Rates of Income Tax / Income Tax slab rates /Chart AY 2016-17 & 2017-18

By | June 14, 2016
(Last Updated On: June 14, 2016)

Rates of Income Tax / Income Tax slab rates

 AY 2016-17 & AY 2017-18

This  article highlights Rates of income-tax / Income tax slab rates for AY 2016-17 and AY 2017-18 payable by

  • Individual (Resident or Non Resident )
  • HUF (Hindu Undivided Family)
  • Association of Person
  • Body of Individual
  • Any other Artificial Judicial Persons
  • Local Authority
  • Domestic Company
  • Foreign Company
  • Co operative Society

Rates of Income Tax / Income Tax slab rates in case of  every individual (Resident or Non Resident except Resident Senior Citizen and Resident Super Senior Citizen) , Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person

Assessment Year 2016-17 ( Financial Year 2015-16)

Taxable IncomeTax Rate
Up to Rs 2,50,000Nil
Rs 2,50,000 to Rs 5,00,00010%
Rs 5,00,000 To Rs 10,00,00020%
Above Rs 10,00,00030%

Less Rebate u/s 87A

The rebate is available to a resident individual if his total income does not exceed Rs. 5,00,000. The amount of rebate shall be

  • 100% of income-tax or
  • Rs. 2,000

whichever is less.

Add Surcharge

The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds Rs 1 crore . However, the surcharge shall be subject to marginal relief (where income exceeds Rs 1 crore , the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of Rs 1 crore by more than the amount of income that exceeds one crore rupees).

Add Education Cess 

The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of 2 % of such income-tax and surcharge.

Add : Secondary and Higher Education Cess:

The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of 1% of such income-tax and surcharge.

Assessment Year 2017-18 ( Financial Year 2016-17)

Taxable IncomeTax Rate
Up to Rs 2,50,000Nil
Rs 2,50,000 to Rs 5,00,00010%
Rs 5,00,000 To Rs 10,00,00020%
Above Rs 10,00,00030%

Less : Rebate u/s 87A

The rebate is available to a resident individual if his total income does not exceed Rs. 5,00,000. The amount of rebate shall be

  • 100% of income-tax or
  • Rs. 5,000

whichever is less.

Add : Surcharge

The amount of income-tax shall be increased by a surcharge at the rate of 15% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees)

Add: Education Cess 

The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of 2% of such income-tax and surcharge.

Add Secondary and Higher Education Cess:

The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income-tax and surcharge.

Rates of Income Tax / Income Tax slab rates in case of  Resident Senior Citizen ( who is of the age of 60 years or more but less than 80 years at any time during the previous year )

Assessment Year 2016-17 ( Financial Year 2015-16 )

Taxable IncomeTax Rate
Up to Rs 3,00,000Nil
Rs 3,00,000 to Rs 5,00,00010%
Rs 5,00,000 To Rs 10,00,00020%
Above Rs 10,00,00030%

Less Rebate u/s 87A

The rebate is available to a resident individual if his total income does not exceed Rs. 5,00,000. The amount of rebate shall be

  • 100% of income-tax or
  • Rs. 2,000

whichever is less.

Add Surcharge

The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds Rs 1 crore . However, the surcharge shall be subject to marginal relief (where income exceeds Rs 1 crore , the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of Rs 1 crore by more than the amount of income that exceeds one crore rupees).

Add Education Cess 

The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of 2 % of such income-tax and surcharge.

Add : Secondary and Higher Education Cess:

The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of 1% of such income-tax and surcharge.

Assessment Year 2017-18 ( Financial Year 2016-17)

Taxable IncomeTax Rate
Up to Rs 3,00,000Nil
Rs 3,00,000 to Rs 5,00,00010%
Rs 5,00,000 To Rs 10,00,00020%
Above Rs 10,00,00030%

Less : Rebate u/s 87A

The rebate is available to a resident individual if his total income does not exceed Rs. 5,00,000. The amount of rebate shall be

  • 100% of income-tax or
  • Rs. 5,000

whichever is less.

Add : Surcharge

The amount of income-tax shall be increased by a surcharge at the rate of 15% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees)

Add: Education Cess 

The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of 2% of such income-tax and surcharge.

Add Secondary and Higher Education Cess:

The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income-tax and surcharge.

Rates of Income Tax / Income Tax slab rates in case of  Resident Super Senior Citizen (who is of the age of 80 years or more at any time during the previous year )

Assessment Year 2016-17 ( Financial Year 2015-16 )

Taxable IncomeTax Rate
Up to Rs 5,00,000Nil
Rs 5,00,000 To Rs 10,00,00020%
Above Rs 10,00,00030%

Less Rebate u/s 87A

The rebate is available to a resident individual if his total income does not exceed Rs. 5,00,000. The amount of rebate shall be

  • 100% of income-tax or
  • Rs. 2,000

whichever is less.

Add Surcharge

The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds Rs 1 crore . However, the surcharge shall be subject to marginal relief (where income exceeds Rs 1 crore , the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of Rs 1 crore by more than the amount of income that exceeds one crore rupees).

Add Education Cess 

The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of 2 % of such income-tax and surcharge.

Add : Secondary and Higher Education Cess:

The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of 1% of such income-tax and surcharge.

Assessment Year 2017-18 ( Financial Year 2016-17)

Taxable IncomeTax Rate
Up to Rs 5,00,000Nil
Rs 5,00,000 To Rs 10,00,00020%
Above Rs 10,00,00030%

Less : Rebate u/s 87A

The rebate is available to a resident individual if his total income does not exceed Rs. 5,00,000. The amount of rebate shall be

  • 100% of income-tax or
  • Rs. 5,000

whichever is less.

Add : Surcharge

The amount of income-tax shall be increased by a surcharge at the rate of 15% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees)

Add: Education Cess 

The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of 2% of such income-tax and surcharge.

Add Secondary and Higher Education Cess:

The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income-tax and surcharge.

Rates of Income Tax / Income Tax slab rates in case of Partnership Firm

Rate of Income Tax

For the Assessment Year 2016-17 and 2017-18, a partnership firm (including Limited Liability Partnership) is taxable at 30% on the whole of the total income.

Add Surcharge:

The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).

Note: Surcharge in case of Partnership Firm for AY 2016-17 and AY 2017-18 is @ 12%.

Surcharge has been increased to 15% for AY 2017-18 only  in case of Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person having income above Rs 1 Crore .

 Add Education Cess:

The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of 2% of such income-tax and surcharge.

Add Secondary and Higher Education Cess:

The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of 1%  of such income-tax and surcharge.

Rates of Income Tax / Income Tax slab rates in case of Local Authority

For the Assessment Year 2016-17 and 2017-18, a local authority is taxable at 30%  on the whole of the total income.

Add Surcharge:

The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).

Note: Surcharge in case of Local Authority  for AY 2016-17 and AY 2017-18 is @ 12%.

Surcharge has been increased to 15% for AY 2017-18 only  in case of Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person having income above Rs 1 Crore .

 Add Education Cess:

The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of 2% of such income-tax and surcharge.

Add Secondary and Higher Education Cess:

The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of 1%  of such income-tax and surcharge.

Rates of Income Tax / Income Tax slab rates  in case of Domestic Company

For the Assessment Year 2016-17 and 2017-18, a domestic company is taxable at 30%. However, for Assessment year 2017-18, tax rate is 29% where its total turnover or the gross receipt in the previous year 2014-15 does not exceed five crore rupees.

Add: Surcharge:

The amount of income-tax shall be increased by a surcharge

-at the rate of 7% of such tax, where total income exceeds Rs 1 Crore  but not exceeding Rs 10 Crore

-at the rate of 12% of such tax, where total income exceeds Rs 10 crore.

However, the surcharge shall be subject to marginal relief, which shall be as under:

 (i) Where income exceeds one crore rupees but not exceeding ten crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees.

 (ii) Where income exceeds ten crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees.

Add Education Cess:

The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of 2%  of such income-tax and surcharge.

Add Secondary and Higher Education Cess:

The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of 1% of such income-tax and surcharge.

Rates of Income Tax / Income Tax slab rates  in case of Foreign Company

Assessment Year 2016-17 and Assessment Year 2017-18

Nature of IncomeTax Rate
on so much of the total income as consists 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

 

 

 

 

 

50%

on the balance, if any, of the total income

 

40%

 

Add Surcharge:

The amount of income-tax shall be increased by a surcharge at the rate of

  • 2% of such tax, where total income exceeds one crore rupees but not exceeding ten crore rupees
  •  5% of such tax, where total income exceeds ten crore rupees.

However, the surcharge shall be subject to marginal relief, which shall be as under:

 (i) Where income exceeds one crore rupees but not exceeding ten crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees.

 (ii) Where income exceeds ten crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees.

 Add Education Cess:

The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of 2% of such income-tax and surcharge.

Add Secondary and Higher Education Cess:

The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of 1%  of such income-tax and surcharge.

Rates of Income Tax / Income Tax slab rates in case of  Co-operative Society

Assessment Year 2016-17 and Assessment Year 2017-18

Taxable IncomeTax Rate
Up to Rs 10,00010%
Rs 10,000 to Rs 20,00020%
Above Rs 20,00030%

Add Surcharge:

The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).

Add Education Cess:

The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of 2%  of such income-tax and surcharge.

Add Secondary and Higher Education Cess:

The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income-tax and surcharge.

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