A. Normal Rates

1. Tax Rates for Individuals/HUF/AOP/BOI

Notes:

1. * Threshold limit for a resident individual who is of the age of 60 years or more but less than 80 years and for a resident individual who is of the age of 80 years or more will be ₹ 3,00,000/- and ₹ 5,00,000/- respectively.
2. Surcharge of 12% applicable, if total income exceeds ₹ 1,00,00,000/-
3. Education Cess @ 2% and Secondary and Higher education cess @ 1% leviable on tax.
4. Rebate of ₹ 2,000/- from tax if taxable income is below ₹ 5,00,000/-
5. Marginal relief available

Notes:

1. * Threshold limit for a resident individual who is of the age of 60 years or more but less than 80 years and for a resident individual who is of the age of 80 years or more will be ₹ 3,00,000/- and
   ₹ 5,00,000/- respectively.
2. Surcharge of 15% applicable, if total income exceeds ₹ 1,00,00,000/-.
3. Education Cess @ 2% and Secondary and Higher Education Cess @ 1% leviable on tax.
4. Rebate of ₹ 5,000/- from tax if taxable income is below ₹ 5,00,000/-.
5. Marginal relief available.
6. Where the total income of an individual, HUF or a firm resident in India includes any income exceeding ₹ 10,00,000 by way of dividend declared, distributed or paid by a domestic company, income tax will be calculated on income by way of such dividend @ 10%.

2. Tax Rates for Firms (including Limited Liability Partnership)

Notes:

1. Surcharge applicable in case of firm having a total income exceeding Rupees one crore.
2. Marginal relief available.

3. Tax Rates for Domestic Companies

Notes:

1. Surcharge @ 7% if total income above ₹ 1 crore and up to ₹ 10 crores and @ 12% if total income above ₹ 10 crores.
2. Marginal relief available.

Tax Rates for companies where turnover or gross receipts in previous year 2014-15 does not exceed ₹ 5 crores

Tax Rates for new domestic companies engaged in manufacturing/production subject to certain conditions.

Conditions:

1. The company has been set up and registered on or after 1st March, 2016.
2. The company is engaged in the business of manufacture or production of an article or thing and not engaged in any other business.
3. The company has not claimed any benefit of
   • Section 10AA
   • Accelerated depreciation
   • Additional depreciation
   • Investment allowance
   • Expenditure on Scientific research
   • Any deduction in respect of certain income under Part C of Chapter VIA excluding section 80JJAA.
4. The option is furnished in prescribed manner before due for furnishing the return of income.

4. Tax Rates for foreign companies

Notes:

1. Surcharge @ 2% if total income above ₹ 1 crore and up to ₹ 10 crore and @ 5% if total income above ₹ 10 crore.
2. Marginal relief available.
3. Tax rate for income other than royalty/FTS

5. Dividend Distribution Tax (A.Y. 2017-18)

Note:

1. Parent company will be allowed set off of dividend received from its subsidiary in computing its dividend distribution tax subject to certain conditions.

6. Income Distribution Tax for Mutual Fund & Securitisation of Trust

7. Co-operative Society (A.Ys. 2016-17 & 2017-18)

Notes:

1. From assessment year 2016-17, surcharge of 12% applicable, if total income exceeds ₹ 1,00,00,000/-.
2. Marginal relief available.

B. Special Rates

1. Long Term Capital Gains

1. On Equity shares and units
   Long term capital gains arising on transfer of equity shares on a recognised stock exchange in India or units of an equity oriented Mutual Fund (if more than 65% of total proceeds of the fund are invested in equity shares), and on which Securities Transaction Tax is chargeable.
   For all assessees Nil – Exempt under section 10(38).
2. On other assets and equity shares, units except falling in (a) above

Notes:

1. If tax payable in case of Long Term Capital Assets, being listed securities or units or zero coupon bond, exceeds 10% of capital gains before indexation, then such excess may be ignored. This concessional rate of 10% is applicable to transfer of units only between 1st April 2014 and 10th July, 2014.
2. Surcharge at the rates applicable to the assessee. Education cess @ 2% and Secondary and Higher Education Cess @ 1% applicable on tax inclusive of surcharge.
3. In case of resident individual and HUF, where tax liability arises only because of the inclusion of long term capital gains, tax to be levied at 20% or 10% as the case may be, on the excess over the minimum exemption limit.
4. In case of resident individual and HUF, relief from LTCG is available in respect of the amount by which the Taxable Income other than LTCG falls short of Basic Exemption Limit.
5. No deduction under Chapter VIA (80C to 80U).

2. Short Term Capital Gains

1. On Equity shares and units
   Short term capital gains arising on transfer of equity shares on recognised stock exchange in India or units of an equity oriented Mutual Fund (if more than 65% of total proceeds of the fund are invested in equity shares), and on which Securities Transaction Tax is chargeable.

Notes:

1. No Deduction under Chapter VI-A (80C to 80U).
2. In case resident individual and HUF, relief from STCG available in respect of the amount by which the taxable income other than STCG, falls short of Basic Exemption Limit.

3. Minimum Alternate Tax payable by Companies – As a percentage of Book Profit

Note:

1. MAT Credit available in respect of MAT paid from A.Y. 2006-07 onwards. From A.Y. 2010-11, MAT Credit allowed to be carried forward for set off for ten years.

4. Alternate Minimum Tax (AMT)

Notes:

1. AMT credit to be allowed for 10 assessment years

5. Advance Tax

No advance tax to be paid by senior citizen if he/she does not have income under head "Profit and Gains of Business or Profession".

*MAT also subject to Advance Tax. Refer Circular No. 13 of 2001, [252 ITR (St) 52]

**AMT also subject to Advance tax.