Income Tax Slab FY 2017-18 & Calculator FY 2017-18

As you know Filing of Income Tax Return for FY 2017-18 is starting soon. So you should know about all the details about Income Tax Slab and how to calculate your Tax on your salary / income.

Slab Rates for Individual or HUF or Association of Person or Body of Individual or Artificial Juridical Person for FY 2017-18 (AY 2018-19)

Income Range (in Rupees)	Tax Rate (in %age)
Zero – 2,50,000	Nil
2,50,000-5,00,000	5%
5,00,000-10,00,000	20%
Above 10,00,000	30%

Less: Rebate u/s 87A – It is only applicable to resident individuals with income up to Rs 3,50,000. The maximum amount of rebate allowed is Rs 2,500.

Add: Surcharge – A surcharge @ 10% of tax is applicable if income lies between Rs 50 lakh to Rs 1 crore, but if it exceeds Rs 1 crore then the surcharge will be payable @ 15%. However, surcharge is subject to marginal relief as stated:

§  If income exceeds Rs 50 lakh or Rs 1 crore as the case may be, the applicable tax plus surcharge should not exceed the part of income which is in excess to Rs 1 crore.

Add: “Education Cess” and “Secondary and Higher Education Cess” shall be levied at the rate of 2% and 1% respectively, on the amount of tax computed, inclusive of surcharge.

Slab Rates for Resident Senior Citizen (between 60 and 80 years of age) for FY 2017-18 (AY 2018-19)

Income Range (in Rupees)	Tax Rate (in %age)
Zero – 3,00,000	Nil
3,00,000-5,00,000	5%
5,00,000-10,00,000	20%
Above 10,00,000	30%

Less: Rebate u/s 87A – It is only applicable to resident individuals with income up to Rs 3,50,000. The maximum amount of rebate allowed is Rs 2,500.

Add: Surcharge – A surcharge @ 10% of tax is applicable if income lies between Rs 50 lakh to Rs 1 crore, but if it exceeds Rs. 1 crore then the surcharge will be payable @ 15%. However, surcharge is subject to marginal relief as stated:

§  If income exceeds Rs 50 lakh or Rs 1 crore as the case may be, the applicable tax plus surcharge should not exceed the part of income which is in excess to Rs 1 crore.

Add: “Education Cess” and “Secondary and Higher Education Cess” shall be levied at the rate of 2% and 1% respectively, on the amount of tax computed, inclusive of surcharge.

Slab Rates for Resident Super Senior Citizen (80 years and above) for FY 2017-18 (AY 2018-19)

Income Range (in Rupees)	Tax Rate (in %age)
Zero – 5,00,000	Nil
5,00,000-10,00,000	20%
Above 10,00,000	30%

Add: Surcharge – A surcharge @ 10% of tax is applicable if income lies between Rs 50 lakh to Rs 1 crore, but if it exceeds Rs 1 crore then the surcharge will be payable @ 15%. However, surcharge is subject to marginal relief as stated:

§  If income exceeds Rs 50 lakh or Rs 1 crore as the case may be, the applicable tax plus surcharge should not exceed the part of income which is in excess to Rs 1 crore.

Add: “Education Cess” and “Secondary and Higher Education Cess” shall be levied at the rate of 2% and 1% respectively, on the amount of tax computed, inclusive of surcharge.

Slab Rates for a Partnership Firm (including LLP) for FY 2017-18 (AY 2018-19)

Tax Rate	Surcharge	Education Cess	Secondary & Higher Education Cess
30%	12%	2%	1%

Add: Surcharge – A surcharge @ 12% of tax is applicable if income exceeds Rs 1 crore. However, surcharge is subject to marginal relief.

§  If income exceeds Rs 1 crore, the applicable tax plus surcharge should not exceed the part of income which is in excess to Rs 1 crore.

Add: “Education Cess” and “Secondary and Higher Education Cess” shall be levied at the rate of 2% and 1% respectively, on the amount of tax computed, inclusive of surcharge.

Slab Rates for a Local Authority for FY 2017-18 (AY 2018-19)

Tax Rate	Surcharge	Education Cess	Secondary & Higher Education Cess
30%	12%	2%	1%

Add: Surcharge – A surcharge @ 12% of tax is applicable if income exceeds Rs 1 crore. However, surcharge is subject to marginal relief.

§  If income exceeds Rs 1 crore, the applicable tax plus surcharge should not exceed the part of income which is in excess to Rs 1 crore.

Add: “Education Cess” and “Secondary and Higher Education Cess” shall be levied at the rate of 2% and 1% respectively, on the amount of tax computed, inclusive of surcharge.

Slab Rates for a Domestic Company for FY 2017-18 (AY 2018-19)

Tax Rate	Surcharge	Education Cess	Secondary& Higher Education Cess
25% for income up to Rs 50 crore	7% for income between Rs 1 crore & Rs. 10 crore	2% of income tax plus surcharge	1% of income tax plus surcharge
30% for income exceeding Rs 50 crore	7% for income between Rs 1 crore & Rs 10 crore and 12% if income exceeds Rs 10 crore

Add: Surcharge – A surcharge @ 12% of tax is applicable if income exceeds Rs 1 crore. However, surcharge is subject to marginal relief.

§  If income lies between Rs 1 crore & Rs 10 crore, the applicable tax plus surcharge should not exceed the part of income which is in excess to Rs 1 crore.

§  If income exceeds Rs 10 crore, the applicable tax plus surcharge should not exceed the part of income which is in excess to Rs 10 crore.

Add: “Education Cess” and “Secondary and Higher Education Cess” shall be levied at the rate of 2% and 1% respectively, on the amount of tax computed, inclusive of surcharge.

Slab Rates for a Foreign Company for FY 2017-18 (AY 2018-19)

Tax Rate	Surcharge		Education Cess	Secondary & Higher Education Cess
	Income b/w Rs 1 crore & Rs 10 crore	Income exceeds Rs 10 crore
50% on royalty received from government or Indian concern*	2%	5%	2%	1%
40% on any other income	2%	5%

*Note: Royalty here means –

§  Royalty received from government or an Indian concern in pursuance of an agreement (approved by Central government) between April 1, 1961 and 31 March, 1976

§  Fees for providing technical services in pursuance of an agreement (approved by Central government) made between February 29, 1964 and April 1, 1976

Add: Surcharge – A surcharge is applicable in the following 2 conditions subject to marginal relief:

§  If income lies between Rs 1 crore & Rs 10 crore, the applicable surcharge should be 2%.

§  If income exceeds Rs 10 crore, the applicable surcharge should be 5%.

Marginal Relief on Surcharge –

§  If income lies between Rs 1 crore & Rs 10 crore, the applicable tax plus surcharge should not exceed the part of income which is in excess to Rs 1 crore.

§  If income exceeds Rs 10 crore, the applicable tax plus surcharge should not exceed the part of income which is in excess to Rs 10 crore.

Add: “Education Cess” and “Secondary and Higher Education Cess” shall be levied at the rate of 2% and 1% respectively, on the amount of tax computed, inclusive of surcharge.

Slab Rates for a Co-operative Society for FY 2017-18 (AY 2018-19)

Income Range (in Rupees)	Tax Rate (in %age)
Zero – 10,000	10%
10,000 – 20,000	20%
Above 20,000	30%

Add: Surcharge – A surcharge @ 12% of tax is applicable if income exceeds Rs 1 crore. However, surcharge is subject to marginal relief as stated:

§  If income exceeds Rs 1 crore, the applicable tax plus surcharge should not exceed the part of income which is in excess to Rs 1 crore.

Add: “Education Cess” and “Secondary and Higher Education Cess” shall be levied at the rate of 2% and 1% respectively, on the amount of tax computed, inclusive of surcharge.

Download Income Tax Calculator for FY 2017-18 AY 2018-19