Expected income tax slab rates for union budget 2016

CA Umashankar Vaishnav (Service in Cement Manufacturing Organization)   (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%

##

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

##

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

##

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%

##

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

##

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