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Rates of income-tax in respect of income liable to tax for the assessment year 2018-19

Budget - Dated:- 5-2-2018 - A. RATES OF INCOME-TAX I. . In respect of income of all categories of assessees liable to tax for the assessment year 2018-19, the rates of income-tax have been specified in Part I of the First Schedule to the Bill. These are the same as those laid down in Part III of the First Schedule to the Finance Act, 2017 for the purposes of computation of advance tax , deduction of tax at source from Salaries and charging of tax payable in certain cases. (1) Surcharge on income .....

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s fifty lakh rupees but does not exceed one crore rupees, and (ii) at the rate of fifteen per cent. of such tax, where the income or the aggregate of income paid or likely to be paid and subject to deduction exceeds one crore rupees; (iii) surcharge will also be levied at the appropriate rates in cases where these persons are liable to tax under section115JC of the Act. (b) in the case of cooperative societies, firms or local authorities having total income exceeding one crore rupees, surcharge .....

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he Union calculated at the rate of seven per cent. of such income tax; (ii) having total income exceeding ten crore rupees, the amount of income-tax computed shall be increased by a surcharge for the purposes of the Union calculated at the rate of twelve per cent. of such income-tax; and (iii) surcharge will also be levied at the appropriate rates in cases where the company is liable to tax under section 115JBof the Act. (d) in the case of a company, other than a domestic company,- (i) having to .....

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te rates in cases where the company is liable to tax under section 115JB of the Act. (e) In other cases (including sections 115-O, 115QA, 115R, 115TA or 115TD), the surcharge shall be levied at the rate of twelve per cent.. (2) Marginal Relief- Marginal relief has also been provided in all cases where surcharge is proposed to be imposed. (3) Education Cess- For assessment year 2018-19, additional surcharge by way of Education Cess on income-tax and Secondary and Higher Education Cess on income-t .....

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rt II of the First Schedule to the Bill. The rates for all the categories of persons will remain the same as those specified in Part II of the First Schedule to the Finance Act, 2017, for the purposes of deduction of income-tax at source during the financial year 2017-18. However, in case of long-term capital gain referred to in section 112A of the Act, tax shall now be deducted at source at the rate of 10 per cent.. (1) Surcharge- The amount of tax so deducted, in the case of a non-resident per .....

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incomes paid or likely to be paid and subject to the deduction exceeds one crore rupees; and (b) in case of a firm or cooperative society, at the rate of twelve per cent. of such tax, where the income or the aggregate ofsuch incomes paid or likely to be paid and subject to the deduction exceeds one crore rupees. The amount of tax so deducted, in the case of a company other than a domestic company, shall be increased by a surcharge,- (a) at the rate of two per cent. of such tax, where the income .....

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continued. However, a new cess, by the name of Health and Education Cess shall be levied at the rate of four per cent. of income tax including surcharge wherever applicable, in the cases of persons not resident in India including company other than a domestic company. III. Rates for deduction of income-tax at source from Salaries , computation of advance tax and charging of income-tax in special cases during the financial year 2018-19. The rates for deduction of income-tax at source from Salarie .....

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g India for good during the financial year, assessment of persons who are likely to transfer property to avoid tax, assessment of bodies formed for a short duration, etc. The salient features of the rates specified in the said Part III are indicated in the following paragraphs- A. Individual, Hindu undivided family, association of persons, body of individuals, artificial juridical person. Paragraph A of Part-III of First Schedule to the Bill provides following rates of income-tax:- (i) The rates .....

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#8377; 10,00,000 20 per cent.. Above ₹ 10,00,000 30 per cent.. (ii) In the case of 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,- Upto ₹ 3,00,000 Nil. ₹ 3,00,001 to ₹ 5,00,000 5 per cent.. ₹ 5,00,001 to ₹ 10,00,000 20 per cent.. Above ₹ 10,00,000 30 per cent.. (iii) in the case of every individual, being a resident in India, who is of the age of eight .....

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me-tax in case of a person having a total income exceeding one crore rupees. However, in case of (i) above, the total amount payable as income-tax and surcharge on total income exceeding fifty lakh rupees but not 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 fifty lakh rupees by more than the amount of income that exceeds fifty lakh rupees. Further, in case of (ii) above .....

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d for financial year 2017-18. The amount of income-tax shall be increased by a surcharge at the rate of twelve per cent. of such income-tax in case of a co-operative society having a total income exceeding one crore rupees. However, the total amount payable as income-tax and surcharge on total income exceeding one crore rupees 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. C. Firms In .....

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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. D. Local authorities The rate of income-tax in the case of every local authority has been specified in Paragraph D of Part III of the First Schedule to the Bill. This rate will continue to be the same as that specified for the financial year 2017-18. The amount of income-tax shall be increased by a surcharge at the rate of twelve per cent. of such .....

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case of domestic company, the rate of income-tax shall be twenty five per cent. of the total income if the total turnover or gross receipts of the previous year 2016-17 does not exceed two hundred and fifty crore rupees and in all other cases the rate of Income-tax shall be thirty per cent. of the total income. In the case of company other than domestic company, the rates of tax are the same as those specified for the financial year 2017-18. Surcharge at the rate of seven per cent. shall contin .....

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