Income Tax Slab Rate for Financial Year 2017-18 (AY 2018-19)

Normal tax rates applicable to a resident individual below the age of 60 years i.e. born on or after 1.4.1958

Net income range	Income-tax rates	Education Cess	Secondary and higher Education Cess
Up to Rs. 2,50,000	Nil	Nil	Nil
Rs. 2,50,000 – Rs. 5,00,000	5% of (total income minus Rs. 2,50,000) [*]	2% of income-tax	1% of income-tax
Rs. 5,00,000 – Rs. 10,00,000	Rs. 12,500 + 20% of (total income minus Rs. 5,00,000)	2% of income-tax	1% of income-tax
Above Rs. 10,00,000	Rs. 1,12,500 + 30% of (total income minus Rs. 10,00,000)	2% of income-tax	1% of income-tax

Normal tax rates applicable to a resident individual of the age of 60 years or above at any time during the year but below the age of 80 years i.e. born during 1.4.1938 to 31.3.1958

Net income range	Income-tax rates	Education Cess	Secondary and higher Education Cess
Up to Rs. 3,00,000	Nil	Nil	Nil
Rs. 3,00,000 – Rs. 5,00,000	5% of (total income minus Rs. 3,00,000) [*]	2% of income-tax	1% of income-tax
Rs. 5,00,000 – Rs. 10,00,000	Rs. 10,000 + 20% of (total income minus Rs. 5,00,000)	2% of income-tax	1% of income-tax
Above Rs. 10,00,000	Rs. 1,10,000 + 30% of (total income minus Rs. 10,00,000)	2% of income-tax	1% of income-tax

Normal tax rates applicable to a resident individual of the age
 of 80 years or above at any time during the year i.e. born before 1.4.1937

Net income range	Income-tax rates	Education Cess	Secondary and higher Education Cess
Up to Rs. 5,00,000	Nil	Nil	Nil
Rs. 5,00,000 – Rs. 10,00,000	20% of (total income minus Rs. 5,00,000)	2% of income-tax	1% of income-tax
Above Rs. 10,00,000	Rs. 1,00,000 + 30% of (total income minus Rs. 10,00,000)	2% of income-tax	1% of income-tax

Note: Rebate under Section 87 A

[*] A resident individual (whose net income does not exceed Rs. 3,50,000) can avail rebate under section 87A. It is deductible from income-tax before calculating education cess. The amount of rebate is 100 per cent of income-tax or Rs. 2,500, whichever is less.

Surcharge for Individuals

Surcharge: 10% of tax where total income exceeds Rs. 50 lakh

                     15% of tax where total income exceeds Rs. 1 crore.

Education cess: 3% of tax plus surcharge

Normal tax rate applicable to resident/non-resident Hindu 

Undivided Family (HUF)

Net income range	Income-tax rates	Education Cess	Secondary and higher Education Cess
Up to Rs. 2,50,000	Nil	Nil	Nil
Rs. 2,50,000 – Rs. 5,00,000	5% of (total income minus Rs. 2,50,000) [*]	2% of income-tax	1% of income-tax
Rs. 5,00,000 – Rs. 10,00,000	Rs. 12,500 + 20% of (total income minus Rs. 5,00,000)	2% of income-tax	1% of income-tax
Above Rs. 10,00,000	Rs. 1,12,500 + 30% of (total income minus Rs. 10,00,000)	2% of income-tax	1% of income-tax

Surcharge: 10% of tax where total income exceeds Rs. 50 lakh

                     15% of tax where total income exceeds Rs. 1 crore.

Education cess: 3% of tax plus surcharge   

Normal tax rates applicable to every AOP/BOI/Artificial 

juridical person

Net income range	Income-tax rates	Education Cess	Secondary and higher Education Cess
Up to Rs. 2,50,000	Nil	Nil	Nil
Rs. 2,50,000 – Rs. 5,00,000	5% of (total income minus Rs. 2,50,000) [*]	2% of income-tax	1% of income-tax
Rs. 5,00,000 – Rs. 10,00,000	Rs. 12,500 + 20% of (total income minus Rs. 5,00,000)	2% of income-tax	1% of income-tax
Above Rs. 10,00,000	Rs. 1,12,500 + 30% of (total income minus Rs. 10,00,000)	2% of income-tax	1% of income-tax

Surcharge: 10% of tax where total income exceeds Rs. 50 lakh

                     15% of tax where total income exceeds Rs. 1 crore.

Education cess: 3% of tax plus surcharge

Normal tax rates applicable to a firm

A firm is taxed at a flat rate of 30%.

Surcharge: 12% of tax where total income exceeds Rs. 1 crore.

Education cess: 3% of tax plus surcharge

Normal tax rates applicable to a Co-operative societies

Net income range	Rate of income-tax
Up to Rs. 10,000	10%
Rs. 10,000 - Rs. 20,000	20%
Above Rs. 20,000	30%

Plus:

Surcharge: 12% of tax where total income exceeds Rs. 1 crore

Education cess: 3% of tax plus surcharge

View and Subscribe to our YouTube Channel

Any Further Queries please feel Free to Contact us:

goodwilllearningworld@gmail.com

goodwilllearningworld@outlook.com