Key Highlights of Finance Act 2017-Relevant to Income Tax

Income Tax Rates for Financial Year 2017-18

Plus: Surcharge: @ 10% of the Income Tax if taxable income exceeds ` 50 lacs or @ 15% of the Income Tax if taxable income exceeds ` 1 crore. Education Cess: 3% of the total of Income Tax and Surcharge.

Plus: Surcharge: 12% of the Income Tax if taxable income exceeds 1 crore. Education Cess: 3% of the total of Income Tax and Surcharge




Firm/Local Authority

Taxable @ 30% plus surcharge: 12% of the Income Tax if taxable income exceeds ` 1 crore. Education Cess: 3% of the total of Income Tax and Surcharge

Domestic Company

Tax rate: 30% (Tax Rate is 25% if turnover or gross receipt of the company in the previous year 2015-16 doesn’t exceed 50 crore)

Plus: Surcharge: 7% of the Income-tax if taxable income exceeds 1 crore or 12% of the income-tax if taxable income exceeds 10 crores. Education Cess: 3% of the total of Income Tax and Surcharge

Foreign Company

Tax rate: 40%

Plus: Surcharge: 2% of the Income-tax if taxable income exceeds 1 crore or 5% of the income-tax if taxable income exceeds 10 crores. Education Cess: 3% of the total of Income Tax and Surcharge