Income Tax Rates
a) Personal Tax Slab Revised
Basic exemption limit has remained same as that of last financial year but slab limits have been extended.
F Male Resident Individual And Hindu Divided Family (HUF)
| SLAB | INCOME TAX RATE $ |
| Up to Rs. 160000 | Nil. |
| Rs. 1,60,001 to Rs. 5,00,000 | 10 per cent. |
| Rs. 5,00,001 to Rs. 8,00,000 | 20 per cent. |
| Above Rs. 8,00,000 | 30 per cent. |
No Surcharge.
F Female Resident Individual
In the case of every individual, being a woman resident in India, and below the age of sixty-five years at any time during the previous year—
| SLAB | INCOME TAX RATE$ |
| Up to Rs. 1,90,000 | Nil. |
| Rs. 1,90,001 to Rs. 5,00,000 | 10 per cent. |
| Rs. 5,00,001 to Rs. 8,00,000 | 20 per cent. |
| Above Rs. 8,00,000 | 30 per cent. |
No Surcharge.
F Senior Citizen
In the case of every individual, being a resident in India, who is of the age of sixty-five years or more at any time during the previous year—
| SLAB | INCOME TAX RATE$ |
| Up to Rs. 2,40,000 | Nil. |
| Rs. 2,40,001 to Rs. 5,00,000 | 10 per cent. |
| Rs. 5,00,001 to Rs. 8,00,000 | 20 per cent. |
| Above Rs. 8,00,000 | 30 per cent. |
No Surcharge.
$ Education cess @3% is leviable on the amount of income tax if any.
a) Co-Operative Society
| TAXABLE INCOME | SLAB RATE (%)* |
| Up to Rs.10000 | 10% |
| Rs.10001 to Rs.20000 | 20% |
| Rs. 20001 and above | 30% |
No surcharge is levied on co-operative society.
Education cess applicable to society at 3% on income tax.
*Above rates are subject to education cess.
a) Local Authorities
Local authorities are taxable at basic rate of 30% plus education cess @ 3%.No surcharge is applicable in case of local authorities.
b) Corporate Tax Rates
F Partnership Firm
ª Basic rate of tax is 30%.
ª No surcharge shall be applicable to partnership firm.
ª Education cess @ 3% to be added to income tax.
F There is no change in the rates of Income Tax for (for both domestic and foreign companies)
ª Basic Tax rate on domestic company has remained unchanged i.e. 30% and in case of foreign company also basic rate of tax is maintained at 40%.
ª Basic Minimum alternate tax rate u/s 115JB on the book profits proposed to be increased from 15% to 18%.
ª The rate of tax on profits from insurance business is 12.5% plus surcharge and education cess.
ª But Current surcharge of 10 per cent on domestic companies proposed to be reduced to 7.5% if the income exceeds Rs.1cr. Surcharge on foreign company is imposed at 2.5% if the income exceeds Rs. 1cr.
ª Education cess imposed on domestic as well as foreign company is 3% on income tax (including surcharge) irrespective of quantum of income.
ª Summary of consolidated Corporate tax rates including surcharge and education cess is laid down in given table below:
| PARTICULARS | TAX RATE (%) ^ UP TO 1CR | TAX RATE (%) ^ ABOVE 1CR |
| A)Domestic Company |
|
|
| Normal Tax | 30.90 | 33.22 |
| MAT | 18.54 | 19.93 |
| Dividend Distribution Tax | 16.61 | 16.61 |
| B) Foreign Company |
|
|
| Normal Tax | 41.2$ | 42.23$ |
| MAT | 18.54$ | 19.00$ |
^ Tax rate is including surcharge and education cess.
$ In case of foreign company surcharge is levied @ 2.5% of income tax
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