INCOME TAX SLAB 2016-2017 (FY) 2017-2018 (AY), INCOME TAX SLAB AS PER BUDGET 2016-17 IN INDIA

What is Income Tax Rate for Financial Year 2016-17 (FY), Assessment Year 2017-18 (AY)? Income Slab and Income tax Rate Applicable for the period from 01.04.2016 to 31.03.2017 for different categories of income tax payers as per the Budget Proposal 2016-17.
 

 

 

Individual resident aged below 60 years
Senior Citizen
Super Senior Citizen
NRI / HUF / AOP / BOI / AJP
Co-operative Society
Partnership Firm
Local Authority
Domestic Company - Turnover upto Rs. 5 Cr.
Domestic Company - Turnover exceeding Rs. 5 Cr.
Other Company

 

I. Resident Individual aged below 60 years Income tax Rates for F Y 2016-17

(Born on or after 1.4.1957)

Income Slabs Income Tax Rate
Where Taxable Income does not exceed Rs. 2,50,000/- Nil
Where Taxable Income exceed Rs. 2,50,000/- but does not exceed Rs. 5,00,000/- 10% of amount by which the taxable income exceeds Rs. 2,50,000/-.
Less : Tax Credit u/s 87A - 10% of taxable income upto a maximum of Rs. 5000/-.
Where Taxable Income exceed Rs. 5,00,000/- but does not exceed Rs. 10,00,000/- Rs. 25,000/- + 20% of amount by which the taxable income exceeds Rs. 5,00,000/-
Where Taxable Income exceed Rs. 10,00,000/- Rs. 1,25,000/- + 30% of amount by which the taxable income exceeds Rs. 10,00,000/-

Surcharge : 15% of the Income Tax, where taxable income is more than Rs. 1 crore

Education Cess: 3% of the total of Income Tax and Surcharge.

II. Senior Citizen Income Tax Rate for F Y 2016-17

(Individual resident who is of the age of 60 years or more but below the age of 80 years at any time during the previous year i.e. born on or after 1st April 1937 but before 1st April 1957)

Income Slabs Income Tax Rate
Where Taxable Income does not exceed Rs. 3,00,000/-

Less : Tax Credit u/s 87A - 10% of taxable income upto a maximum of Rs. 5000/-

Nil
Where Taxable Income exceed Rs. 3,00,000/- but does not exceed Rs. 5,00,000/- 10% of amount by which the taxable income exceeds Rs. 2,50,000/-.
Less : Tax Credit u/s 87A - 10% of taxable income upto a maximum of Rs. 5000/-.
Where Taxable Income exceed Rs. 5,00,000/- but does not exceed Rs. 10,00,000/- Rs. 20,000/- + 20% of amount by which the taxable income exceeds Rs. 5,00,000/-
Where Taxable Income exceed Rs. 10,00,000/- Rs. 1,20,000/- + 30% of amount by which the taxable income exceeds Rs. 10,00,000/-

Surcharge : 15% of the Income Tax, where taxable income is more than Rs. 1 crore

Education Cess: 3% of the total of Income Tax and Surcharge.

III. Super Senior Citizen - Income Tax Rates for F Y 2016-17

(Individual resident who is of the age of 80 years or more at any time during the previous year i.e. born before 1st April 1937)

Income Slabs Income Tax Rate
Where Taxable Income does not exceed Rs. 5,00,000/- Nil
Where Taxable Income exceed Rs. 5,00,000/- but does not exceed Rs. 10,00,000/- 20% of amount by which the taxable income exceeds Rs. 5,00,000/-
Where Taxable Income exceed Rs. 10,00,000/- Rs. 1,00,000/- + 30% of amount by which the taxable income exceeds Rs. 10,00,000/-

Surcharge : 15% of the Income Tax, where taxable income is more than Rs. 1 crore

Education Cess: 3% of the total of Income Tax and Surcharge.

IV. Non Resident Indian (NRI) or House of Undivided Family (HUF) or Association of Persons (AOP) or Body of Individuals (BOI) or Artificial Judicial Person (AJP) Income Tax Rates for F Y 2016-17

Income Slabs Income Tax Rate
Where Taxable Income does not exceed Rs. 2,50,000/- Nil
Where Taxable Income exceed Rs. 2,50,000/- but does not exceed Rs. 5,00,000/- 10% of amount by which the taxable income exceeds Rs. 2,50,000/-.
Where Taxable Income exceed Rs. 5,00,000/- but does not exceed Rs. 10,00,000/- Rs. 25,000/- + 20% of amount by which the taxable income exceeds Rs. 5,00,000/-
Where Taxable Income exceed Rs. 10,00,000/- Rs. 1,25,000/- + 30% of amount by which the taxable income exceeds Rs. 10,00,000/-

Surcharge : 15% of the Income Tax, where taxable income is more than Rs. 1 crore

Education Cess: 3% of the total of Income Tax and Surcharge.

V. Co-operative Society - Income Tax Rates for F Y 2016-17

Income Slabs Income Tax Rate
Where Taxable Income does not exceed Rs. 10,000/- 10%
Where Taxable Income exceed Rs. 10,000/- but does not exceed Rs. 20,000/- Rs. 1,000/- + 10% of amount by which the taxable income exceeds Rs. 10,000/-.
Where Taxable Income does exceed Rs. 5,00,000/- but does not exceed Rs. 10,00,000/- Rs. 25,000/- + 20% of amount by which the taxable income exceeds Rs. 5,00,000/-
Where Taxable Income does exceed Rs. 20,000/- Rs. 3,000/- + 30% of amount by which the taxable income exceeds Rs. 20,000/-

Surcharge : 12% of the Income Tax, where taxable income is more than Rs. 1 crore

Education Cess: 3% of the total of Income Tax and Surcharge.

 

VI. Partnership Firm - Income Tax Rates for Financial Year 2016-17

Income Tax : 30% of Taxable Income

Surcharge : 12% of the Income Tax, where taxable income is more than Rs. 1 crore

Education Cess: 3% of the total of Income Tax and Surcharge.

 

VII. Local Authority - Income tax Rates for Financial Year 2016-17

Income Tax : 30% of Taxable Income

Surcharge : 12% of the Income Tax, where taxable income is more than Rs. 1 crore

Education Cess: 3% of the total of Income Tax and Surcharge.

 

VIII. Domestic Company - Income Tax Rate for Financial Year 2016-17

Turnover upto Rs. 5 Crores

Income Tax : 29% of Taxable Income

Surcharge : The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge

Education Cess: 3% of the total of Income Tax and Surcharge.

IX . Domestic Company - Income Tax Rates for Financial Year 2016-17

Turnover exceeding Rs. 5 Crores

Income Tax : 30% of Taxable Income

Surcharge : The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge

Education Cess: 3% of the total of Income Tax and Surcharge.

X . Other than a domestic Company - Income Tax Rates for Financial Year 2016-17

Income Tax :

Surcharge : The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge

Education Cess: 3% of the total of Income Tax and Surcharge.

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