Income Tax Slabs And Rates For The Financial Year 2016-17 (Assessment Year 2017-18)
INCOME SLABS (INDIVIDUALS BELOW 60 YRS)
Taxable Income not exceeding Rs 2,50,000/-
Rs 2,50,001 but not exceeding Rs 5,00,000/-
10% of Amount above Rs 2,50,000/-*
Rs 5,00,001-Rs 10,00,000/-
Rs 25,000/- Plus 20% of the amount exceeding Rs 5,00,001/-
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 However if the taxable income exceeds Rs 5,00,000/- the rebate is withdrawn.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.