Income Tax Rate
| Assessment
year : 2019 -20 Previous year : 2018 - 19 |
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| 1. For resident Senior Citizens. (Age above 60 Years) | ||||||||
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| 2. For resident Super Senior Citizens. (Age above 80 Years) | ||||||||
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| 3. Individuals, [other than those mentioned above, HUF, AOP/BOI (other than co-operative societies). | ||||||||
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| Note: Rebate u/s 87A is added from Finance Act 2017, in which 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. | ||||||||
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Surcharge : Health and Education Cess: 4% on the amount of Tax plus surcharge Short-Term Capital Gains u/s 111A:15% on income-tax plus surcharge. |
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| Firms | ||||||||
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Income tax : 30%. Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore. Health and Education Cess: 4% on the amount of Tax plus surcharge. |
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| Companies | ||||||||
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(A) Domestic Companies Income tax : 30% (25% if turnover or gross receipt does not exceed Rs.250 Crore in the Financial Year 2016-17) Surcharge: 7% if the taxable income exceeds Rs. 1 crore & 12% if the taxable income exceeds 10 crores Health and Education Cess: 4% on the amount of Tax plus surcharge |
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| Cooperative Societies | ||||||||
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Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore. Health and Education Cess: 4% on the amount of Tax |
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| Local Authorities | ||||||||
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Income tax : 30%. Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore Health and Education Cess: 4% on the amount of Tax |
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| Assessment
year : 2018 -19 Previous year : 2017 - 18 |
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| 1. For resident Senior Citizens. (Age above 60 Years) | ||||||||||
|
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| 2. For resident Super Senior Citizens. (Age above 80 Years) | ||||||||||
|
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| 3. Individuals, [other than those mentioned above, HUF, AOP/BOI (other than co-operative societies). | ||||||||||
|
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| Note: Rebate u/s 87A is added from Finance Act 2017, in which resident individuals are allowed rebate (if their taxable income does not exceed Rs. 3.5 lakh) equal to 100% of income tax or Rs. 2500 whichever less. | ||||||||||
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Surcharge : 10% for Individual having taxable Income exceeding 50 Lacs upto 1 Crore 15% for Individual having taxable Income exceeding 1 Crore Education Cess : 2% on income-tax plus surcharge. Secondary and Higher Education cess : 1% on income-tax plus surcharge Long-Term Capital Gains: 20% on income-tax plus surcharge. Short-Term Capital Gains u/s 111A:15% on income-tax plus surcharge. |
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| Firms | ||||||||||
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Income tax : 30%. Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore. Education Cess : 2% on income-tax plus surcharge Secondary and Higher Education cess : 1% on income-tax plus surcharge |
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| Companies | ||||||||||
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(A) Domestic Companies Income tax : 30% (25% if turnover or gross receipt does not exceed Rs.50 Crore in the Financial Year 2015-16) Surcharge: 7% if the taxable income exceeds Rs. 1 crore & 12% if the taxable income exceeds 10 crores Education Cess: 2% on income-tax plus surcharge. Secondary and Higher Education cess : 1% on income-tax plus surcharge |
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| Cooperative Societies | ||||||||||
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Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore. Education Cess : 2% on income-tax. Secondary And Higher EducationCess : 1% on income tax plus surcharge |
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| Local Authorities | ||||||||||
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Income tax : 30%. Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore Education Cess : 2% on income-tax plus surcharge. Secondary and Higher Education cess : 1% on income-tax plus surcharge |
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