Income Tax Slabs & Rates for FY 2016-17, AY 2017-18
Income tax slabs and rates applicable for Financial Year 2016-17 and Assessment Year 2017-18 are set out below for different categories of taxpayers for the period from April 1, 2016 to March 31, 2017.
Historical tax-year reference: This page relates specifically to FY 2016-17 and AY 2017-18 and retains the tax information presented for that period.
I. Resident Individual Aged Below 60 Years
Born on or after April 1, 1957.
| Income slab | Income tax rate |
|---|---|
| Taxable income does not exceed ₹2,50,000 | Nil |
| Taxable income exceeds ₹2,50,000 but does not exceed ₹5,00,000 | 10% of the amount exceeding ₹2,50,000. Less: Tax Credit u/s 87A - 10% of taxable income up to a maximum of ₹5,000. |
| Taxable income exceeds ₹5,00,000 but does not exceed ₹10,00,000 | ₹25,000 + 20% of the amount exceeding ₹5,00,000 |
| Taxable income exceeds ₹10,00,000 | ₹1,25,000 + 30% of the amount exceeding ₹10,00,000 |
Surcharge: 15% of income tax where taxable income is more than ₹1 crore.
Education Cess: 3% of income tax and surcharge.
Education Cess: 3% of income tax and surcharge.
II. Senior Citizen
Resident individual aged 60 years or more but below 80 years during the previous year; born on or after April 1, 1937 but before April 1, 1957.
| Income slab | Income tax rate |
|---|---|
| Taxable income does not exceed ₹3,00,000. Less: Tax Credit u/s 87A - 10% of taxable income up to a maximum of ₹5,000. | Nil |
| Taxable income exceeds ₹3,00,000 but does not exceed ₹5,00,000 | 10% of the amount exceeding ₹2,50,000. Less: Tax Credit u/s 87A - 10% of taxable income up to a maximum of ₹5,000. |
| Taxable income exceeds ₹5,00,000 but does not exceed ₹10,00,000 | ₹20,000 + 20% of the amount exceeding ₹5,00,000 |
| Taxable income exceeds ₹10,00,000 | ₹1,20,000 + 30% of the amount exceeding ₹10,00,000 |
Surcharge: 15% of income tax where taxable income is more than ₹1 crore.
Education Cess: 3% of income tax and surcharge.
Education Cess: 3% of income tax and surcharge.
III. Super Senior Citizen
Resident individual aged 80 years or more during the previous year; born before April 1, 1937.
| Income slab | Income tax rate |
|---|---|
| Taxable income does not exceed ₹5,00,000 | Nil |
| Taxable income exceeds ₹5,00,000 but does not exceed ₹10,00,000 | 20% of the amount exceeding ₹5,00,000 |
| Taxable income exceeds ₹10,00,000 | ₹1,00,000 + 30% of the amount exceeding ₹10,00,000 |
Surcharge: 15% of income tax where taxable income is more than ₹1 crore.
Education Cess: 3% of income tax and surcharge.
Education Cess: 3% of income tax and surcharge.
IV. NRI / HUF / AOP / BOI / Artificial Judicial Person
| Income slab | Income tax rate |
|---|---|
| Taxable income does not exceed ₹2,50,000 | Nil |
| Taxable income exceeds ₹2,50,000 but does not exceed ₹5,00,000 | 10% of the amount exceeding ₹2,50,000 |
| Taxable income exceeds ₹5,00,000 but does not exceed ₹10,00,000 | ₹25,000 + 20% of the amount exceeding ₹5,00,000 |
| Taxable income exceeds ₹10,00,000 | ₹1,25,000 + 30% of the amount exceeding ₹10,00,000 |
Surcharge: 15% of income tax where taxable income is more than ₹1 crore.
Education Cess: 3% of income tax and surcharge.
Education Cess: 3% of income tax and surcharge.
V. Co-operative Society
| Income slab | Income tax rate |
|---|---|
| Taxable income does not exceed ₹10,000 | 10% |
| Taxable income exceeds ₹10,000 but does not exceed ₹20,000 | ₹1,000 + 10% of the amount exceeding ₹10,000 |
| Taxable income exceeds ₹5,00,000 but does not exceed ₹10,00,000 | ₹25,000 + 20% of the amount exceeding ₹5,00,000 |
| Taxable income exceeds ₹20,000 | ₹3,000 + 30% of the amount exceeding ₹20,000 |
Surcharge: 12% of income tax where taxable income is more than ₹1 crore.
Education Cess: 3% of income tax and surcharge.
Education Cess: 3% of income tax and surcharge.
VI. Partnership Firm
Income Tax: 30% of taxable income.
Surcharge: 12% of income tax where taxable income is more than ₹1 crore.
Education Cess: 3% of income tax and surcharge.
Surcharge: 12% of income tax where taxable income is more than ₹1 crore.
Education Cess: 3% of income tax and surcharge.
VII. Local Authority
Income Tax: 30% of taxable income.
Surcharge: 12% of income tax where taxable income is more than ₹1 crore.
Education Cess: 3% of income tax and surcharge.
Surcharge: 12% of income tax where taxable income is more than ₹1 crore.
Education Cess: 3% of income tax and surcharge.
VIII. Domestic Company - Turnover up to ₹5 Crore
Income Tax: 29% of taxable income.
Surcharge: The income tax computed at the applicable rate, after reduction by the tax rebate, is increased by surcharge:
- 7% where taxable income exceeds ₹1 crore.
- 12% where taxable income exceeds ₹10 crore.
Education Cess: 3% of income tax and surcharge.
IX. Domestic Company - Turnover Exceeding ₹5 Crore
Income Tax: 30% of taxable income.
Surcharge: The income tax computed at the applicable rate, after reduction by the tax rebate, is increased by surcharge:
- 7% where taxable income exceeds ₹1 crore.
- 12% where taxable income exceeds ₹10 crore.
Education Cess: 3% of income tax and surcharge.
X. Company Other Than a Domestic Company
Income Tax:
- 50% on so much of taxable income as consists of royalties received from Government or an Indian concern under an agreement made after March 31, 1961 but before April 1, 1976; or fees for rendering technical services received from Government or an Indian concern under an agreement made after February 29, 1964 but before April 1, 1976, where the agreement was approved by the Central Government.
- 40% of the balance.
Surcharge:
- 2% where taxable income exceeds ₹1 crore.
- 5% where taxable income exceeds ₹10 crore.
Education Cess: 3% of income tax and surcharge.