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Assessment year : 2017 - 18
Previous year : 2016 - 17
1. For resident Senior Citizens. (Age above 60 Years)
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Up to Rs 3,00,000
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Nil
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Rs. 3,00,001 to Rs. 5,00,000
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10%
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Rs. 5,00,001 to Rs. 10,00,000
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20%
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Above Rs. 10,00,000
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30%
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2. For resident Super Senior Citizens. (Age above 80 Years)
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Up to Rs 5,00,000
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Nil
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Rs. 5,00,001 to Rs. 10,00,000
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20%
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Above Rs. 10,00,000
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30%
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3. Individuals, [other than those mentioned above, HUF, AOP/BOI (other than co-operative societies).
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Upto Rs. 2,50,000
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Nil
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Rs. 2,50,001 to Rs. 5,00,000
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10%
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Rs. 5,00,001 to Rs 10,00,000
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20%
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Above Rs. 10,00,000
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30%
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Note: Rebate u/s 87A is added from Finance Act 2013, in which resident individuals are allowed rebate (if their taxable income does not exceed Rs. 5 lakh) equal to 100% of income tax or Rs. 5000 whichever less.
Surcharge : 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.
Firms
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
Companies
(A) Domestic Companies Income tax : 30% (29% if turnover or gross receipt does not exceed Rs.5 Crore) 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 |
(B) Foreign Companies
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Income tax :
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40% (in general )
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Surcharge :
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2% if the taxable income exceeds Rs. 1 crore & 5% if the taxable income exceeds 10 crores
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Education Cess :
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2% on income-tax plus surcharge
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Secondary and Higher Education cess :
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1% on income-tax plus surcharge
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Cooperative Societies
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Upto Rs. 10,000
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10%
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Rs. 10,001 to Rs. 20,000
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20%
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Rs. 20,001 to Above
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30%
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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
Local Authorities
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
Rates Of Income Tax (Assessment year : 2016 - 17, P.Y-2015-16)
Rates Of Income Tax (Assessment year : 2015 - 16, P.Y-2014-15)
Rates Of Income Tax (Assessment year : 2014 - 15, P.Y-2013-14)
Rates Of Income Tax (Assessment year : 2012 - 13 & 2013-14, P.Y-2011-12 & 2012-13)
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