Posted by & filed under Income Tax 2016.

The Union Finance Minister Shri Arun Jaitley in his Budget Speech ON 29/02/2016 in Lok Sabha  proposed no change in the rate of personal Income-tax. He announced the tax proposals with no change in the rate of tax for companies in respect of the income earned in the financial year 2016-17 assessable in the assessment year 2017-18.

However rebate under section 87A has been increased to 5000 from 2000/- earlier.But 87A relief is available only to persons having taxable income up to 500000/- (income after all deductions).

So if your Taxable income is more than 5 lakh then no benefit is available to you.

Further if your income is more than one crore then surcharge has been increased to 12  to 15%.



ASSESSMENT YEAR 2017-18 RELEVANT TO FINANCIAL YEAR 2016-17


1. Tax Slab for an Individual (resident & below 60 years) or HUF/AOP/BOI/AJP
Income Slabs
Tax Rates
Total income up to Rs. 2.5 Lac
0% Tax
Total income above Rs. 2.5 Lac and below Rs.5 Lac
10% on amount exceeding Rs. 2.5 Lac
Total income above Rs. 5 Lac and below Rs.10 Lac
20% on Income exceeding Rs. 5 Lac + Rs. 25,000
Total income more than Rs. 10 Lac
30% on Income exceeding Rs. 10 Lac + Rs. 1,25,000

* u/s 87A the Individual having taxable income up to Rs. 5 Lac , can claim rebate, on the Actual Tax amount subject to a maximum of Rs.5,000 (earlier limit was 2000)

Where the Taxable Income exceeds Rs. 1 crore, Surcharge @ 15%(earlier 12%) of Income tax is applicable
2. Tax Slab for an Individual (resident & above 60 years but below 80 years)
Income Slabs
Tax Rates
Total income up to Rs. 3.00 Lac
0% Tax
Total income above Rs. 3.00 Lac and below Rs.5 Lac
10% on amount exceeding Rs. 3.00 Lac
Total income above Rs. 5 Lac and below Rs.10 Lac
20% on Income exceeding Rs. 5 Lac + Rs. 20,000
Total income more than Rs. 10 Lac
30% on Income exceeding Rs. 10 Lac + Rs. 1,20,000

* u/s 87A the Individual having taxable income up to Rs. 5 Lac , can claim rebate, on the Actual Tax amount subject to a maximum of Rs.5,000 (earlier limit was 2000)


Where the Taxable Income exceeds Rs. 1 crore, Surcharge @ 15% (earlier 12%)of Income tax is applicable

3. Tax Slab for an Individual (resident & above 80 years)
Income Slabs
Tax Rates
Total income up to Rs. 5 Lac
0% Tax
Total income above Rs. 5 Lac and below Rs.10 Lac
20% on Income exceeding Rs. 5 Lac
Total income more than Rs. 10 Lac
30% on Income exceeding Rs. 10 Lac + Rs. 1 Lac

Where the Taxable Income exceeds Rs. 1 crore, Surcharge @ 15%(earlier 12%) of Income tax is applicable
EDUCATION CESS
The amount of Income-tax shall be increased by Education Cess of 3% on Income-tax.


@courtesy http://www.simpletaxindia.net/



4 Responses to “INCOME TAX SLABS FY 2016-17 AFTER BUDGET 2016 ON 29-02-2016”

  1. GST

    Employee Provident Fund is vital pleasantness provided by corporations and remains, while not a doubt, the favorite product of staff. At the identical time, no worker enjoys it once a write-down is formed on the EPF resulting in them obtaining but what they need. each individual in question and therefore the leader needs to pay a little of it, and along it contributes to the current fund.

    Reply
  2. GST

    Agricultural and Processed Food merchandise Export Development Authority (APEDA) was established by the govt. of Asian nation below the Agricultural and Processed Food merchandise Export Development Authority Act.

    Reply
  3. Devi.Angularjs

    IEEE Final Year Project centers make amazing deep learning final year projects ideas for final year students Final Year Projects for CSE to training and develop their deep learning experience and talents.

    IEEE Final Year projects Project Centers in India are consistently sought after. Final Year Students Projects take a shot at them to improve their aptitudes, while specialists like the enjoyment in interfering with innovation.

    corporate training in chennai corporate training in chennai

    corporate training companies in india corporate training companies in india

    corporate training companies in chennai corporate training companies in chennai

    I have read your blog its very attractive and impressive. I like it your blog. Digital Marketing Company in Chennai Project Centers in Chennai

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.