New Updated Income Tax Slab Rate For Society, Firm, Company Year 31-3-2018

Hello Namaskar, Dosto aaj ke is video me hum log Income Tax Slab Rate for Co-operative Societies, Partnership Firm & Company; Domestic & Foreign Ke liye applicable for Financial Year 2017-2018 (Assessment Year 2018-2019) ko detail me cover kar rahe hain.
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Income Tax Rates:
Partnership Firm
For the Assessment Year 2017-18 and 2018-19, a partnership firm (including LLP) is taxable at 30%.
Add:
a) Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).
b) Education Cess: 2%
c) Secondary and Higher Education Cess: 1%

Local Authority
For the Assessment Year 2017-18 and 2018-19, a local authority is taxable at 30%.
Add:
a) Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).
b) Education Cess: 2%
c) Secondary and Higher Education Cess: 1%

Domestic Company
For the Assessment Year 2017-18 and 2018-19, a domestic company is taxable at 30%. For Assessment Year 2017-18, tax rate would be 29% where turnover or gross receipt of the company does not exceed Rs. 5 crore in the previous year 2014-15.However, for Assessment year 2018-19, tax rate would be 25% where turnover or gross receipt of the company does not exceed Rs. 50 crore in the previous year 2015-16.
Add:
a) Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 7% of such tax, where total income exceeds one crore rupees but not exceeding ten crore rupees and at the rate of 12% of such tax, where total income exceeds ten crore rupees. However, the surcharge shall be subject to marginal relief, which shall be as under:
(i) Where income exceeds one crore rupees but not exceeding ten crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees.
(ii) Where income exceeds ten crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees.
b) Education Cess: 2%
c) Secondary and Higher Education Cess: 1%

Foreign Company
Assessment Year 2017-18 and Assessment Year 2018-19
Nature of Income Tax Rate
Royalty received from Government or an Indian concern in pursuance of an agreement made with the Indian concern after March 31, 1961, but before April 1, 1976, or fees for rendering technical services in pursuance of an agreement made after February 29, 1964 but before April 1, 1976 and where such agreement has, in either case, been approved by the Central Government 50%
Any other income 40%
Add:
a) Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 2% of such tax, where total income exceeds one crore rupees but not exceeding ten crore rupees and at the rate of 5% of such tax, However, the surcharge shall be subject to marginal relief.
b) Education Cess: 2%
c) Secondary and Higher Education Cess: 1%

Co-operative Society
Assessment Year 2017-18 and Assessment Year 2018-19
Taxable income Tax Rate
Up to Rs. 10,000 10%
Rs. 10,000 to Rs. 20,000 20%
Above Rs. 20,000 30%
Add:
a) Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, surcharge shall be subject to marginal relief.
b) Education Cess: 2%
c) Secondary and Higher Education Cess: 1%

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