Income Tax Slab Rates for FY 2016-17 | AY 2017-18 Slab Rates for Individual/ HUF

Income Tax Slab Rates For AY 2017-18 & FY 2016-17 as per the budget are available here. There are very slight changes in the Income Slab Rates when compared to the previous year. Scroll down this page and have a glance at the Income Rates. The Income Tax Slab rate for Resident, Non-resident individuals, Firms, HUF, AOP, and companies are mentioned in this article. Not only the Income Rates for FY 2016-17 the Income Tax surcharge, education cess are also given in the below sections of this page.

Income Tax Slab Rates For AY 2017-18

Income Tax Slab Rates are very important to calculate the Income TAX. We are using the Online Income Tax calculator but still, there is a need to know the Income slab rates. The slab rates for AY 2017-18 will vary depending on the Income earned in the previous year. Every year the Union budget releases the Slab rate for different categories separately. Therefore, we have given the Income Tax rates for various categories below.

  • Individual Income Tax For AY 2017-18 & FY 2016-17.
  • Income Tax Slab Rate for foreign Company.
  • Income Tax Rate for Domestic Company.
  • Tax Rate for AY 2017-18 for Senior Citizens.
  • Super Senior Citizen Income Tax Slab Rate for AY 2017-18.
  • Resident/ Non-Resident HUF/ AOP/BOI Income slab rates for AY 2017-2018.

The Income Slab rates mentioned on this page are for the Assessment year 2017-18 i.e, Income Tax Rate for FY 2016-17.

Income Tax Slab Rates for AY 2016-17
Income Tax Slab Rates for AY 2018-19

Income Tax Rates For AY 2017-18 for Resident, NonResident Individuals & HUF

Net Income Ranges Income Tax Rates
Upto Rs. 2,50,000 Nil
Rs. 2,50,000 to Rs. 5,00,000 10% of the Total Income -Rs. 2,50,000
Rs. 5,00,000 to Rs. 10,00,000 Rs. 25,000+ 20% of Total Income – Rs. 5,00,000
Rs. 10,00,000 to RS. 1,00,00,000 Rs. 1, 25,000+30% of the Total Income – Rs. 10,00,000
Above Rs. 1,00,00,000 Rs. 28,25,000+30% of the Total Income – Rs. 1,00,00,000

The Income Tax slab rates AY 2017-18 given in the above table are for the resident Individuals & all HUF’s who are born on or after April 1st, 1956.

  • There will be no Surcharge for the Income range up to Rs. 1 crore.
  • The Surcharge for above Rs. 1 crore Income is 15% of the Income Tax.
  • No education cess for Income up to Rs. 2,50,000.
  • Education Cess for Above Rs. 2,50,000 Income range is 2% of Income Tax.
  • Secondary & Higher Education Cess for Income range Above Rs. 2,50,000 is 1% of the Income Tax.

Resident Senior Citizen (Above 60 yrs) – Income Tax Slab for AY 2017-18

Net Income Ranges  Income Tax Rates
Up to Rs. 3,00,000  Nil
Rs. 3,00,000 to Rs. 5,00,000  10% of Total Income – Rs. 3,00,000.
Rs. 5,00,000 to Rs. 10,00,000  Rs. 20, 000+20% of Total Income – Rs. 5,00,000
 Rs. 10,00,000 to Rs. 1,00,00,000  Rs. 1,20,000+30% of Total Income-Rs. 10,00,000
 Above Rs. 1,00,00,000  Rs. 28,20,000+30% of Total Income  – Rs. 1,00,00,000
  • Education cess is only applicable for the Income above Rs. 3, 00, 000 i.e, 2% of the Income Tax.
  • Secondary and Higher Education cess (SHEC) is 1% of the Income Tax for the Income range above Rs. 3, 00, 000.
  • The Surcharge for Income Above Rs. 1 crore is 12% of Income Tax.
  • Surcharge. SHCE, Education cess are not applicable for the Income up to Rs. 3, 00, 000.

Above given Income Tax Slab rate is applicable for the Resident Senior Citizen who born during the years April 1st, 1936 and 31st March 1956.

Super Senior Citizens Income Tax Slab Rates For AY 2017-18

 Net Income Ranges  Income Tax Rates
 Upto Rs. 5,00,000  Nil
 Rs. 5,00,000 to Rs. 10,00,000  20% of the Total Income – Rs. 5,00,000
Rs. 10,00,000 to Rs. 1,00,00,000  Rs. 1,00,000 + 30% of the Total Income – Rs. 10,00,000
 Above Rs. 1,00,00,000  Rs. 28,00,000 +30% of Total Income – Rs. 1,00,00,000

The above mentioned Income Tax Slab Rates For AY 2017-18 are applicable for the Resident Super Senior citizens who born before the 1st April, 1936 i.e, above 80 years.

  • No Surcharges, Education cess, Secondary and Higher Education cess for the Income up to Rs. 5,00,000.
  • 12%  of the Income Tax is the surcharge for Income range  Above Rs. 1,00,00,000.
  • SHEC is 1% of Income Tax.

Income Tax Slab Rates For FY 2016-17 for AOP/BOI/ Artificial Juridical Person

Net Income Ranges Income Tax Rates
Up to Rs. 2,50,000 Nil
Rs. 2,50,000 to Rs. 5,00,000 10% of the Total Income -Rs. 2,50,000
Rs. 5, 00, 000 to Rs. 10, 00, 000 Rs. 25,000+ 20% of Total Income – Rs. 5, 00, 000
Rs. 10, 00, 000 to RS. 1, 00, 00, 000 Rs. 1, 25,000+30% of the Total Income – Rs. 10, 00, 000
Above Rs. 1, 00,00,000 Rs. 28,25,000+30% of the Total Income – Rs. 1,00,00,000

The Income Tax Slab Rates For AY 2017-18 for all the Association of person or Body of Individuals and other artificial judicial Person are given in the above table. All the Income Tax slabs rate above are applicable for all Non resident AOP, BOI and juridical persons.

  • The Income Tax Surcharge is 15% of the Income Tax.
  • Education Cess is 2% of the Income Tax.
  •  Secondary & Higher Education Cess is 1% of the Income Tax.

Income Tax Slab Rates For FY 2016-17 – Firms

The Assessment Year 2017-18, a partnership firm (including LLP) is taxable at 30%. To know about the Firm Income Tax surcharges and cess look at the below table.

Net Income Range Surcharges Education Cess Secondary & Higher Education cess
Income Above Rs. 1 crore 12% of the Income Tax 2% pf the Income Tax 1% of the Income Tax

Tax Slab Rate For AY 2017-18 on Co-operative Societies

  • Surcharge: 12% of the Income Tax.
  • Education Cess: 2% of the Income Tax and surcharge.
  • Secondary & Higher Education Cess: 1% of the Income Tax and surcharge.
Net Income Ranges Income Tax Rate
Up to Rs. 10, 000 10%
Rs. 10, 000 to Rs. 20, 000 20%
Above Rs. 20, 000 30%

 Slab Rate for AY 2017-18 – Local Authorities

Net Income Range Income Tax Rate Surcharge Education Cess SHEC Cess
Above Rs. 1, 00,00, 000 30% 12% of the Income Tax 2% of the Income Tax 1% of the Income Tax

Income Tax Slab For AY 2017-18 – Companies

Company Tax Rate Surcharges
If Net Balance does not exceed Rs. 1 Crores  Net Income is between Rs. 1 crore – Rs. 10 crores  If the Net Income exceeds Rs. 10 crores
Domestic Company 30% Nil 7% 12%
Foreign Company 50% Nil 2% 5%

Income Tax Slab Rates For AY 2017-18 for all the companies along with the surcharge, Education Cess etc are given in the above table.

Check these Income Tax Rate for Assessment Year 2017-18 / Financial Year 2016-17 for calculating Income Tax for AY 2017-18. Click on below link if you want to calculate and pay the Income Tax for AY 2017-18.

Income Tax Calculator
Updated: February 18, 2017 — 10:27 am

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