As per Budget 2017 proposed by our Fin. Minister on 01.02.2017 new revised income tax rates in case of every Individual (other than those mentioned in (ii) and (iii) below or HUF family or every Association of Persons or Body of Individuals, whether incorporated or not, or every Artificial Judicial person referred to in Sub-clause (VII) of Clause (31) of Section 2 of the Act (not being a case to which any other Paragraph of Part III applies) are as under : -
In the case of every individual, being a resident in India, who is of the age of sixty years or more but less than eighty years at any time during the previous year -
In the case of every individual, being a resident in India, who is of the age of 80 years or more at anytime during the previous years -
The amount of income tax computed in accordance with the preceding provisions of he Paragraph shall be increased by a surcharge at the rate of :-
(1) 10% of such Income Tax in case of a person having a total income Exceeding Rs.50.00 Lakhs but not exceeding Rs.1.00 Crore.
(2) 15 % of such Income Tax in case of a person having a total income exceeding Rs.1.00 Crore.
*Rebate U/s 87A is applicable as earlier for those whose income is below Rs.5.00 Lakh.
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