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

Sunday, March 6th, 2016 Amritesh one response

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 2,50,000/-*
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 However if the taxable income exceeds Rs 5,00,000/- the rebate is withdrawn.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.
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Amritesh is an experienced professional in the field of HR, Finance and Compliance. He is currently working in the IT Industry with an US based firm. He took up Blogging as a hobby which eventually turned into passion. He primarily focuses on topics related to Personal Finance, HR, Compliance and Technology.

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