INCOME TAX

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Income Tax Rates | Exemptions | Calculation | Refund

Latest Orders, Notifications and Announcements

Income Tax Department suspends an officer for harassing the taxpayer Income Tax Exemption 5 lakhs to Pensioners – Clarification HRA Income Tax Exemption Calculator for Government Employees Direct Tax Collections for F.Y. 2017-2018 show Growth of 15.2% up to October, 2017 at Rs. 4.39 lakh crore CBDT has extended the due date for filing Income Tax Returns Requirement of tax deduction at source in case of entities whose income is exempted under Section 10 of the Income-tax Act, 1961 Exemption of Pension/ Family Pension received with Gallantry Award CBDT notifies new IT Return Forms for AY 2017-18 What are allowances? Are all allowances taxable? – INCOME TAX FAQ INCOME TAX FORM 16 CALCULATOR FOR GOVERNMENT EMPLOYEES AY 2017-18 TAX RELAXATION UNDER NPS Salient Features of Direct Tax Proposals in Union Budget 2017 Budget 2017 : Income Tax Rates for 2017-18 Ceiling on IT for salaried persons should be raised to Rs.7.5 lakh: AIBEA to Jaitley Income Tax Rates FY 2016-17 (AY 2017-18) - Finmin Orders Pan or Form No 60 mandatory for all bank accounts – Submit to the bank by 28.2.2017 Clarification on Gold Jewellery and Ornaments - No Limit on holding of Gold Jewellery or Ornaments BPMS demands to increase Income Tax exemption limit to 8 lakh Extension of date of filing of Income Tax Return throughout India – CBDT Taxable and Non-Taxable Elements of Pay and Allowances Central Government takes strict action against defaulting/non performing tax officers Taxpayers account for just about 1% of India’s population Tax benefit available under National Pension System (NPS) – AIRF Income Tax benefit available under National Pension System – PFRDA Centre has withdrawn its proposal to impose tax on Employee Provident Fund withdrawals Serious resentment among employees against Budget proposal to levy Income Tax on withdrawal of 60% of provident Fund Deduction of Income Tax on withdrawal of P.F. 60% Annual Budget 2016 – Will the income tax slab increase? Or, will it not? Raise Personal Income Tax Exemption Limit to Rs 4 lakh – Assocham Income Tax Calculation for Interest on Housing Loan and Deduction u/s 80C with illustration Rates of Income Tax as per Finance Act, 2015 – Financial Year 2015-16(AY 2016/17) Issue of IT Refunds of Smaller Amounts Raise saving allowance for income tax to Rs 2.50 lakh – ASSOCHAM to FM Income Tax Department issued an Advisory on Phishing, Fraudulent Refund E-mail Income Tax Employees Agitation : Suspend the ongoing programme of agitation temporarily for 3 weeks from 04-11-2015 Grand Success of Income Tax Employees Strike held on 8.10.2015 – JCA Circular Circulation of Fake order for extension of due date for filing of Audit report and return of Income for Assessment Year 2015-16 Special Counters to file I-T Returns; for the next 5 days at Income Tax Office Special Counters for Salaried Tax Payers Between 24th August to 31st August, 2015 CBDT Extended the last date for filing return of income for AY 2015 to 31.8.2015 Income Tax for Premature Provident Fund withdrawal of more than Rs.30,000 Defence Civilians Medical Aid Fund – Exemption from Income Tax on donation exceeding Rs.250 Central Government Employees to Protest outside the Parliament on April 28; Plan for Indefinite Strike No Change in the Rate of Personal Income Tax and The Rate of Tax for Companies on Income in Financial Year 2015-16 Benefits to Middle Class Tax Payers in the Budget 2015-16 Introduction of AADHAR enabled Biometric Attendance System in all Income Tax Offices – CBDT Order Income Tax Exemption Slab Could be Raised Further: Finance Minister Arun Jaitley Informs

Income Tax rates for the financial year 2017-18 are given below – Tax Rates for Individuals

ASSESSMENT YEAR 2018-19

Income Tax rates for the financial year 2016-17 are given below – Tax Rates for Individuals

ASSESSMENT YEAR 2017-18

Income Tax rates for the financial year 2015-16 are given below – Tax Rates for Individuals

ASSESSMENT YEAR 2016-17

Income Tax rates for the financial year 2014-15 are given below – Tax Rates for Individuals

ASSESSMENT YEAR 2015-16

INDIVIDUAL - MALE (AGE LESS THAN 60 YEARS)
Upto Rs. 2, 50,000	Nil
Rs. 2,50,001 to Rs. 5,00,000	10%
Rs. 5,00,001 to Rs. 10,00,000	20%
Above Rs. 10,00,000	30%

INDIVIDUAL - FEMALE (AGE LESS THAN 60 YEARS)
Upto Rs. 2, 50,000	Nil
Rs. 2,50,001 to Rs. 5,00,000	10%
Rs. 5,00,001 to Rs. 10,00,000	20%
Above Rs. 10,00,000	30%

SENIOR CITIZEN (AGE BETWEEN 60 TO 80 YEARS)
Upto Rs. 3,00,000	Nil
Rs.3,00,001 to Rs. 5,00,000	10%
Rs. 5,00,001 to Rs.10,00,000	20%
Above Rs. 10,00,000	30%

SUPER SENIOR CITIZEN (AGE ABOVE 80 YEARS)
Upto Rs. 5,00,000	Nil
Rs. 5,00,001 to Rs. 10,00,000	20%
Above Rs. 10,00,000	30%

+ SURCHARGE AT 10% IF NET INCOME EXCEEDS Rs.1 CRORE

+ EDUCATION CESS AND SECONDARY & HIGHER EDUCATION CESS AT 3% OF INCOME TAX & SURCHARGE

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Income Tax rates for the financial year 2013-14 are given below – Tax Rates for Individuals

ASSESSMENT YEAR 2014-15

S. No	Total Income	Rate of tax
1	Where the total income does not exceed Rs. 2,00,000/-.	Nil
2	Where the total income exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000/-	10 per cent of the amount by which the total income exceeds Rs. 2,00,000/-
3	Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-.	Rs. 30,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-.
4	Where the total income exceeds Rs. 10,00,000/-.	Rs. 1,30,000/- plus 30 Per cent of the amount by which the total income exceeds Rs. 10,00,000/-

B. Rates of tax for every individual, resident in India, who is of the age of sixty years or
more but less than eighty years at any time during the financial year:

S. No	Total Income	Rate of tax
1	Where the total income does not exceed Rs. 2,50,000/-	Nil
2	Where the total income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000/-	10 per cent of the amount by which the total income exceeds Rs. 2,50,000/-
3	Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-	Rs. 25,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-.
4	Where the total income exceeds Rs. 10,00,000/-	Rs. 1,25,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-

C. In case of every individual being a resident in India, who is of the age of eighty years or
more at any time during the financial year:

S. No	Total Income	Rate of tax
1	Where the total income does not exceed Rs. 5,00,000/-	Nil
2	Where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000/-	20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-
4	Where the total income exceeds Rs. 10,00,000/-	Rs. 1,00,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-

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Income Tax rates for the financial year 2012-13 are given below – Tax Rates for Individuals

ASSESSMENT YEAR 2013-14

Net income range	Income-tax rates	Education cess	Secondary and higher education cess
Up to Rs. 2,00,000	Nil	Nil	Nil
Rs. 2,00,001 - Rs. 5,00,000	10% of income exceeding Rs. 2,00,000	2% of income-tax	1% of income-tax
Rs. 5,00,001 - Rs. 10,00,000	Rs. 30,000 + 20% of income exceeding Rs. 5,00,000	2% of income-tax	1% of income-tax
Above Rs. 10,00,001	Rs. 1,30,000 + 30% of income exceeding Rs. 10,00,000	2% of income-tax	1% of income-tax

Tax Rates for Senior Citizens (60 years and above but less than eighty years…)

Net income range	Income-tax rates	Education cess	Secondary and higher education cess
Up to Rs. 2,50,000	Nil	Nil	Nil
Rs. 2,50,001 - Rs. 5,00,000	10% of income exceeding Rs. 2,50,000)	2% of income-tax	1% of income-tax
Rs. 5,00,001 - Rs. 10,00,000	Rs. 25,000 + 20% of income exceeding Rs. 5,00,000	2% of income-tax	1% of income-tax
Above Rs. 10,00,001	Rs. 1,25,000 + 30% of income exceeding Rs. 10,00,000	2% of income-tax	1% of income-tax

Tax rates for Very Senior Citizens (80 years or above…)

Net income range	Income-tax rates	Education cess	Secondary and higher education cess
Up to Rs. 5,00,000	Nil	Nil	Nil
Rs. 5,00,001 - Rs. 10,00,000	20% of income exceeding Rs. 5,00,000	2% of income-tax	1% of income-tax
Above Rs. 10,00,001	Rs. 1,00,000 + 30% of income exceeding Rs.10,00,000	2% of income-tax	1% of income-tax

Note: The aggregate of deduction under sections 80C, 80CCC and 80CCD(I) should not exceed one lakh rupees.

(A sum of Rs.50,000 special deduction for physically handicapped resident persons and Rs.1,00,000 for severe disability persons.)

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Income Tax rates for the assessment year 2011-12 are given below-

ASSESSMENT YEAR 2012-13

Net income range	Income-tax rates	Education cess	Secondary and higher education cess
Up to Rs. 1,80,000	Nil	Nil	Nil
Rs.1,80,001 - Rs. 5,00,000	10% of (total income minus Rs. 1,80,000)	2% of income-tax	1% of income-tax
Rs. 5,00,001 - Rs. 8,00,000	Rs. 32,000 + 20% of (total income minus Rs. 5,00,000	2% of income-tax	1% of income-tax
Above Rs. 8,00,001	Rs. 92,000 + 30% of (total income minus Rs. 8,00,000	2% of income-tax	1% of income-tax

For a resident woman (who is below 60 years on the last day of the previous year, i.e., born on after April 1, 1952)

Net income range	Income-tax rates	Education cess	Secondary and higher education cess
Up to Rs. 1,90,000	Nil	Nil	Nil
Rs.1,90,001 - Rs. 5,00,000	10% of (total income minus Rs. 1,90,000)	2% of income-tax	1% of income-tax
Rs. 5,00,001 - Rs. 8,00,000	Rs. 31,000 + 20% of (total income minus Rs. 5,00,000	2% of income-tax	1% of income-tax
Above Rs. 8,00,001	Rs. 91,000 + 30% of (total income minus Rs. 8,00,000	2% of income-tax	1% of income-tax

For a resident senior citizen (who is 60 years or more at any time during the previous year but not more than 80 years on the last day of the previous year, i.e., born during April 1, 1932 and March 31, 1952)

Net income range	Income-tax rates	Education cess	Secondary and higher education cess
Up to Rs. 2,50,000	Nil	Nil	Nil
Rs.2,50,001 - Rs. 5,00,000	10% of (total income minus Rs. 2,50,000)	2% of income-tax	1% of income-tax
Rs. 5,00,001 - Rs. 8,00,000	Rs. 25,000 + 20% of (total income minus Rs. 5,00,000	2% of income-tax	1% of income-tax
Above Rs. 8,00,001	Rs. 85,000 + 30% of (total income minus Rs. 8,00,000	2% of income-tax	1% of income-tax

For a resident super senior citizen (who is 80 years or more at any time during the previous year, i.e., born before April 1, 1932)

Net income range	Income-tax rates	Education cess	Secondary and higher education cess
Up to Rs. 5,00,000	Nil	Nil	Nil
Rs.5,00,001 - Rs. 8,00,000	20% of (total income minus Rs. 5,00,000)	2% of income-tax	1% of income-tax
Above Rs. 8,00,001	Rs. 60,000 + 30% of (total income minus Rs. 8,00,000	2% of income-tax	1% of income-tax

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Income Tax rates for the assessment year 2010-11 are given below-

ASSESSMENT YEAR 2011-12

For any other individual, (i.e., born on or after April 1, 1946), every HUF/AOP/BOI/artificial juridical person –

Net income range	Income-tax rates	Education cess	Secondary and higher education cess
Up to Rs. 1,60,000	Nil	Nil	Nil
Rs.1,60,001 - Rs. 5,00,000	10% of (total income minus Rs. 1,60,000)	2% of income-tax	1% of income-tax
Rs. 5,00,001 - Rs. 8,00,000	Rs. 34,000 + 20% of (total income minus Rs. 5,00,000	2% of income-tax	1% of income-tax
Above Rs. 8,00,001	Rs. 94,000 + 30% of (total income minus Rs. 8,00,000	2% of income-tax	1% of income-tax

For a resident woman (who is below 65 years on the last day of the previous year, i.e., born on or after April 1, 1946)

Net income range	Income-tax rates	Education cess	Secondary and higher education cess
Up to Rs. 1,90,000	Nil	Nil	Nil
Rs. 1,90,001 - Rs. 5,00,000	10% of (total income minus Rs. 1,90,000)	2% of income-tax	1% of income-tax
Rs. 5,00,001 - Rs. 8,00,000	Rs. 31,000 + 20% of (total income minus Rs. 5,00,000	2% of income-tax	1% of income-tax
Above Rs. 8,00,001	Rs. 91,000 + 30% of (total income minus Rs. 8,00,000	2% of income-tax	1% of income-tax

For a resident senior citizen (who is 65 years or more at any time during the previous year, i.e., born before April 1, 1946)

Net income range	Income-tax rates	Education cess	Secondary and higher education cess
Up to Rs. 2,40,000	Nil	Nil	Nil
Rs. 2,40,001 - Rs. 5,00,000	10% of (total income minus Rs. 2,40,000)	2% of income-tax	1% of income-tax
Rs. 5,00,001 - Rs. 8,00,000	Rs. 26,000 + 20% of (total income minus Rs. 5,00,000	2% of income-tax	1% of income-tax
Above Rs. 8,00,001	Rs. 86,000 + 30% of (total income minus Rs. 8,00,000	2% of income-tax	1% of income-tax

Notes:
1. Surcharge – Nil
2. Education cess - It is 2 per cent of income-tax.
3. Secondary and higher education cess - It is 1 per cent of income-tax.

Tax rates specified in the Income-tax Act 

The following incomes are taxable at the rates specified by the Income-tax Act as follows...

Section	Income	Income-tax rates
(1)	(2)	(3)
111A	Short-term capital gains	15
112	Long-term capital gains	20
115A(1)	Dividend received by a foreign company or a non-resident(a)(i) non-corporate assesses [*it is not applicable in the case of dividends referred to in section 115-O]	20*
115A(1)	Interest received by a foreign company or a non-resident(a)(ii) non-corporate assessee from Government or an Indian concern on moneys borrowed or debt incurred by Government or the Indian concern in foreign currency	20
115A(1)	Interest received from an infrastructure debt fund referred (a)(iia) to in section 10(47) (applicable from June 1, 2011, i.e., assessment year 2012-13)	5
115A	Royalty or fees for technical services received by a foreign company or non-	-
(1)(b)	resident non-corporate assesses from an Indian concern or Government in pursuance of an agreement approved by the Central Government and made after— a. March 31, 1976 but before June 1, 1997 b. May 31, 1997 but before June 1, 2005 c. May 31, 2005	30 20 10
115AB	Income of an overseas financial organisation on transfer of units purchased in foreign currency being long-term capital gains	10
115AC	Income from bonds or Global Depository Receipts 1 or on bonds or Global Depository Receipts1 of a public-sector company sold by the Government and purchased in foreign currency or long-term capital gains arising from their transfer *[not applicable in the case of dividends referred to in section 115-O]	10*
115ACA	Income from Global Depository Receipts held by a resident individual who is an employee of an Indian company engaged in information technology software/services** • Dividend [other than dividend referred to in section 115-O] on global Depository Receipts issued under employees stock option scheme and purchased in foreign currency • Long-term capital gain on transfer of such receipts	1010
115AD	Income in respect of listed securities received by a Foreign Institutional Investor as specified2 by the Government • Short-term capital gain covered by section 111A • Any other short-term capital gain • Long-term capital gain • Other income [*not applicable in the case of dividends referred to in section 115-O]	15 30 10 20*
115B	Profits and gains of life insurance business	12.5
115BB	Winnings from lotteries, crossword puzzles, or race including horse race (not being income from the activity of owning and maintaining race horse) or card game and other game of any sort or from gambling or betting of any form or nature	30
115BBA	Income of a non-resident foreign citizen sportsman for participation in any game in India or received by way of advertisement or for contribution of articles relating to any game or sport in India or income of a non-resident sport association by way of guarantee money	10
115BBC	Anonymous donation	30
115BBD	Income of an Indian company by way of dividends declared, distributed or paid by a specified foreign company (in which the Indian company holds 26 per cent or more of equity shares capital) (applicable from the assessment year 2012-13)	15
115E	Income from foreign exchange assets and capital gains of non-resident Indian a. income from foreign exchange asset [*not applicable in the case of dividends referred to in section 115-O] b. long-term capital gain	20* 10
115JB	Tax on book profits of certain companies - Assessment year 2011-12 - Assessment year 2012-13	18% 18.5%
115JC	Alternate minimum tax in the case of limited liability partnerships (applicable from the assessment year 2012-13)	18.5
161(1A)	Profits and gains of a business in the case of a trust	30
164	Income of private discretionary trust where shares of beneficiaries are indeterminate	30
164A	Income of an oral trust	30
167A	Income of a firm	30
167B	Income of an association of persons or body of individuals if shares of members are unknown	30
167B(2)	Income of an association of persons or body of individuals if total income of any member (excluding share from the association or body) exceeds the maximum amount not chargeable to tax [*if total income of any member of the association or body is chargeable to tax at a rate higher than 30.9 per cent, then tax shall be charged on that portion of the total income of the association/body which is relatable to the share of such member at such higher rate and the balance of the total income is taxable at a rate of 30.9 per cent]	30*