Income Tax Rates - Financial Year 2016-17 (Assessment Year 2017-18)
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| Resident Very Senior Citizens | Local Authority |
| Resident Senior Citizens | Firms & LLPs |
| Resident Women/ Female | Domestic Companies |
| Any other Individuals,HUF, AOP, BOI, AJP | Foreign Companies |
| Co-operative Society | Marginal Relief |
Resident Very Senior Citizen (80 years or more at any time during the financial year)
| Taxable Income | Tax Payable |
|---|---|
| Upto Rs. 5,00,000 | NIL |
| From Rs. 5,00,001 to Rs.10,00,000 | 20% of income above Rs.5,00,000 |
| Above Rs.10,00,000 | Rs.1,00,000 + 30% of income above Rs.10,00,000 |
| Surcharge | NIL |
| Education Cess | 2% of (Total tax payable + Surcharge) |
| Secondary & Higher Education Cess | 1% of (Total tax payable + Surcharge) |
Resident Senior Citizen (60 years or more at any time during the financial year)
| Taxable Income | Tax Payable |
|---|---|
| Upto Rs.3,00,000 | NIL |
| From Rs.3,00,001 to Rs.5,00,000 | 10% of income above Rs.3,00,000 |
| From Rs.5,00,001 to Rs.10,00,000 | Rs. 20,000 + 20% of income above Rs.5,00,000 |
| Above Rs.10,00,000 | Rs.1,20,000 + 30% of income above Rs.10,00,000 |
| Surcharge | NIL |
| Education Cess | 2% of Total tax payable |
| Secondary & Higher Education Cess | 1% of Total tax payable |
Resident Women/ Female
| Taxable Income | Tax Payable |
|---|---|
| Upto Rs. 2,50,000 | NIL |
| From Rs. 2,50,001 to Rs. 5,00,000 | 10% of income above Rs. 2,50,000 |
| From Rs. 5,00,001 to Rs.10,00,000 | Rs.25,000 + 20% of income above Rs.500,000 |
| Above Rs.1000,000 | Rs.125,000 + 30% of income above Rs.1000,000 |
| Surcharge | NIL |
| Education Cess | 2% of Total tax payable |
| Secondary & Higher Education Cess | 1% of Total tax payable |
Any other Individuals, HUF, AOP, BOI, AJP, NRI, RNOR
Any other Resident Individual, any HUF (Hindu Undivided Family), AOP (Association of Persons), BOI (Body of Individuals), Artificial Juridical Person, NRI (non Resident Indian), RNOR (Resident but not ordinarily Resident)
| Taxable Income | Tax Payable |
|---|---|
| Upto Rs. 2,50,000 | NIL |
| From Rs. 2,50,001 to Rs. 5,00,000 | 10% of income above Rs. 2,50,000 |
| From Rs. 5,00,001 to Rs.10,00,000 | Rs. 25,000 + 20% of income above Rs. 5,00,000 |
| Above Rs.10,00,000 | Rs.125,000 + 30% of income above Rs.10,00,000 |
| Surcharge | NIL |
| Education Cess | 2% of Total tax payable |
| Secondary & Higher Education Cess | 1% of Total tax payable |
Co-operative Society
| Taxable Income | Tax Payable |
|---|---|
| Upto Rs.10,000 | 10% |
| From Rs.10,001 to Rs.20,000 | Rs.1,000 + 20% of income above Rs.10,000 |
| Above Rs.20,000 | Rs.3,000 + 30% of income above Rs.20,000 |
| Surcharge | NIL |
| Education Cess | 2% of Total tax payable |
| Secondary & Higher Education Cess | 1% of Total tax payable |
Local Authorities
| Taxable Income | Tax Payable |
|---|---|
| Tax Rate | 30% of taxable income |
| Surcharge | NIL |
| Education Cess | 2% of Total tax payable |
| Secondary & Higher Education Cess | 1% of Total tax payable |
Firms & LLPs (Limited Liability Partnerships)
| Taxable Income | Tax Payable |
|---|---|
| Tax Rate | 30% of taxable income |
| Surcharge | NIL |
| Education Cess | 2% of Total tax payable |