Income Tax Slab Rates 

Income Tax is calculated on the basis of slab rates, The slab rates of Income Tax have not changed from the Financial Year 2014-15(Assessment Year 2015-16). So the Tax Rates for the F.Y 14-15, F.Y 15-16 and F.Y 16-17 are same as follows.

The Income Tax Slab Rates are different for different categories of Persons, The Income Tax Slab Rates can be divided into different categories based on the types of tax payers as Follows.

A. Individuals (Resident)

         1. Individuals whose age is less than 60 Years.

         2. Senior Citizen whose age is 60 Years or More less but less than 80 Years.

         3. Super Senior Citizen whose age is 80 Year or More.

B. HUF /AOP / BOI & NON-Resident Individual.

C. Firms, Local Authority and co-operative Society.

D. Domestic Company and Foreign Company

Income Tax Rates: -

---

A. Individuals (Resident)

The following rates apply to the individual for the F.Y 14-15, F.Y 15-16, F.Y 16-17 i.e.,  A.Y 15-16, A.Y 16-17, A.Y 17-18, There is no separate provision for women in the Income Tax slabs from F.Y 2012-13 onwards. However higher exemption limit is available incase is senior citizen or super senior citizen.

Rebate under section 87A - A resident Individual whose net income does not exceed Rs.5,00,000 can avail rebate under sec 87A, The amount of deduction is 100 % of Tax or Rs. 2000( For F.Y 2014-15 & F.Y 2015-16) / Rs.5000(For F.Y 2016-17), Rebate is deducted from the Income Tax Calculated before adding Surcharge and Education cess.

Tax Rates for Resident Individual whose age is less than 60 Years 

Net Taxable Income	Tax Rate
Up to Rs. 2,50,000	Nil
Rs. 2,50,000 to Rs. 5,00,000	10%
Rs. 5,00,000 to Rs. 10,00,000	20%
Above Rs. 10,00,000	30%

Tax Rates for Resident Individual whose age is 60 Years or more but less than 80 years

Net Taxable Income	Tax Rate
Up to Rs. 3,00,000	Nil
Rs. 3,00,000 to Rs. 5,00,000	10%
Rs. 5,00,000 to Rs. 10,00,000	20%
Above Rs. 10,00,000	30%

Tax Rates for Resident Individual whose age is 80 Years or more

Net Taxable Income	Tax Rate
Up to Rs. 5,00,000	Nil
Rs. 5,00,000 to Rs. 10,00,000	20%
Above Rs. 10,00,000	30%

Note:- Rebate is available to Resident Individuals whose net taxable income is less than Rs. 5,00,000 and Rebate is deducted from the Income Tax Calculated before adding Surcharge and Education cess.

B. HUF /AOP / BOI & NON-Resident Individual.

The tax rates applicable to Hindu undivided Family (HUF), Association of persons (AOP), Body of Individuals (BOI), NON-Resident or an Artificial Judicial person is as follows

Net Taxable Income	Tax Rate
Up to Rs. 2,50,000	Nil
Rs. 2,50,000 to Rs. 5,00,000	10%
Rs. 5,00,000 to Rs. 10,00,000	20%
Above Rs. 10,00,000	30%

Note:- No Rebate is available to Hindu undivided Family (HUF), Association of persons (AOP), Body of Individuals (BOI), NON-Resident or an Artificial Judicial person.

C. Firms, Local Authority and co-operative Society.

Tax Rates for co-operative Society 

Net Taxable Income	Tax Rate
Up to Rs. 10,000	10%
Rs. 10,000 to Rs. 20,000	20%
Above Rs. 20,000	30%

* Alternative minimum tax applies to co-operative Societies where the tax payable cannot be less than 18.5 % of the Adjusted Total Income calculated as per section 115JC.

Tax Rates for Firms and Local Authority

In case of Partnership firm (Includes LLP) and Local Authority there are no slab rates for tax as they are taxed at flat rate of 30%.

* Alternative minimum tax applies to Partnership firm (Includes LLP) and Local Authority where the tax payable cannot be less than 18.5 % of the Adjusted Total Income calculated as per section 115JC. 

D. Domestic Company and Foreign Company

Tax Rates for Domestic Company

For the Assessment Year 2015-16, 2016-17 and 2017-18 i.e., Financial year 2014-15, 2015-16, 2016-17 a domestic company is taxable at 30%.

Note:- Provided for Financial Year 2016-17(A.Y 17-18) tax rate of 29% is applicable in case where its total turnover or the gross receipt in the previous year 2014-15 does not exceed Rs. 5 crore (Subject to Marginal Relief)

* Alternative minimum tax applies to Domestic Company where the tax payable cannot be less than 18.5 % of the Adjusted Total Income calculated as per section 115JC.

Tax Rates for Foreign Company

Nature of Income	Tax 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 Government	50%
Any other income	40%

* Alternative minimum tax applies to Foreign Company where the tax payable cannot be less than 18.5 % of the Adjusted Total Income calculated as per section 115JC.

Notes:-

1.     Surcharge: - The Income tax calculated at the above rates shall be increased by the surcharge at the applicable rates for different tax payers.
2.     Income Tax calculated after adding Surcharge(if applicable) should be increased by the education cess @ 2% and Secondary and Higher Education cess @ 1% on the value of Income Tax and surcharge.