Tag: Tax Rates

Paragraph B of Part I of The First Schedule: Cooperative Society

Slab	Rates of Tax
Up to Rs. 10000	10%
Above 10000 but not exceeding 20000	1000 + 20% of Amount exceeding Rs. 10000
Above Rs. 20000	Rs. 3000 +30% of Amount exceeding Rs. 20000

Paragraph C- Firm	30%
Paragraph D- Local Authority	30%

The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 of the Income-tax Act, shall, in the case of every Coperative Society/firm/local authority, having a total income exceeding one crore rupees, be increased by a surcharge for the purposes of the Union calculated at the rate of twelve per cent of such income-tax:

Marginal Relief Provisions are similar to Individuals

Surcharge

—The amount of income-tax computed in accordance with the preceding provisions of this Paragraph,[Paragraph A of Part I of The First Schedule]

—or the provisions of section 111A or section 112, shall,

—in the case of every individual or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act,

—having a total income exceeding one crore rupees, be increased by a surcharge for the purposes of the Union calculated at the rate of fifteen per cent. of such income-tax:

Marginal Relief

—Provided that in the case of persons mentioned in this Paragraph, having total income exceeding one crore rupees,

—the total amount payable as income-tax and surcharge on such income shall not exceed

—the total amount payable as income-tax on a total income of one crore rupees

—by more than the amount of income that exceeds one crore rupees.

As per Item I of Paragraph A of Part I of THE FIRST SCHEUDULE

In the case of every

individual other than the individual referred to in items (II) and (III) of this Paragraph or

Hindu undivided family or

association of persons or body of individuals, whether incorporated or not, or

every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act,

 not being a case to which any other Paragraph of this Part applies

Slab	Tax rates
Up to Rs. 250000	NIL
Above 250000 but not exceeding 500000	10%
Above 500000 but not exceeding 1000000	Rs. 25000 +20% of Amount exceeding Rs. 500000
Above Rs. 1000000	Rs. 125000 +30% of Amount exceeding Rs. 1000000

Individuals covered by Item II of Paragraph A of Part I of The First Shedule

Every individual, being a resident in India, who is of the age of sixty years or more but less than eighty years at any time during the previous year

exemption limit starts from Rs. 3 lacs

Individuals covered by Item III of Paragraph A of Part I of The First Shedule

Every individual, being a resident in India, who is of the age of eighty years or more at any time during the previous year

Exemption Limit shall commence from Rs. 5 lacs

As per Section 2(1) of Finance Act 2017,

 

•  Subject to the provisions of sub-sections (2) and (3),

• for the assessment year commencing on the 1st day of April, 2017,

•  income-tax shall be charged at the rates specified in Part I of the First Schedule and

• such tax shall be increased by a surcharge, for purposes of the Union, calculated in each case in the manner provided therein.