Tax Rates* For Individuals Financial Year 2016-17

Rate of tax for Individuals for Financial year 2016-17 is as below:

For individuals below the age of 60 years (including women):

 

Total Income / Income Slab Rate of Tax
₹0 - 2,50,000 Nil
₹2,50,001 - 5,00,000 10% of total income exceeding ₹2,50,000
₹5,00,001 - 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

For senior citizens (aged 60 years but less than 80 years):

 

 

Total Income / Income Slab Rate of Tax
₹0 - 3,00,000 Nil
₹3,00,001 - 5,00,000 10% of total income exceeding ₹3,00,000
₹5,00,001 - 1000000 ₹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

For super senior citizens (aged 80 and above):

 

Total Income / Income Slab Rate of Tax
₹0 - 5,00,000 Nil
₹5,00,001 - 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

Please note that the above rates exclude 15% Surcharge on Income Tax where taxable income exceeds ₹1 crore.
Education cess at 3% on the Income tax & Surcharge to be added. 

*Tax benefits are subject to other provisions of the Income Tax Act, 1961. Tax laws are subject to amendments made thereto from time to time.
^Winner Life Insurance Category, survey by Nielsen.

 

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