badge

Sunday, 6 March 2016

Income Tax Slabs And Rates For The Financial Year 2016-17 (Assessment Year 2017-18)



INCOME SLABS (INDIVIDUALS BELOW 60 YRS)
TAX RATES
1.)
Taxable Income not exceeding Rs 2,50,000/-
Nil
2.)
Rs 2,50,001 but not exceeding Rs 5,00,000/-
10% of Amount above Rs 2,00,000/-*
3.)
Rs 5,00,001-Rs 10,00,000/-
Rs 25,000/- Plus 20% of the amount exceeding Rs 5,00,001/-
4.)
Above Rs 10,00,001/-
Rs 1,25,000/- Plus 30% of the amount exceeding Rs 10,00,001/-**

NOTE: *A Tax Rebate of 10% (Rs 5000/- maximum) is available under Sec 87A to individuals whose Taxable Income is in the range of Rs 2,00,001-5,00,000/-. However if the taxable income exceeds Rs 5,00,000/- the rebate is withdrawn.

**Surcharge of 15% if the Total Income exceeds 1 Crore.

Education Cess of 3% is payable on Total Income Tax and on Surcharge if applicable.

Individual Residents who fall in the age bracket of 60-80 years (Senior Citizen) the exemption on Taxable Income is upto to Rs 3,00,000/-.

Individual Residents who are above 80 yrs of age (Super Senior Citizen) the exemption on Taxable Income is upto Rs 5,00,000/-.

Deductions under Sections 80 C-E are available for individuals would be discussed in the upcoming blogs on Tax Planning for Financial Year 2016-17.

1 comment:

  1. Never depend on single income. Make investment to create a second source. See the link below for more info.

    #income
    www.ufgop.org

    ReplyDelete