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Rates of Income Tax

Assessment year : 2019 -20 
Previous year : 2018 - 19
1. For resident Senior Citizens. (Age above 60 Years)
Up to Rs 3,00,000 Nil
Rs. 3,00,001 to Rs. 5,00,000  5%
Rs. 5,00,001 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
2. For resident Super Senior Citizens. (Age above 80 Years)
Up to Rs 5,00,000 Nil
Rs. 5,00,001 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
3. Individuals, [other than those mentioned above, HUF, AOP/BOI (other than co-operative societies).
Upto Rs. 2,50,000 Nil
Rs. 2,50,001 to Rs. 5,00,000  5%
Rs. 5,00,001 to Rs 10,00,000 20%
Above Rs. 10,00,000 30%
Note: Rebate u/s 87A is added from Finance Act 2017, in which resident individuals are allowed rebate (if their taxable income does not exceed Rs. 3.5 lakh) equal to 100% of income tax or Rs. 2,500 whichever less.

Surcharge : 
10% for Individual having taxable Income exceeding  50 Lacs upto 1 Crore
15% for Individual having taxable Income exceeding 1 Crore

Health and Education Cess: 4% on the amount of Tax plus surcharge

Short-Term Capital Gains u/s 111A:15% on income-tax plus surcharge.

Firms

Income tax : 30%.

Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore.

Health and Education Cess: 4% on the amount of Tax plus surcharge.

Companies

(A) Domestic Companies

Income tax : 30% (25% if turnover or gross receipt does not exceed Rs.250 Crore in the Financial Year 2016-17)

Surcharge: 7% if the taxable income exceeds Rs. 1 crore & 12% if the taxable income exceeds 10 crores

Health and Education Cess: 4% on the amount of Tax plus surcharge 

(B) Foreign Companies
Income tax : 40% (in general )
Surcharge : 2% if the taxable income exceeds Rs. 1 crore & 5% if the taxable income exceeds 10 crores
Health and Education Cess: 4% on the amount of Tax plus surcharge
Cooperative Societies
Upto Rs. 10,000 10%
Rs. 10,001 to Rs. 20,000 20%
Rs. 20,001 to Above 30%

Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore.

Health and Education Cess: 4% on the amount of Tax 

Local Authorities

Income tax : 30%.

Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore

Health and Education Cess: 4% on the amount of Tax


Assessment year : 2018 -19 
Previous year : 2017 - 18
1. For resident Senior Citizens. (Age above 60 Years)
Up to Rs 3,00,000 Nil
Rs. 3,00,001 to Rs. 5,00,000  5%
Rs. 5,00,001 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
2. For resident Super Senior Citizens. (Age above 80 Years)
Up to Rs 5,00,000 Nil
Rs. 5,00,001 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
3. Individuals, [other than those mentioned above, HUF, AOP/BOI (other than co-operative societies).
Upto Rs. 2,50,000 Nil
Rs. 2,50,001 to Rs. 5,00,000 5%
Rs. 5,00,001 to Rs 10,00,000 20%
Above Rs. 10,00,000 30%
Note: Rebate u/s 87A is added from Finance Act 2017, in which resident individuals are allowed rebate (if their taxable income does not exceed Rs. 3.5 lakh) equal to 100% of income tax or Rs. 2500 whichever less.

Surcharge :

10% for Individual having taxable Income exceeding  50 Lacs upto 1 Crore

 15% for Individual having taxable Income exceeding 1 Crore

Education Cess : 2% on income-tax plus surcharge.

Secondary and Higher Education cess : 1% on income-tax plus surcharge

Long-Term Capital Gains: 20% on income-tax plus surcharge.

Short-Term Capital Gains u/s 111A:15% on income-tax plus surcharge.

Firms

Income tax : 30%.

Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore.

Education Cess : 2% on income-tax plus surcharge

Secondary and Higher Education cess : 1% on income-tax plus surcharge

Companies

(A) Domestic Companies

Income tax : 30% (25% if turnover or gross receipt does not exceed Rs.50 Crore in the Financial Year 2015-16)

Surcharge: 7% if the taxable income exceeds Rs. 1 crore & 12% if the taxable income exceeds 10 crores

Education Cess: 2% on income-tax plus surcharge.

Secondary and Higher Education cess : 1% on income-tax plus surcharge

(B) Foreign Companies
Income tax : 40% (in general )
Surcharge : 2% if the taxable income exceeds Rs. 1 crore & 5% if the taxable income exceeds 10 crores
Education Cess : 2% on income-tax plus surcharge
Secondary and Higher Education cess : 1% on income-tax plus surcharge
Cooperative Societies
Upto Rs. 10,000 10%
Rs. 10,001 to Rs. 20,000 20%
Rs. 20,001 to Above 30%

Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore.

Education Cess : 2% on income-tax.

Secondary And Higher EducationCess : 1% on income tax plus surcharge

Local Authorities

Income tax : 30%.

Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore

Education Cess : 2% on income-tax plus surcharge.

Secondary and Higher Education cess : 1% on income-tax plus surcharge


Rates Of Income Tax (Assessment year : 2017- 18, P.Y-2016-17) 
Rates Of Income Tax (Assessment year : 2016 - 17, P.Y-2015-16) 
Rates Of Income Tax (Assessment year : 2015 - 16, P.Y-2014-15) 
Rates Of Income Tax (Assessment year : 2014 - 15, P.Y-2013-14)
Rates Of Income Tax (Assessment year : 2012 - 13 & 2013-14, P.Y-2011-12 & 2012-13)



 
     
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