CA Vinay Lunkad S

Vinay Lunkad SIs it worthwhile to continue the business as a Partnership Firm / LLP or to run as a corporate , since the later one enjoys the benefit of paying tax @ lesser rate by 5% , the intention of the Government seems to be give more benefits to a much organised structured entity.

Income Tax Slab rates for the period April 2017 to March 2018

Legal Entity

Income Details

Tax Rate

Surcharge Cess Net Tax Rate
Individuals/HUFS/AOP/BOI  Upto 2.5 Lacs  **
 2.5 Lacs to 5  Lacs 5.00%                – 0.15% 5.15%
 5 Lacs to 10 Lacs 20.00%                – 0.60% 20.60%
 10 Lacs to 50 Lacs 30.00%                – 0.90% 30.90%
 50 Lacs to 1 Crore 30.00% 3.00% 0.99% 33.99%
 > 1 Crore 30.00% 4.50% 1.04% 35.54%
 
Corporates  
   
Domestic Companies  
Turnover ## > 50 Crores  Upto 1 Crore 30.00%                – 0.90% 30.90%
 1 Crore to 10 Crore 30.00% 2.10% 0.96% 33.06%
 > 10 Crore 30.00% 3.60% 1.01% 34.61%
 
Turnover ## < 50 Crores  Upto 1 Crore 25.00%                – 0.75% 25.75%
 1 Crore to 10 Crore 25.00% 1.75% 0.80% 27.55%
 > 10 Crore 25.00% 3.00% 0.84% 28.84%
 
Partnership Firms /LLP’s  Upto 1 Crore 30.00%                – 0.90% 30.90%
 > 1 Crore 30.00% 3.60% 1.01% 34.61%
**
If Age is  Exemption Limit
0-59  2.5 Lacs
60-79  3 Lacs
>=80  5 Lacs
## – Turnover for the period April 2015 to March 2016 is to be considered

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12 responses to “Income Tax Rate Chart for Financial Year 2017-18”

  1. Kapil Singhal says:

    This reference to capital gain, I have shop which was purchased through my father by my name in before the year 2000. After expired my father in year 2010, registered this shop in Aligarh (UP) authority by me in year 2011. Now, I want to sale this shop but as per government rules shop value is very high compare to actual market value. So making more capital gain. I need money for my daughter marriage. In this situation, what I can do?
    Pl suggests me.

  2. Ajay says:

    Investment under 80ccd 1b is useful or better to pay tax and invest 50k into SIP for better returns.

  3. Ajay Saxena says:

    My salary is 1858000.(After Pf deduction)
    80C – Full utilized
    25k health insurance
    70k – housing loan interest
    How much would be the tax.
    Please confirm and suggest how to save max TDS.

  4. Shailendra K. Agarwal says:

    The New Income Tax Slab for the F.Y.2017-18 for First category upto Rs. 5 Lakhs is NIL and from % to 10 Lakhs 20% + requisite surcharge with less Rs. 12,500/- Please clarify.

  5. I am senier citizen
    A. Y. 2017-18 MY TOTAL NET INCOME IS 351000/- TAX @5% RS. 2550/- NO REBATE U/S 87A AS PER DECLEARED IN BUDZZET
    BUT
    A.Y. 2016-17 MY TOTAL INCOME IS RS.351000/- TAX @10% RS. 5100/- LESS REBATE U/S 87A RS. 5000/- BALANCE PAYBLE RS. 100/- SO LOSS RS.2450/- WHAT CORRECT ?

  6. PARASMAL MEHTA says:

    IAM SENIER CITIZEN
    MY TOTAL NET INCOME OF A. Y. 2017-18 IS RS.351000/-
    AS PER A. Y. 2016-17 TAX @10% RS. 5100/- LESS U/S 87A RS 5000/- NET PAYBLE RS. 100/-
    BUT
    A.Y. 2017-18 TOTAL TAX @5% RS,2550/- NO REBAT AS PER DECLEARED
    SO LOSS AS PER BUZZET RS 2450/-
    WHAT CORRECT ?

  7. Naranbhai Patel says:

    Please inform NRI income tax individual slab.

    • Naran Patel says:

      Please sir, give separate chart for NRI individual income tax slab(usa) so I can understand easily. because I can not find this any where.

  8. Ramendu Narayan Datta says:

    Can I file Income tax return for long term caital Gain or Loss for Housing property on line using ITR-2 on line?

  9. vijay says:

    reduced from 10% to 5% is ok but what about
    relaxatation under section 87A

  10. Manoj Gupta says:

    Sir, please advise as per the revised rate from 01 Apr 2017 onward the TDS rate on Retainership fees above 5 lakh to 10 Lakh.

    Secondly, if below 5 Lakh then what would be the TDS rate.

  11. BHUPENDRA NMASTER says:

    IT IS MENTIONED THAT NO NOTIONAL INCONE WILL COSIDERED ONPROPERTY HELD AS STOCK IN TRADE.
    WORDING OF SUCH AMANDMENT IS CONSIFUSING WHEN ONE HOLD THE PROPERTY FOR TRADING PURPOSE AT PRESENTLY NONOTIONALINCOME ON THESAME

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