Expected income tax slab rates for union budget 2016

umashankar vaishnav (Accounts Dept. Shree Cement - SAP S/4 Hana FICO)   (1069 Points)

23 February 2016  

EXPECTED INCOME TAX SLAB RATES TO BE ANNOUNCE IN UNION BUDGET 2016

Income Tax Slab Rates for A.Y. 2017-18 (F.Y. 2016-17)

Rates for Men’s and Women’s are Same for AY 2017-18

Sr. No.

Income

Tax Rates

i)

Upto Rs. 300000

NIL

ii)

Rs. 300000 To Rs. 500000

10%

iii)

Rs. 500000 To Rs. 1000000

20%

iv)

Income above Rs. 1000000

30%

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Exclusive of surcharge @  12% for A.Y. 2017-18 whose total income exceeds 1 crore.

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3% Education Cess, Secondary & Higher Education Cess will be applicable on income tax & surcharge

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Note – Rebate under Section 87A: The rebate is available to a resident individual if his total income does not exceed Rs. 5,00,000. The amount of rebate shall be 100% of income-tax or Rs. 2,000, whichever is less.

Income Tax Slabs for Individuals for 60 years or above but below 80 years A.Y.2017-18

Sr. No.

Income

Tax Rates

i)

Upto Rs. 400000

NIL

ii)

Rs. 400000 To Rs. 500000

10%

iii)

Rs. 500000 To Rs. 1000000

20%

iv)

Income above Rs. 1000000

30%

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Surcharge will be applicable @ 10% when total taxable income is over 1 crore.

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3% education cess will be applicable on income tax & surcharge

Income Tax Slab for Individuals Over 80 Years A.Y.2017-18

Sr. No.

Income

Tax Rates

i)

Upto Rs. 800000

NIL

ii)

Rs. 800000 To Rs. 1000000

20%

iii)

Income above Rs. 1000000

30%

##

Surcharge will be applicable @ 10% when total taxable income is over 1 crore.

##

3% education cess will be applicable on income tax & surcharge