relevant previous year i.e. 2017-18) basic exemption limit is Rs. 3,00,000 and other slabs remains the same.

If individual is resident super senior citizen (i.e. whose age is 80 years or more at any time during the relevant previous year i.e. 2017-18) basic exemption limit is Rs. 5,00,000 and other slabs remains the same.

Surcharge: @10% of tax, if taxable income exceeds Rs. 50,00,000 but not more than Rs. 1 Crore

@15% of tax, if taxable income exceeds Rs. 1 Crore

Education Cess: @3% of tax plus surcharge

Rebate u/s 87A: Applicable for resident individual whose taxable income does not exceed        Rs. 3,50,000. Maximum rebate available is 100% of income tax or Rs. 2,500 whichever is less.

  1. FIRM (including LLP) & LOCAL AUTHORITY

Income is taxable @30% without any basic exemption limits.

Surcharge: @12% of tax, if taxable income exceeds Rs. 1 Crore

Education Cess: @3% of tax plus surcharge

  1. COMPANY
  • DOMESTIC COMPANY:

It is taxable @30%. But, if the turnover or gross receipts does not exceed Rs. 50 Crore, such companies will be taxable @25%.

Surcharge: @7% of tax, if taxable income exceeds Rs. 1 Crore but does not exceed Rs.                           10 Crore.

@12% of tax, if taxable income exceeds Rs. 10 Crore.

Education Cess: @3% of tax plus surcharge

  • FOREIGN COMPANY:

It is taxable @40%.

Surcharge: @2% of tax, if taxable income exceeds Rs. 1 Crore but does not exceed Rs.                           10 Crore.

@5% of tax, if taxable income exceeds Rs. 10 Crore.

Education Cess: @3% of tax plus surcharge

  1. CO-OPERATIVE SOCIETY
Taxable Income Tax rate
Upto Rs. 10,000 10%
From Rs. 10,001 to Rs. 20,000 20%
Above Rs. 20,000 30%

Surcharge: @12% of tax, if taxable income exceeds Rs. 1 Crore

Education Cess: @3% of tax plus surcharge

Author is a Qualified CMA with an experience of more than 8 years in the industry. He is also an All India Rank holder in both Inter (AIR-26) & Final (AIR-46) examinations of ICAI. He loves to writes articles on Income Tax & GST.

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