Respected Sir
What is limit of taxabla income to male and female for FY 2016-17, AY 2017-18.
What are the rates of tax (slab limit)?
Is their any change in deduction u/s 80C and others?
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Tds on salary for fy 2016-17
Replies (4)
Limit for individuals
0-2.5 Lacs - NIL
2.5 L- 5L- 10%
5L-10L-20%
above 10 L-30%
80C- Rs 1.5 L
www.mytaxfiling.in
info @ mytaxfiling.in
additional tax deduction of Rs.50,000 u/s 80CCD(1b) is over and above this Rs.150000 limit
Income Tax Slabs for FY 2017-18 (AY 2018-19)
- Tax reduced from 10% to 5% for Income from Rs 2,50,000 – Rs 5,00,000
- Rs 2,500 or 100% rebate in income tax (whichever is lower) for individuals with income below Rs 3.5 Lakhs u/s 87A
- 10% surcharge on income tax if the total income exceeds Rs 50 Lakhs but below Rs 1 crore
- For income above Rs 1 crore the surcharge of 15% remain
Income Tax Slabs:
There is NO separate tax slab for men and women. Earlier women used to have slight benefit over men in terms of lower taxes!
The tax slabs are determined on age of person. As of today there are 3 slab rates based on age:
- Below 60 years of age
- Senior Citizens (60 to less than 80 years of age)
- Very Senior Citizens (80+ years of age)
Income Tax Slab for HUFs & Individuals (below 60 years – for both Men & Women)
| Income Slab | Tax Rate |
| Income up to Rs 2,50,000 | No Tax |
| Income from Rs 2,50,000 – Rs 5,00,000 | 5% |
| Income from Rs 5,00,000 – 10,00,000 | 20% |
| Income more than Rs 10,00,000 | 30% |
|
|
Also Read: 25 Ways Budget 2017 Impacts Your Taxes and Investments
Income tax slab for senior citizens (60 years to less than 80 years old) (both men & women)
| Income Slab | Tax Rate |
| Income up to Rs 3,00,000 | No Tax |
| Income from Rs 3,00,000 – Rs 5,00,000 | 5% |
| Income from Rs 5,00,000 – 10,00,000 | 20% |
| Income more than Rs 10,00,000 | 30% |
|
|
Income tax slab for Very senior citizens (80 years or more) (both men & women)
| Income Slab | Tax Rate |
| Income up to Rs 2,50,000 | No Tax |
| Income from Rs 2,50,000 – Rs 5,00,000 | No Tax |
| Income from Rs 5,00,000 – 10,00,000 | 20% |
| Income more than Rs 10,00,000 | 30% |
|
|
Income tax slab for Domestic Companies:
| Company Turnover | Tax Rate |
| Less than 50 crore | 25% |
| More than 50 crore | 30% |
| Surcharge:
Education Cess: 2% cess on income tax including surcharge Secondary and Higher Education Cess: 1% cess on income tax including surcharge |
|
Read the attached file it will clear all your doubts
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