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Comprise taxation on income earned in a financial year a part of which is taxable as per rates prescribed for that year. With the financial year running from 1 April to 31 March of following year, broadly taxpayers are classified as residents or non- residents where the individual taxpayers can be classified as 'residents but not ordinary residents'.
An person shall be deemed resident in India if he / she is in India in a tax year for:
. A resident is "not normally resident" in India in every tax year if he/she:
Employment is classified into 5 broad headings / classes where the taxable portion of employment is calculated in compliance with the regulations for the individual heading / class of income accompanied by averaging for the calculation of the overall taxable income. These include:
Salaries – Earned against benefits given, including salaries, insurance, fines, bonuses and the taxable benefit of perquisites.
Profits from household property that contain profits from the usage of residential / commercial properties. In this situation, only two specified deductions are authorized when calculating profits.
Business / Professional earnings and benefits that include income gained by business / profession that is free of permissible deductions against income received.
Capital Profits which include profits resulting from the sale of capital assets and the retention duration which defines the status of the asset and which then specifies the form of taxation. Gains cover short-term investments and long-term capital assets.
Profits from Certain Accounts that are the remaining head / class of taxes for any profits not expressly dealing with in such headings.
For foreign nationals, Indian tax law provides exemption of income earned subject to prescribed conditions. This is based on conditions like –
|Income Range||Very senior Citizen(who is
80 years or above at any
time during previous year)
|Senior Citizen(who is 60 years
or above but below 80 years
at any time during previous year)
|General Category & non Resident
Other than (a) & (b)
|Upto Rs. 2,50,000||Nil||Nil||Nil|
|Rs. 2,50,001 to Rs. 3,00,000||Nil||Nil||5%|
|Rs. 3,00,001 to Rs 5,00,000||Nil||5%||5%|
|Rs. 5,00,001 to Rs 10,00,000||20%||20%||20%|
|Above Rs. 10,00,000||30%||30%||30%|
*For the financial year 2017-18, the Minister of Finance has given a maximum discount of Rs. 2,500 under Section 87A which is a RESIDENT Person & Gross Income Except Deductions (under Section 80) equal to or less than Rs 3,50,000. If any of the above requirements are fulfilled, a refund of Rs 2500 would be made available under Section 87A. The rebate is limited to Rs 2,500. That implies, if the overall tax payable is less than Rs 2500, the lower sum of tax would be the refund under Section 87A. This discount is added to the overall tax until the implementation of Education Cess (3 per cent). This exemption is also applicable to seniors who are 60 years of age but under 80 years of age.
Surcharge: 10% of income tax, if the total income reaches Rs.50 lakh but up to Rs.1 crore and 15% of income tax, if the annual income reaches Rs.1 crore.
Domestic Company - Turnover upto Rs. 50 crores
Domestic Company - Turnover exceeding Rs. 50 crores
Firms Foreign Company
Kinds of Taxes
Partnership Firms and LLPs (Limited Liability Partnerships) are to be taxed at the rate of 30%.
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