Income Tax Slabs & Rates
Income Tax Slabs & Rates
Income Tax Slabs and Rates for Financial Year: 2016-17
| Income Tax Slab | Individuals below the age of 60 years |
|---|---|
| Up to `2,50,000 | Nil |
| 2,50,001 to 5,00,000 | 10% of total income exceeding 2,50,000 |
| 5,00,001 to 10,00,000 | 25,000 + 20% of total income exceeding 5,00,000 |
| Above 10,00,000 | 1,25,000 + 30% of total income exceeding 10,00,000 |
Income tax slabs after the Budget announcement on 1st February, 2017^
| Income Tax Slab | Individuals below the age of 60 years |
|---|---|
| Up to `2,50,000 | Nil |
| 2,50,001 to 5,00,000 | 5% of total income exceeding 2,50,000 |
| 5,00,001 to 10,00,000 | 25,000 + 20% of total income exceeding 5,00,000 |
| Above 10,00,000 | 1,25,000 + 30% of total income exceeding 10,00,000 |
| Income Tax Slab | Senior Citizens (aged 60 years but less than 80 years) |
|---|---|
| Up to 2,50,000 | Nil |
| 2,50,001 to 3,00,000 | Nil |
| 3,00,001 to 5,00,000 | 10% of total income exceeding 3,00,000 |
| 5,00,001 to 10,00,000 | 20,000 + 20% of total income exceeding 5,00,000 |
| Above 10,00,000 | 1,20,000 + 30% of total income exceeding 10,00,000 |
| Income Tax Slab | Very Senior Citizens (aged 80 years and above) |
|---|---|
| Up to 2,50,000 | Nil |
| 2,50,001 to 3,00,000 | Nil |
| 3,00,001 to 5,00,000 | Nil |
| 5,00,001 to 10,00,000 | 20% of total income exceeding 5,00,000 |
| Above 10,00,000 | 1,00,000 + 30% of total income exceeding 10,00,000 |
Above rates does not include Surcharge and Cess.
- 15% surcharge is applicable on income tax if income is above 1 crore
- 2% Education cess and 1% Secondary and Higher Education Cess is applicable on the income tax and applicable surcharge.
Tax rates and slabs are same for Male and Female as per above table
For individuals earning income below 5 lakhs, tax rebate of upto 5,000 under section 87A is available
| Particulars (.) | Ravi | Ramesh | Rahul | |
|---|---|---|---|---|
| Annual Salary | 5,00,000 | 10,00,000 | 15,00,000 | |
| Less: Medical Reimbursement | 15,000 | 15,000 | 15,000 | |
| Less : Deduction u/s 80C | 80,000 | 1,50,000 | 1,50,000 | |
| Less : HRA deduction as per section 10(13A) | 92,000 | 1,00,000 | 1,50,000 | |
| Gross Taxable Income (GTI) | 3,13,000 | 7,35,000 | 11,85,000 | |
| Tax computation on GTI | ||||
| Up to 2,50,000 | - | - | - | |
| 2,50,001 to 5,00,000 | 6,300 | 25,000 | 25,000 | |
| 5,00,001-10,00,000 | - | 47,000 | 1,00,000 | |
| Above 10,00,001 | - | - | 55,500 | |
| A | Total tax | 6,300 | 72,000 | 1,80,500 |
| B | Less Rebate u/s 87A | 5,000 | - | - |
| C | 2% Education & 1% Secondary & Higher Education Cess on (A-B) | 39 | 2,160 | 5,415 |
| Tax Payable (A-B+C) | 1,339 | 74,160 | 1,85,915 | |
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^Source: http://economictimes.indiatimes.com/wealth/tax/latest-income-tax-slabs/articleshow/56201289.cms
ADVT No - W/II/1045/2016-17
