Expert verified - Individuals, HUF, AOP/BOI & AJP and Non-Resident Individuals
| Net Income Range | Rates |
| Up to 2,50,0002,50,001 – 5,00,0005,00,001 – 10,00,000Above 10,00,001 | Nil5%20%30% |
SENIOR CITIZEN (60Yrs <= Age < 80Yrs) Resident
| Net Income Range | Rates |
| Up to 3,00,0003,00,001 – 5,00,0005,00,001 – 10,00,000Above 10,00,001 | Nil5%20%30% |
SUPER SENIOR CITIZEN (80 Yrs or more) – Resident
| Net Income Range | Rates |
| Up to 5,00,0005,00,001 – 10,00,000Above 10,00,001 | Nil20%30% |
| Total Income of Individuals/HUF/AOP/BOI/AJP | Surcharge Rates |
| Rs. 50 Lakhs – Rs. 1 Crore | 10% of Income Tax |
| Rs. 1 Crore – Rs. 2 Crores | 15% of Income Tax |
| Rs. 2 Crores – Rs. 5 Crores | 25% of Income Tax |
| Rs. 5 crores or more | 37% of Income Tax |
Other points:
- 25%, 37% Surcharge rates are not applicable to Capital gain U/S 111A & 112A, Dividend Income.
- The above Surcharge rates are also applicable to Assessee’s who opts concessional rates U/S 115BAC (new tax regime)
- PARTNERSHIP FIRMS/LLP :Tax rate of 30%
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.
- CO – OPERATIVE SOCIETIES
| Net Income Range | Rates |
| Up to 10,00010,001 – 20,000Above 20,000 | 10%20%30% |
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.
- In case Co – Operative Societies opts concessional rates u/s 115BAD– Applicable surcharge rate is 10%.
- DOMESTIC COMPANY
| Particulars | Rates |
| Total turnover or gross receipts during the previous year 2017-18 does not exceed Rs. 400 crores | 25% |
| Opted for Section 115BA | 25% |
| Opted for Section 115BAA | 22% |
| Opted for Section 115BAB | 15% |
| Any other domestic company | 30% |
SURCHARGE:
| 1 Crore – 10 Crore | More than 10 Crore |
| 7% | 12% |
In case Domestic Companies opts concessional rates u/s 115BAB/ 115BAA – Applicable surcharge rate is 10%.
- FOREIGN COMPANY
| Nature of Income | Tax Rate |
| Royalty received from Government or an Indian concern or fees for rendering technical services where such agreement has been approved by the Central Government | 50% |
| Any other income | 40% |
SURCHARGE:
| 1 Crore – 10 Crore | More than 10 Crore |
| 2% | 5% |
- LOCAL AUTHORITY: A local authority is taxable at 30%
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.
- Special Tax Rates
| Particulars | Rates | |
| a). | Sec. 112 A (LTCG – In excess of 1,00,000) | 10% |
| b). | Sec. 112 (LTCG) | 20% |
| c). | Sec. 111A (STCG) | 15% |
| d). | Sec. 115BB (Lottery) | 30% |
| e). | Sec. 115BBE (Deemed Income) | 78% (Flat Rate 60% + Surcharge @ 25% + Education Cess @ 4%) |
- CESS & REBATE:
Health and Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by health and education cess calculated at the rate of four percent of such income-tax and surcharge.
Rebate u/s 87a: A resident individual (whose net income does not exceed Rs. 5,00,000) 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. 12,500, whichever is less.
Author
Sai Mohini
