03 August, 2015

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Income Tax Rates for Individuals, HUF–Assessment Year 2016-17

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Income Tax Rates for Individuals, HUF , AOP, BOI & Artificial Juridical Person - Rates For the Assessment Year 2016-2017

Special Rates for Resident Women (who is below 60 years at any time during the previous year): - Not applicable w.e.f A.Y 2014-15

Special Rates for Resident Super Senior Citizen (who is 80 years or more at any time during the previous year)


 Income Tax Rates for Individuals, HUF , AOP, BOI & Artificial Juridical Person - Rates For the Assessment Year 2016-2017



Net Income Range



Income Tax Rates



Tax




Upto ₹ 2,50,000




Nil




Nil





₹ 2,50,000 - ₹ 5,00,000




10%




10% of total income minus ₹ 2,50,000




See Notes




₹ 5,00,000 - ₹ 10,00,000




20%




₹ 25,000 + 20% of total income minus ₹ 5,00,000




--do--




Above ₹ 10,00,000




30%




₹ 1,25,000 + 30% of total income minus ₹ 10,00,000




--do--




Special Rates for Resident Women (who is below 60 years at any time during the previous year): - Not applicable w.e.f A.Y 2014-15


Special Rates for Resident Senior Citizen (who is 60 years or more at any time during the previous year)



Net Income Range



Income Tax Rates



Tax




Upto ₹ 3,00,000




Nil




Nil





₹ 3,00,000 - ₹ 5,00,000




10%




10% of total income minus ₹ 3,00,000




See Notes




₹ 5,00,000 - ₹ 10,00,000




20%




₹ 20,000 + 20% of total income minus ₹ 5,00,000




--do--




Above ₹ 10,00,000




30%




₹ 1,20,000 + 30% of total income minus ₹ 10,00,000




--do--




Special Rates for Resident Super Senior Citizen (who is 80 years or more at any time during the previous year)



Net Income Range



Income Tax Rates



Tax




Upto ₹ 5,00,000




Nil




Nil




See Notes




₹ 5,00,000 - ₹ 10,00,000




20




20% of total income minus ₹ 5,00,000




--do--




Above ₹ 10,00,000




30%




₹ 1,00,000 + 30% of total income minus ₹ 10,00,000




--do--





Notes:
for the Assessment Year 2016-2017


Note 1: - Add Surcharge - 12% if income exceeds ₹ 1 Crores - with marginal relief.


Note 2: - Add Education Cess - E. Cess is 2% of Income Tax & Surcharge


Note 3: - Add Secondary and Higher Education Cess - SHE. Cess is 1% of Income Tax & Surcharge


Note 4:- Rebate - Upto ₹ 2,000 U/s 87A - Any individual who is resident in India is eligible for this rebate, if total income is not
exceeding ₹ 500,000 This rebate is not allowed to HUF, AOP or BOI.


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