Monday 22 October 2018

Income Tax Slab Rates for F.Y. 2018-19 & A.Y. 2019-2020 (Non-individual)


Income Tax Slab Rates for F.Y. 2018-19 & A.Y. 2019-2020 (Non-individual)
Income tax rates on partnership firms, corporate income tax, income tax on co-operative societies and Local Authorities, being a resident of India.
1.      Income Tax on Partnership Firm (Including LLP) / Local Authorities
Sl. No.
Net Income Level
Rate of Income Tax
i.
Income up to 1 (One) Crore
30% (No Surcharge)
ii.
Income greater than 1 (One) Crore
30% (12% Surcharge)
Note: 1. Health and Education Cess @4% applicable for all cases

2.      Corporate/Company Income Tax
Sl. No.
Gross Turnover
Tax Rate
Domestic Company

i.
up to 250 Crore
25%
ii.
Exceeding 250 Crore
30%

Sl. No.
Particulars
Tax Rate
Foreign Company

i.
Income Tax @50% on (i) Royalty received from government or an Indian concern in pursuance of an agreement (approved by Central government) between April 1, 1961 and 31 March, 1976 (ii) Fees for providing technical services in pursuance of an agreement (approved by Central government) made between February 29, 1964 and April 1, 1976
50%
ii.
Any other income
40%


Sl. No.
Taxable Income
Surcharge
Domestic Company
Foreign Company
i.
Up to Rs. 1 Crore
NIL
NIL
ii.
Exceeding Rs. 1 Crore
7%
2%
iii.
Exceeding Rs. 10 Crore
12%
5%

Note: 1. Health and Education Cess @4% applicable for all cases
Note: 2. Surcharges:
(i): Domestic Company: However, the amount of Income Tax and Surcharge shall not be increased the amount of Income Tax payable on a Taxable Income of Rs. 1,00,00,000 by more than the amount of Increase in Taxable Income
(ii) Domestic Company: However, the amount of Income Tax and Surcharge shall not be increased the amount of Income Tax payable on a Taxable Income of Rs. 10,00,00,000 by more than the amount of Increase in Taxable Income
(iii) Foreign Company: However, the amount of Income Tax and Surcharge shall not be increased the amount of Income Tax payable on a Taxable Income of Rs. 1,00,00,000 by more than the amount of Increase in Taxable Income

 (iv) Foreign Company: However, the amount of Income Tax and Surcharge shall not be increased the amount of Income Tax payable on a Taxable Income of Rs. 10,00,00,000 by more than the amount of Increase in Taxable Income


3.      Income tax on Cooperative Societies

Sl. No.
Net Income Level
Rate of Income Tax
i.
Income up to 10000
10% (No Surcharge)
ii.
Income Rs. 10001 to Rs. 20000
20% (No Surcharge)
iii.
Income Rs. 20001 to Rs. 10000000
30% (No Surcharge)
Iv
Income more than 1 (One) Crore
30% (12% Surcharge)

Note: 1. Health and Education Cess @4% applicable for all cases

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