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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%