NRI's CORNER
F.E.M.A.

NRIs CORNER - TAX  RATES TABLE AS REGARDS TAXABLE INCOME
FOR FOR FINANCIAL YEAR 2018-19 AND 2017-18

FOR THE FINANCIAL YEAR 2018-19

1.    For Individual / HUF

 

TOTAL INCOME (INR)

RATE OF INCOME TAX

i)

0 < 2,50,000

NIL

ii)

2,50,001 < 5,00,000

5.2% (5%+4%) of the amount by which the total income exceeds Rs.2,50,000

iii)

5,00,001 < 10,00,000

Rs.13,000 + 20.8% (20%+4%) of amount by which the total income exceeds Rs.5,00,000

iv)

Total income more than 10,00,000

Rs.1,17,000 + 31.2% (30%+4%) of amount by which the total income exceeds Rs.10,00,000 

v)

Total income more than 50,00,000

Rs.13,65,000 + 34.32% (30%+10%+4%) of amount by which the total income exceeds Rs.50,00,000 

vi)

Total income more than 1,00,00,000

Rs.31,59,000 + 35.88 % (30%+15%+4%) of amount by which the total income exceeds Rs.1,00,00,000

 

2.    For Resident Senior Citizen i.e. who is of an age of 60 years and above, but below 80 years.
 

 

TOTAL INCOME (INR)

RATE OF INCOME TAX

i)

0 < 3,00,000

NIL

ii)

3,00,001 < 5,00,000

5.2% (5%+4%)of the amount by which the total income exceeds Rs.3,00,000

iii)

5,00,001 < 10,00,000

Rs.10,400 + 20.8% (20%+4%)of amount by which the total income exceeds Rs.5,00,000

iv)

Total income more than 10,00,000

Rs.1,14,400 + 31.2% (30%+4%) of amount by which the total income exceeds Rs.10,00,000

v)

Total income more than 50,00,000

Rs.13,62,400 + 34.32% (30%+10%+4%) of amount by which the total income exceeds Rs.50,00,000 

vi)

Total income more than 1,00,00,000

Rs.31,56,400 + 35.88% (30%+15%+4%) of amount by which the total income exceeds Rs.1,00,00,000

3.   For Resident Very Senior Citizen i.e. who is of an age of 80 years and above.

 

TOTAL INCOME (INR)

RATE OF INCOME TAX

i)

0 < 5,00,000

NIL

ii)

5,00,001 < 10,00,000

20.8% (20%+4%) of amount by which the total income exceeds Rs.5,00,000

iii)

Total income more than 10,00,000

Rs.1,04,000 + 31.2% (30%+4%) of amount by which the total income exceeds Rs.10,00,000

iv)

Total income more than 50,00,000

Rs.13,52,000 + 34.32% (30%+10%+4%) of amount by which the total income exceeds Rs.50,00,000 

v)

Total income more than 1,00,00,000

Rs.30,68,000 + 35.88% (30%+15%+4%) of amount by which the total income exceeds Rs.1,00,00,000

 

FOR FINANCIAL YEAR 2017-18 

1.   For Individual / HUF

 

TOTAL INCOME (INR)

RATE OF INCOME TAX

i)

0 < 2,50,000

NIL

ii)

2,50,001 < 5,00,000

5.15 % (5%+3%) of the amount by which the total income exceeds Rs.2,50,000

iii)

5,00,001 < 10,00,000

Rs.12,875 + 20.6% (20%+3%) of amount by which the total income exceeds Rs.5,00,000

iv)

Total income more than 10,00,000

Rs.1,15,875 + 30.9% (30%+3%) of amount by which the total income exceeds Rs.10,00,000 

v)

Total income more than 50,00,000

Rs.13,51,875 + 33.99% (30%+10%+3%) of amount by which the total income exceeds Rs.50,00,000 

vi)

Total income more than 1,00,00,000

Rs.30,51,375 + 35.535% (30%+15%+3%) of amount by which the total income exceeds Rs.1,00,00,000

   
  2.     For Resident Senior Citizen i.e. who is of an age of 60 years and above, but below 80 years.

 

TOTAL INCOME (INR)

RATE OF INCOME TAX

i)

0 < 3,00,000

NIL

ii)

3,00,001 < 5,00,000

5.15% (5%+3%) of the amount by which the total income exceeds Rs.3,00,000

iii)

5,00,001 < 10,00,000

Rs.10,300 + 20.6% (20%+3%) of amount by which the total income exceeds Rs.5,00,000

iv)

Total income more than 10,00,000

Rs.1,13,300 + 30.9% (30%+3%) of amount by which the total income exceeds Rs.10,00,000

v)

Total income more than 50,00,000

Rs.13,49,300 + 33.99% (30%+10%+3%) of amount by which the total income exceeds Rs.50,00,000 

vi)

Total income more than 1,00,00,000

Rs.30,48,800 + 35.535% (30%+15%+3%) of amount by which the total income exceeds Rs.1,00,00,000

 
3.   For Resident Very Senior Citizen i.e. who is of an age of 80 years and above
.

 

TOTAL INCOME (INR)

RATE OF INCOME TAX

i)

0 < 5,00,000

NIL

ii)

5,00,001 < 10,00,000

20.6% (20%+3%) of amount by which the total income exceeds Rs.5,00,000

iii)

Total income more than 10,00,000

Rs.1,03,000 + 30.9% (30%+3%) of amount by which the total income exceeds Rs.10,00,000

iv)

Total income more than 50,00,000

Rs.13,39,000 + 33.99% (30%+10%+3%) of amount by which the total income exceeds Rs.50,00,000 

v)

Total income more than 1,00,00,000

Rs.30,38,500 + 35.535% (30%+15%+3%) of amount by which the total income exceeds Rs.1,00,00,000

 

Special Rates for Income Tax: - (For Financial Year 2018-19 and 2017-18)

4.   Short Term Capital Gain
 

 

TOTAL INCOME (INR)

RATE OF INCOME TAX %

i)

Short Term Capital Gain of Equity Shares or unit of an equity oriented fund

15%

ii)

Other Short Term Capital Gain

As above 1

iii)

Benefit of Threshold Exemption Limit is not available to NRI


5.   Long Term Capital Gain

 

INCOME (INR)

RATE OF INCOME TAX %

i)

Long Term Capital Gain from equity share or

unit of an equity oriented fund

Exempt

ii)

Long Term Capital Gain from listed securities

Tax @ 20% after indexation.

iii)

Long Term Capital Gain from unlisted securities

[In case of a Non-Resident (not being a Company) or a Foreign Company]

10%

iv)

Long term Capital Gains on Specified Assets  (In case of NRI)

·         Shares of Indian Companies (both Public and Private)

·         Debentures of an Indian Public Company

·         Deposits of an Indian Public Company

Government of India Securities

10%

v)

Long Term Capital Gain other than the above

20% subject to Indexation.

vi)

Benefit of Threshold Exemption Limit is not available to NRI



TDS RATE CHART FOR FINANCIAL YEAR 2018-19 AND 2017-18 FOR RETURNING NRIs 

Sr. No.

Nature of Payments

Threshold Limit (in Rs.)

Rate in %

1

Interest From Bank

10000

10

2

Other Interest – eg. On company Deposits, Post Office accounts, etc.

5000

10

3

Commission/Brokerage

15000

5

4

Property Rent

50,000 per month (w.e.f.01/06/2017)

5

5

Professional Fees

30000

10

6

Salary

As above 1

TDS @ Applicable slab Rate

Note – 1

Surcharge and Education Cess is not applicable on TDS on any payment made to Resident except for TDS on Salary

Note – 2

If PAN not provided by the Deductee then rate as per above table or 20% which ever is higher is to be deducted.

Note – 3

So forth status of the Returning NRI is Resident but Not Ordinary Resident (R but NOR), Interest on FCNR Deposits and RFC Deposits is exempt from Tax and hence not liable for TDS. His global income will also not be charged to tax in India


 

 

 

 

 

 
 

 

 

 

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