RATES OF INCOME TAX

1. In case of an Individual (resident or non-resident) or HUF or Association of Person or Body of Individual or any other artificial juridical person


Assessment Year 2018-19 (FY 2017-18)
Assessment Year 2017-18 (FY 2016-17)
Taxable income Tax Rate
Up to 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%
Less: Rebate under Section 87A [see Note]
Add: Surcharge and Education Cess [see Note]
Taxable income Tax Rate
Up to Rs. 2,50,000 Nil
Rs. 2,50,001 to Rs. 5,00,000 10%
Rs. 5,00,001 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
Less: Rebate under Section 87A [see Note]
Add: Surcharge and Education Cess [see Note]

2. In case of a resident senior citizen (who is 60 years or more at any time during the previous year but less than 80 years on the last day of the previous year)


Assessment Year 2018-19 and 2017-18
Taxable income Tax Rate
Up to Rs. 3,00,000 Nil
Rs. 3,00,001 - Rs. 5,00,000 10%
Rs. 5,00,001 - Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
Less: Rebate under Section 87A [see Note] c
Add: Surcharge and Education Cess [see Note]

3. In case of a resident super senior citizen (who is 80 years or more at any time during the previous year)


Assessment Year 2018-19 and 2017-18
Taxable income Tax Rate
Up to Rs. 5,00,000 Nil
Rs. 5,00,001 - Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
Add: Surcharge and Education Cess [see Note]

Note:

Assessment Year 2018-19

  • a)Surcharge: 10% for Individual having taxable Income exceeding 50 Lacs upto 1 Crore, and 15% for Individual having taxable Income exceeding 1 Crore
  • b) Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income-tax and surcharge.
  • c) 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
  • d) Rebate under Section 87A: For AY 2018-19, 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.