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Income Tax Slab / Rates for FY 2016-17 AY 2017-18

Tags: total income
The Union Finance Minister Shri Arun
Jaitley in his Budget Speech ON 29/02/2016 in Lok Sabha proposed
no change in the rate of personal Income-tax.
 He
announced the tax proposals with no change in the rate of tax for companies in
respect of the income earned in the financial year 2016-17 assessable in the
assessment year 2017-18.
However rebate under section 87A has been increased to 5000 from 2000/-
earlier. But 87A relief is available only to persons having taxable income up
to 500000/- (income after all deductions). So if your Taxable income is more
than 5 lakh then no benefit is available to you. Further if your income is more
than one crore then surcharge has been increased to 12 to 15%.
1. Tax Slab for an Individual (resident
& below 60 years) or HUF/AOP/BOI/AJP
Income
Slabs
Tax Rates
Total Income up to Rs. 2.5 Lac
0% Tax
Total income above Rs. 2.5 Lac and below Rs.5 Lac
10% on amount exceeding Rs. 2.5 Lac
Total income above Rs. 5 Lac and below Rs.10 Lac
20% on Income exceeding Rs. 5 Lac + Rs. 25,000
Total income more than Rs. 10 Lac
30% on Income exceeding Rs. 10 Lac + Rs. 1,25,000
* u/s 87A the Individual having
taxable income up to Rs. 5 Lac , can claim rebate, on the Actual Tax amount
subject to a maximum of Rs.5,000
 (earlier
limit was 2000)
Where the
Taxable Income exceeds Rs. 1 crore, Surcharge @ 15% (earlier 12%) of
Income tax is applicable
2. Tax
Slab for an Individual (resident & above 60 years but below 80 years)
Income
Slabs
Tax Rates
Total income up to Rs. 3.00 Lac
0% Tax
Total income above Rs. 3.00 Lac and below Rs.5 Lac
10% on amount exceeding Rs. 3.00 Lac
Total income above Rs. 5 Lac and below Rs.10 Lac
20% on Income exceeding Rs. 5 Lac + Rs. 20,000
Total income more than Rs. 10 Lac
30% on Income exceeding Rs. 10 Lac + Rs. 1,20,000
Where the
Taxable Income exceeds Rs. 1 crore, Surcharge @ 15% (earlier 12%)of
Income tax is applicable
3. Tax
Slab for an Individual (resident & above 80 years)
Income
Slabs
Tax Rates
Total income up to Rs. 5 Lac
0% Tax
Total income above Rs. 5 Lac and below Rs.10 Lac
20% on Income exceeding Rs. 5 Lac
Total income more than Rs. 10 Lac
30% on Income exceeding Rs. 10 Lac + Rs. 1 Lac
Where the Taxable Income exceeds Rs. 1 crore, Surcharge @ 15% (earlier 12%) of
Income tax is applicable


EDUCATION
CESS
The
amount of Income-tax shall be increased by Education Cess of 3% on Income-tax.

The post Income Tax Slab / Rates for FY 2016-17 AY 2017-18 appeared first on Tally Knowledge.



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