On first Feb 2018, Finance Minister Mr.Arun Jaitley tabled the Union Budget 2018-19 in the Parliament. In Budget 2018, following tax provisions have been announced in relation to slabs of income tax tax slabs and rates :
No Change in the Personal Income Tax Rate :
In simple words, the personal income tax slabs for 2018-19 would be same as of F.Y 17-18 as well. For detailed slab rates of F.Y 17-18
Latest Income Tax Slab Rate for the F.Y. 2017-18 (A.Y. 2018-19) are
I. Income Tax Slab for Indian Individuals
Income
Tax Slab for Individuals less than 60 years for F.Y. 2017-18 ( For Male)
|
Income Slab(s)
|
Income Tax Rate for AY
2018-19 (F.Y. 2017-18)
|
|
Upto 2,50,000
|
Nil
|
|
From 2,50,001- 5,00,000
|
5%
|
|
From 5,00,001-10,00,000
|
20%
|
|
Above 10,00,000
|
30%
|
|
Less: Rebate under
Section 87A
Add: Surcharge and EC & SHEC |
|
Income
Tax Slab for Individuals less than 60 years for F.Y. 2017-18 ( For Female)
|
Income Slab(s)
|
Income Tax Rate for F.Y.
2017-18
|
|
Upto 2,50,000
|
Nil
|
|
From 2,50,001- 5,00,000
|
5%
|
|
From 5,00,001-10,00,000
|
20%
|
|
Above 10,00,000
|
30%
|
|
Less: Rebate under
Section 87A
Add: Surcharge and EC & SHEC |
|
Income
Tax Slab for Individuals more than or equal to 60 years but less than 80 years
known as
Senior
Citizens for F.Y. 2017-18 (Both Male and Female)
|
Income Slab(s)
|
Income Tax Rate for F.Y.
2017-18
|
|
Upto 3,00,000
|
Nil
|
|
From 3,00,001- 5,00,000
|
5%
|
|
From 5,00,001-10,00,000
|
20%
|
|
Above 10,00,000
|
30%
|
|
Less: Rebate under
Section 87A
Add: Surcharge and EC & SHEC |
|
Income
Tax Slab for Individuals more than or equal to 80 years known as Super Senior
Citizens
For
F.Y. 2017-18 (Both Male and Female)
|
Income Slab(s)
|
Income Tax Rate for F.Y.
2017-18
|
|
Upto 5,00,000
|
Nil
|
|
From 5,00,001-10,00,000
|
20%
|
|
Above 10,00,000
|
30%
|
|
Add: Surcharge and
EC & SHEC
|
|
II. Income Tax Slabs For Non-Residents
|
Income Slab(s)
|
Income Tax Rate for F.Y.
2017-18
|
|
Upto 2,50,000
|
Nil
|
|
From 2,50,001- 5,00,000
|
5%
|
|
From 5,00,001-10,00,000
|
20%
|
|
Above 10,00,000
|
30%
|
|
Add: Surcharge and
EC & SHEC
|
|
Please note : Rebate u/s 87A and Age-wise slab rate as discussed
above in case of resident individual are not
available to Non-Residents.
III. Income Tax Slabs For Hindu Undivided Family(HUF)
Income Tax Slab for AY 2018-19 for HUF (F.Y. 2017-18)
|
Income Slab(s)
|
Income Tax Rate for F.Y.
2017-18
|
|
Upto 2,50,000
|
Nil
|
|
From 2,50,001- 5,00,000
|
5%
|
|
From 5,00,001-10,00,000
|
20%
|
|
Above 10,00,000
|
30%
|
|
Add: Surcharge and
EC & SHEC
|
|
IV. Income Tax Slabs For Body of Individuals(BOI)
IncomeTax Slab for BOI for F.Y. 2017-18
|
Income Slab(s)
|
Income Tax Rate for F.Y.
2017-18
|
|
Upto 2,50,000
|
Nil
|
|
From 2,50,001- 5,00,000
|
5%
|
|
From 5,00,001-10,00,000
|
20%
|
|
Above 10,00,000
|
30%
|
|
Add: Surcharge and
EC & SHEC
|
|
V. Income Tax Slabs For Association of Person(AOP)
Income Tax Slab for AOP for F.Y. 2017-18. Mention below below
AOP income tax rates 2018-19
|
Income Slab(s)
|
Income Tax Rate for F.Y.
2017-18
|
|
Upto 2,50,000
|
Nil
|
|
From 2,50,001- 5,00,000
|
5%
|
|
From 5,00,001-10,00,000
|
20%
|
|
Above 10,00,000
|
30%
|
|
Add: Surcharge and
EC & SHEC
|
|
VI. Income Tax Rate for Firms and LLP
|
A firm /LLP is taxable at flat rate
of 30 percent for the F.Y. 2017-18 (A.Y. 2018-19).
|
|
Add: Surcharge and
EC & SHEC
|
VII. Income Tax Rate for Indian Company
For F.Y.2017-18( A.Y. 2018-19) the income tax slab for Indian
Company. Mentioned below is the income tax
rate for AY 2018-19 for
companies.
|
Total Turnover or Gross
Receipts (Rs.)
|
Rate of Income Tax
|
|
Amount does exceed Rs.50 crore, in
the previous year 2015-16
|
25%
|
|
Amount exceeds Rs.50 crore
|
30%
|
|
Add: Surcharge and
EC & SHEC
|
|
VIII. Income Tax Rate for Foreign Company
|
A foreign company is taxable at flat
rate of 40 percent for the F.Y. 2017-18 ( A.Y. 2018-19).
|
|
Add: Surcharge and
EC & SHEC
|
IX. Income Tax Rate for Co-operative Societies
For F.Y.2017-18( A.Y. 2018-19 ) the new income tax slab 2018-19
for co-operative society
|
Income (Rs)
|
Rate of Income Tax
|
|
Upto 10,000
|
10%
|
|
From 10,001-20,000
|
20%
|
|
Above 20,000
|
30%
|
|
Add: Surcharge and
EC & SHEC
|
|
X. Income Tax Rate for Local Authorities
|
Local authorities are taxable at flat
rate of 30 percent for the F.Y. 2017-18( A.Y. 2018-19).
|
|
Add: Surcharge and
EC & SHEC
|
Surcharge :The amount of income-tax shall be increased by
a surcharge at the rate specified in the table,
where total income
exceeds the specified amount:
|
Surcharge Rates for
|
0-Rs.50 lakh
|
Rs.50 lakh - Rs.1 crore
|
Rs.1 crore - Rs.10 crore
|
Above Rs.10 crore
|
|
Individual(Men, Female, NRI) /HUF
/AOP /BOI /other Artificial Juridical person
|
Nil
|
10%
|
15%
|
15%
|
|
Firm/Co-Operative Society/local
authority
|
Nil
|
Nil
|
12%
|
12%
|
|
Domestic Company
|
Nil
|
Nil
|
7%
|
12%
|
|
Foreign Company
|
Nil
|
Nil
|
2%
|
5%
|
EC & SHEC
Education Cess(EC) :The amount of
income-tax and the applicable surcharge, shall be further increased by
education cess calculated at 2 percent of income tax and surcharge.
Secondary & Higher Education Cess(SHEC) :The amount of
income-tax and the applicable surcharge, shall be further increased by
secondary and higher education cess calculated at 1 percent of income tax
2018-19 and surcharge.
Rebate under Section 87A :Section 87A of the
Act states that if a resident individual's total income does not exceed Rs. 3.5
lakhs then the individual will get benefit of rebate. The amount of rebate
shall be 100% of income-tax or Rs. 2,500, whichever is less.
Prior to the union budget 2017, it was on the taxable income up to INR 5
lakh and the benefit was of Rs. 5000/-.
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