Latest Income Tax Rates For AY 2018-19 – Individual/ HUF/ Firms/ Companies

Check latest Income Tax Slab Rates for AY 2018-19 as per the New budget which is released recently. The Income rates for the assessment year 2018-19 (AY) i.e, for the Financial year/ Fiscal 2017-18 (FY) are mentioned clearly on this page. This year Financial budget 2017-18 is somewhat favorable for the old people and women. Usually, there will be slight changes in the budget, so it’s better to check those Income rates of AY 2018-19 before calculating the Income tax.

Income Tax Slab Rates for AY 2018-19

Income Tax rates for AY 2018-19 for individuals, HUF, AOP, BOI, Companies and firms tabulated below. The Income Tax slab rate reduced to 5% on income between Rs 2.5 lakh and Rs. 5 lakh. The tax-free limit for the senior citizen is Rs. 50,000 more than the previous year. But, unfortunately, the Firms, Companies, and Organizations do not get any change in Tax-Free limit. We have mentioned the surcharge, Education cess, secondary and higher education cess of AY 2018-19 below. All the Income Tax Slab Rates for AY 2018-19 & FY 2017-18 for different types of assessees are given in the below sections of this page. The following are the various assessees who pay Income tax.

  • Income Tax slab for FY 2017-18 for Resident Individuals/ HUF/ BOI/ AOP.
  • Senior citizens Income Tax Rates for AY 2018-19.
  • Super senior citizens slab rates for AY 2018-19.
  • Bussiness Firm Income Tax slab rate for FY 2017-18.
  • Income Tax slabs for AY 2018-19 on Foreign and Domestic companies.
  • Local Authorities Income Rates for AY 2018-19 / FY 2017-18.
Income Tax Slab Rates for AY 2016-17
Income Tax Slab Rates for AY 2017-18

Resident Individuals (Below 60 yrs) – Income Rates for AY 2018-19

Net Income Range Income Tax Rates  Education Cess Secondary & Higher Education Cess
Up to Rs. 2,50,000 Nil Nil Nil
Rs. 2,50,001 to Rs. 5,00,000 5% of the Total Income – 2,50,000 2% of Income Tax 1% of Income Tax
Rs. 5,00,001 to Rs. 10,00,000 Rs. 12,500+20% of the total Income – 5,00,000 2% of Income Tax 1% of Income Tax
Above Rs. 10,00,000 Rs. 1,12,500 + 30% of the Total Income – 10, 00, 000 2% of Income Tax 1% of Income Tax

The individuals Income tax slab rates for AY 2018-19 / FY 2017-18 given above are applicable for those who born on or after 1st April 1957.

Surcharge:

  • The surcharge will be 10% of the taxable Income between Rs. 50 lakhs to Rs. 1 crore.
  • The surcharge will be 15% of the taxable income above 1 crore.

Income Tax Slab For AY 2018-19 – Senior Citizens (Between 60-80 years)

Net Income Range Income Tax Rates  Education Cess Secondary & Higher Education Cess
Up to 3,00,000 Nil Nil Nil
Rs. 3,00,001 to Rs. 5,00,000 5% of the Total Income – 3,00,000 2% of the Total Income 1% of the Total Income
Rs. 5,00,001 to Rs. 10,00,000 Rs. 10,000+20% of the Total Income – Rs. 5,00,000 2% of the Total Income 1% of the Total Income
Above Rs. 10,00,000 Rs. 1,10,000 +30% of the Total Income – 10,00,000 2% of the Total Income 1% of the Total Income

Surcharge:

  • Surcharge is 10% for the taxable Income between Rs. 50 lakhs to 1 crore.
  • The surcharge is 15% of taxable Income above 1 crore.

Super Senior Citizens (Above 80 years) – Income Tax Slab for FY 2017-18

Net Income Range Income Tax Rates Education Cess Secondary & Higher Education Cess
Up to Rs. 5,00,000 Nil Nil Nil
Rs. 5,00,001 to Rs. 10,00,000 20% of the Total Income – Rs. 5,00,000 2% of the Income Tax 1% of the Income Tax
Above Rs. 10,00,000 Rs. 1,00,000+30% of the Total Income – 10,00,000 2% of the Income Tax 1% of the Income Tax

Surcharge:

  • The surcharge is 10% of the taxable income between Rs. 50 lakhs and  Rs. 1 crore.
  • The surcharge is 15% of the taxable income above Rs. 1 crore.

Income Tax Slab Rates for AY 2018-19 & FY 2017-18 –  HUF/ NRI/ AOP/ BOI/ AJP

Net Income Range Income Tax Rates  Education Cess Secondary & Higher Education Cess
Up to Rs. 2,50,000 Nil Nil Nil
Rs. 2,50,001 to Rs. 5,00,000 5% of the Total Income – 2,50,000 2% of Income Tax 1% of Income Tax
Rs. 5,00,001 to Rs. 10,00,000 Rs. 12,500+20% of the total Income – 5,00,000 2% of Income Tax 1% of Income Tax
Above Rs. 10,00,000 Rs. 1,12,500 + 30% of the Total Income – 10,00,000 2% of Income Tax 1% of Income Tax

The resident HUF/ AOP/BOI Income tax slab rates for AY 2018-19 /FY 2017-18 which are given above are applicable for those who born on or after 1ST April 1957.

Surcharge:

  • The surcharge will be 10% of the taxable Income between Rs. 50 lakhs to Rs. 1crore.
  • The surcharge will be 15% of the taxable income above 1 crore.

Income Tax Rates for FY 2017-18 Applicable For Firms

Income Range Tax Rate
Up to Rs. 50 crore 25% of total taxable income
Greater than Rs. 50 crore per annum 30% of total taxable income.

In the above-given table, the firm Income rates for AY 2018-19 are as per the new budget. Income Tax Slabs for FY 2017-18 and AY 2018-19 for Bussiness Firms along with the surcharge and cess are mentioned in the below points.

  • Education cess for Bussiness firm is 2% of the Total Income Tax.
  • Secondary and Higher Education Cess for firms is 1% of the Total Income Tax.

Income Slab Rates for Assessment Year 2018-19 – Domestic Company

Net Income Ranges Tax Rate  Education Cess Secondary & Higher Education Cess
Up to Rs. 50 crores 25% of the Total taxable Income 2% of the total of Income Tax. 1% of the total of Income Tax.
Above Rs. 50 crores 30% of the Total taxable Income 2% of the total of Income Tax. 1% of the total of Income Tax.

Surcharges:

  • If the Domestic company Income is more than Rs. 1 crore the surcharge is 7% of the taxable Income.
  • If the total taxable income is more than Rs. 10 crores then the surcharge is 12% of the taxable Income.

Foreign Company  – Income Tax For AY 2018-19 / FY 2017-18

Net Income Range Company Turnover up to 5 crores
Tax Rate 40% of the Total Taxable Income
Education Cess 2% of  the Total Income Tax
Higher Education Cess 1% of  the Total Income Tax

The Foreign Company is nothing but the companies which are managed completely from outside of India. The Foreign company surcharges, Cess as per the AY 2018-19 are given above.

Foreign Firm Surcharge:

  • The surcharge is 2% of the Income Tax if the income Range is between Rs. 1 crore to Rs. 10 crores.
  • If the Net Income range is more than Rs. 10 crores then the surcharge for foreign Firm is 5%.

Local Authority – Income Tax Slabs For AY 2018-19

Income Range Tax Rate 
On Total Income 30% of the Total Income Tax

The latest Income Tax Slab Rates for AY 2018-19 on Local authority are given above. There is no change in the Local authority slab rates when compared to previous year budget. The effective tax rate for the local authority is 30.9%.

Slab Rate For AY 2018-19 & FY 2017-18 on Co-operative Societies

The Co-operative societies slab rate for AY 2018-19 are not changed. They have to pay Income tax from the starting rupee of their income. The cooperative society Tax Rate for FY 2017-18 from various Income ranges are mentioned below. The cooperative society surcharges, cess are applicable as per the Financial Year 2017-18.

Net Income Ranges Tax Rate Education Cess Secondary & Higher Education Cess
Up to Rs. 10,000 10% 2% of Total Income Tax 1% of Total Income Tax
Rs. 10,000 to Rs. 20,000 20% 2% of Total Income Tax 1% of Total Income Tax
Above Rs. 20,000 Rs. 3,000- 30% of the Amount Above Rs. 20,000 2% of Total Income Tax 1% of Total Income Tax

Check these updated Income Tax Rates for Assessment Year 2018-19 / Financial Year 2017-18 for calculating Income Tax for AY 2018-19. Click on below link if you want to calculate Income Tax for AY 2018-19. Calculate and pay the Income Tax before the due date.

Income Tax Calculator
Updated: February 18, 2017 — 10:26 am

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