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Income tax Rates for Non-individuals
Income tax rates on partnership firms, corporate income tax, income tax on co-operative societies and Local Authorities in India, EC & SHEC and Surcharge.
Income tax in India is charged at a flat rate for non-individual assesses. The income tax rate for non-individual is provided in the Union Budget 2016, presented in parliament on 29th February 2016. It got the assent of the President of India on 13th May 2016. Accordingly, following are the income tax brackets relevant for Assessment Year 2017-18 (i.e. the financial year 2016-17):
1. Income tax on Partnership firms/ Limited Liability Partnership (LLP)
| Income range | Tax rate | Surcharge* | EC & SHEC [% on (tax + surcharge)] |
|---|---|---|---|
| Up to Rs. 1,00,00,000 | 30% | Nil | 3% |
| More than Rs. 1,00,00,000 | 30% | 12% | 3% |
2. Corporate income tax
a) Domestic Company
| Income range | Tax rate | Surcharge* | EC & SHEC [% on (tax + surcharge)] |
|---|---|---|---|
| Up to Rs. 1,00,00,000 | 30% | Nil | 3% |
| More than Rs. 1,00,00,000 but, Less than Rs. 10,00,00,000 | 30% | 7% | 3% |
| More than Rs. 10,00,00,000 | 30% | 12% | 3% |
*Income tax rate is 29% if turnover for the financial year 2014-15 is below Rs. 5,00,00,000.
b) Foreign Company
| Income range | Tax rate | Surcharge* | EC & SHEC [% on (tax + surcharge)] |
|---|---|---|---|
| Up to Rs. 1,00,00,000 | 40% | Nil | 3% |
| More than Rs. 1,00,00,000 but, Less than Rs. 10,00,00,000 | 40% | 2% | 3% |
| More than Rs. 10,00,00,000 | 40% | 5% | 3% |
3. Income tax on Co-operative Societies
| Income range | Tax rate | Surcharge* | EC & SHEC [% on (tax + surcharge)] |
|---|---|---|---|
| Up to Rs. 10,000 | 10% | Nil | 3% |
| Rs. 10,000 – Rs. 20,000 | 20% | Nil | 3% |
| Rs. 20,000 – Rs. 1,00,00,000 | 30% | Nil | 3% |
| More than Rs. 1,00,00,000 | 30% | 12% | 3% |
4. Income tax on Local Authorities
| Income range | Tax rate | Surcharge* | EC & SHEC [% on (tax + surcharge)] |
|---|---|---|---|
| Up to Rs. 1,00,00,000 | 30% | Nil | 3% |
| More than Rs. 1,00,00,000 | 30% | 12% | 3% |
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