1. Income Tax Slab Rate for Individuals:
Individual (resident or non-resident), who is of the age of less than 60 years on the last day of the significant previous year:
| Net income | Income-Tax rate |
| Up to Rs. 2,50,000 | Nil |
| Rs. 2,50,000- Rs. 5,00,000 | 5% |
| Rs. 5,00,000- Rs. 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
Resident senior citizen,e., every individual, being a resident in India, who is of the age of 60 years or more but less than 80 years at any time throughout the previous year:
| Net income | Income-Tax rate |
| Up to Rs. 3,00,000 | Nil |
| Rs. 3,00,000 – Rs. 5,00,000 | 5% |
| Rs. 5,00,000- Rs. 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
Resident super senior citizen, i.e., every individual, being a resident in India, who is of the age of 80 years or more at any time throughout the previous year:
| Net income | Income-Tax rate |
| Up to Rs. 5,00,000 | Nil |
| Rs. 5,00,000- Rs. 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
Plus: –
Surcharge
- 10% of income tax where total income beats Rs. 50,00,000.
- 15% of income tax where total income beats Rs. 1,00,00,000.
- Health and Education cess: – 4% of income tax and surcharge.
Note: – A resident individual is eligible for rebate under section 87A if his total income does not exceed Rs. 5,00,000. The amount of rebate shall be 100% of income-tax or Rs. 12,500, whichever is less.
2. Income Tax Rate for Partnership Firm:
A partnership firm (including LLP) is taxable at 30%.
Plus:
Surcharge: – 12% of tax where total income beats Rs. 1 crore.
Health and Education cess: 4% of income tax plus surcharge.
3. Tax Rate for Companies:
Tax rates for domestic companies:
| Particulars | Tax rates |
| Total turnover or gross receipts during the previous year 2017-18 doesn’t exceed Rs. 250 Crore | 25% |
| Other domestic companies | 30% |
Tax rates for foreign companies:
The tax rate for foreign company is 40%.
Plus: –
Surcharge: –
| Company | Net income is between Rs. 1Cr. – 10 Cr. | Net income exceeds Rs. 10Cr. |
| Domestic company | 7% | 12% |
| Foreign company | 2% | 5% |
Health and Education cess: 4% of income tax plus surcharge.
4. Income Tax Rates For HUF/AOP/BOI/Any other Artificial Juridical Person:
| Net income range | Income-Tax rate |
| Up to Rs. 2,50,000 | Nil |
| Rs. 2,50,000- Rs. 5,00,000 | 5% |
| Rs. 5,00,000- Rs. 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
Plus: –
Surcharge: –
- 10% of income tax where total income beats Rs. 50,00,000.
- 15% of income tax where total income beats Rs. 1,00,00,000.
Health and Education cess: – 4% of income tax and surcharge.
5. Income Tax Slab Rate for Co-operative Society:Net income range
| Income-Tax rate | |
| Up to Rs. 10,000 | 10% |
| Rs. 10,000 to Rs. 20,000 | 20% |
| Above Rs. 20,000 | 30% |
Plus:
Surcharge: – 12% of tax where total income beats Rs. 1 crore.
Health and Education cess: 4% of income tax plus surcharge.
6. Income Tax Slab Rate for Local Authority:
A local authority is taxable at 30%.
Plus:
Surcharge: – 12% of tax where total income beats Rs. 1 crore.
Health and Education cess: 4% of income tax plus surcharge.