Rates Of Income-Tax Equally Per Finance Act, 2017

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Kamis, 19 Juli 2012

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RATES OF INCOME-TAX AS PER FINANCE ACT, 2017

As per the Finance Act, 2017, income-tax is required to hold out deducted nether Section 192 of the Act from income chargeable nether the caput "Salaries" for the fiscal twelvemonth 2017-18 (i.e. Assessment Year 2018-19) at the next rates:

2.1 Rates of tax

A. Normal Rates of tax:

SI.No	Total Income	Rate of tax
1	Where the full income does non transcend Rs. 2,50,000/-.	Nil
2	Where the full income exceeds Rs. 2,50,000/- but does non transcend Rs. 5,00,000/-.	5 per cent of the sum past times which the full income exceeds Rs. 2,50,000/-
3	Where the full income exceeds Rs. 5,00,000/- but does non transcend Rs. 10,00,000/-.	Rs. 12,500/- plus xx per cent of the sum past times which the full income exceeds Rs. 5,00,000/-.
4	Where the full income exceeds Rs. 10,00,000/-.	Rs. 1,12,500/- plus xxx per cent of the sum past times which the full income exceeds Rs. 10,00,000/-

B. Rates of revenue enhancement for every individual, resident inwards India, who is of the historic catamenia of lx years or more but less than lxxx years at whatever fourth dimension during the fiscal year:

SI No	Total Income	Rate of tax
1	Where the full income does non transcend Rs. 3,00,000/-	Nil
2	Where the full income exceeds Rs. 3,00,000 but does non transcend Rs. 5,00,000/-	5 per cent of the sum past times which the full income exceeds Rs. 3,00,000/-
3	Where the full income exceeds Rs. 5,00,000/- but does non transcend Rs. 10,00,000/-	Rs. 10,000/- plus xx per cent of the sum by
		which the full income exceeds Rs. 5,00,000/-.
4	Where the full income exceeds Rs. 10,00,000/-	Rs. 1,10,000/- plus xxx per cent of the sum past times which the full income exceeds Rs. 10,00,000/-

C. In example of every private beingness a resident inwards India, who is of the historic catamenia of lxxx years or to a greater extent than at whatever fourth dimension during the fiscal year:

SI No	Total Income	Rate of tax
1	Where the full income does non transcend Rs. 5,00,000/-	Nil
2	Where the full income exceeds Rs. 5,00,000 but does non transcend Rs. 10,00,000/-	20 per cent of the sum past times which the full income exceeds Rs. 5,00,000/-
4	Where the full income exceeds Rs. 10,00,000/-	Rs. 1,00,000/- plus xxx per cent of the sum past times which the full income exceeds Rs. 10,00,000/-

2.2 Surcharge on Income tax:
The sum of income-tax computed inwards accordance amongst the preceding provisions of this Paragraph, or the provisions of department 111A or department 112 of the Act, shall, inwards the example of every private or Hindu undivided identify unit of measurement or association of persons or trunk of individuals, whether incorporated or not, or every artificial juridical individual referred to inwards sub-clause (vii) of clause (31) of department 2 of the Act, volition hold out every bit under:
(a) having a full income exceeding 50 lakh rupees but non exceeding i crore rupees, at the charge per unit of measurement of 10 per centum of such income-tax and
(b) having a full income exceeding i crore rupees, at the charge per unit of measurement of 15 per centum of such income-tax:

Provided that inwards the example of persons mentioned higher upward having full income exceeding;-
(a) Fifty lakh rupees but non exceeding i crore rupees, the full sum payable every bit income-tax too surcharge on such income shall non transcend the full sum payable every bit income-tax on a full income of 50 lakh rupees past times to a greater extent than than the sum of income that exceeds 50 lakh rupees;
(b) i crore rupees, the full sum payable every bit income-tax too surcharge on such income shall non transcend the full sum payable every bit income-tax on a full income of i crore rupees past times to a greater extent than than the sum of income that exceeds i crore rupees.

2.3.1 Education Cess on Income tax:
The sum of income-tax including the surcharge if any, shall hold out increased past times Education Cess on Income Tax at the charge per unit of measurement of ii per centum of the income-tax.

2.3.2 Secondary too Higher Education Cess on Income-tax:
An additional teaching cess is chargeable at the charge per unit of measurement of i per centum of income-tax including the surcharge, if any, but non including the Education Cess on income revenue enhancement every bit inwards 2.3.1.

Tag : Income Tax