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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

  • At the rate of 7% of such income tax, provided that the taxable income exceeds Rs. 1 crore.
  • At the rate of 12% of such income tax, provided that the taxable income exceeds Rs. 10 crores

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

  • At the rate of 7% of such income tax, provided that the taxable income exceeds Rs. 1 crore.
  • At the rate of 12% of such income tax, provided that the taxable income exceeds Rs. 10 crores

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 :

  • @ 50% of on so much of the taxable income as consist of (a) royalties received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st day of March, 1961 but before the 1st day of April, 1976; or (b) fees for rendering technical services received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 29th day of February, 1964 but before the 1st day of April, 1976, and where such agreement has, in either case, been approved by the Central Government.
  • @ 40% of the balance

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

  • At the rate of 2% of such income tax, provided that the taxable income exceeds Rs. 1 crore.
  • At the rate of 5% of such income tax, provided that the taxable income exceeds Rs. 10 crores

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

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