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) |
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Rates for Men’s and Women’s are Same for AY 2017-18 |
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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. |
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Income Tax Slabs for Individuals for 60 years or above but below 80 years A.Y.2017-18 |
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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 |
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Income Tax Slab for Individuals Over 80 Years A.Y.2017-18 |
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Sr. No. |
Income |
Tax Rates |
i) |
Upto Rs. 800000 |
NIL |
ii) |
Rs. 800000 To Rs. 1000000 |
20% |
iii) |
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 |