Income Tax Slabs Rates for Financial Year 2016-17

Income Tax Slabs Rates for Financial Year 2016-17

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Income Tax slab rates shows whether one’s income is taxable or not. No changes have been made on the income Tax Slab Rates since its last modification in FY 2014-15 (assessment year AY 2015-16). 

The following are is the tables showing income tax slabs in India, based on the annual income earned by different heads of income.

Depending upon the category and profile of the tax payers, the tax rates and tax slabs have been arranged. 

For Individual Tax Payer (Resident India or NRI): 

Level of Income

Rate of Tax

Up to Rs2,50,000

No Tax

Rs2,50,000 to Rs5,00,000

10%

Rs5,00,000 to Rs10,00,000

20%

Over Rs10,00,000

30%

 

Additions:

  • 12% of the income tax amount is surcharged if the income is greater than Rs1,00,00,000 (Subject to marginal relief).
  • In addition to the surcharge being paid, 2% extra education cess is charged on the income tax amount.
  • In addition to the surcharge being paid, 1% extra secondary and higher education cess are charged on the income tax amount. 

Rebates:

  • For those salaried individuals whose total income is less than Rs5,00,000 a total discount of Rs2,000 amount or 100% of the income tax whichever is lesser is discounted under section 87A of Income Tax Act. 

For Hindu Undivided Families (HUF): 

Level of Income

Rate of Tax

Up to Rs2,50,000

No tax

Rs.2,50,000 to Rs.5,00,000

10%

Rs.5,00,000 to Rs.10,00,000

20%

Over Rs.10,00,000

30%

 

Additions:

  • 12% of the income tax amount is surcharged if the income is greater than Rs1,00,00,000 (Subject to marginal relief).
  • In addition to the surcharge being paid, 2% extra education cess is charged on the income tax amount.
  • In addition to the surcharge being paid, 1% extra secondary and higher education cess are charged on the income tax amount.

Rebates:

  • Under section 87A of income tax act, a total rebate of Rs2,000 or 100% of income tax whichever is less is discounted for Hindu Undivided Families whose total income are less than Rs5,00,000.

For legal Entities Registered as Associations of Persons: 

Level of Income

Rate of Tax

Up to Rs.2,50,000

No tax

Rs.2,50,000 to Rs.5,00,000

10%

Rs.5,00,000 to Rs.10,00,000

20%

Over Rs.10,00,000

30%

 

Additions:

  • 12% of the income tax amount is surcharged if the income is greater than Rs1,00,00,000 (Subject to marginal relief).
  • In addition to the surcharge being paid, 2% extra education cess is charged on the income tax amount.
  • In addition to the surcharge being paid, 1% extra secondary and higher education cess are charged on the income tax amount.

Rebates:

Under section 87A of income tax act, a total rebate of Rs2,000  or 100% of income tax whichever is less is discounted for associations of person whose total income are less than Rs5,00,000.

For Legal Entities Registered as Bodies of Individuals:

Level of Income

Rate of Tax

Up to Rs.2,50,000

No tax

Rs.2,50,000 to Rs.5,00,000

10%

Rs.5,00,000 to Rs.10,00,000

20%

Over Rs.10,00,000

30%

 

Additions:

  • 12% of the income tax amount is surcharged if the income is greater than Rs1,00,00,000 (Subject to marginal relief).
  • In addition to the surcharge being paid, 2% extra education cess is charged on the income tax amount.
  • In addition to the surcharge being paid, 1% extra secondary and higher education cess are charged on the income tax amount. 

Rebates:

Under section 87A of income tax act, a total rebate of Rs2,000  or 100% of income tax whichever is less is discounted for the body of individuals whose total income are less than Rs5,00,000. 

For Other Artificial Judicial Persons:

 

Level of Income

Rate of Tax

Up to Rs.2,50,000

No tax

Rs.2,50,000 to Rs.5,00,000

10%

Rs.5,00,000 to Rs.10,00,000

20%

Over Rs.10,00,000

30%

 

Additions:

  • 12% of the income tax amount is surcharged if the income is greater than Rs1,00,00,000 (Subject to marginal relief).
  • In addition with the surcharge being paid, 2% extra education cess is charged on the income tax amount.
  • In addition to the surcharge being paid, 1% extra secondary and higher education cess are charged on the income tax amount.

Rebates:

Under section 87A of income tax act, a total rebate of Rs2,000  or 100% of income tax whichever is less is discounted for judicial entities whose total income are less than Rs5,00,000.

For Resident Senior Citizens (Over the Age of 60, and Under the Age of 80 on the last day of the Previous Year): 

Level of Income

Rate of Tax

Up to Rs.3,00,000

No tax

Rs.3,00,000 to Rs.5,00,000

10%

Rs.5,00,000 to Rs.10,00,000

20%

Over Rs.10,00,000

30%

  

Additions:

  • 12% of the income tax amount is surcharged if the income is greater than Rs1,00,00,000 (Subject to marginal relief).
  • In addition with the surcharge being paid, 2% extra education cess is charged on the income tax amount.
  • In addition to the surcharge being paid, 1% extra secondary and higher education cess are charged on the income tax amount.

Rebate:

Under section 87A of income tax act, a total rebate of Rs2,000  or 100% of income tax whichever is less is discounted for resident Indian senior citizen whose total income are less than Rs5,00,000.

For Resident Super Senior Citizens (who are over the age of 80 as on the last day of the Previous Year): 

Level of Income

Rate of Tax

Up to Rs.5,00,000

No tax

Rs.5,00,000 to Rs.10,00,000

20%

Over Rs.10,00,000

30%

 

Additions:

  • 12% of the income tax amount is surcharge if the income is greater than Rs1,00,00,000 (Subject to marginal relief).
  • In addition to the surcharge being paid, 2% extra education cess is charges on the income tax amount.
  • In addition with the surcharge being paid, 1% extra secondary and higher education cess is charged on the income tax amount. 

For Partnership Firms:

Limited Liability Partnerships (LLPS) and Partnership Firms will be taxed at the rate of 30%.

Additions:

  • 12% of the income tax amount is surcharged if the income is greater than Rs1,00,00,000 (Subject to marginal relief).
  • In addition with the surcharged being paid, 2% extra education cess is charges on the income tax amount.
  • In addition with the surcharge being paid, 1% extra secondary and higher education cess is charged on the income tax amount. 

For Local Authorities:

Local Authorities will be taxed at the rate of 30%.

Additions:

  • 12% of the income tax amount is surcharged if the income is greater than Rs1,00,00,000 (Subject to marginal relief).
  • In addition with the surcharged being paid, 2% extra education cess is charges on the income tax amount.
  • In addition with the surcharge being paid, 1% extra secondary and higher education cess is charged on the income tax amount. 

For Domestic Companies:

Domestic Companies will be taxed at the rate of 30%.

Addition:

  • 7% of the income tax amount is surcharged if the income of the salaried individual is greater than Rs1,00,00,000. 12% of the income tax amount is surcharged if the income is greater than Rs10,00,00,000 (Subject to marginal relief).
  • In addition with the surcharged being paid, 2% extra education cess is charges on the income tax amount.
  • In addition with the surcharge being paid, 1% extra secondary and higher education cess is charged on the income tax amount. 


 For Foreign Companies: 

Nature of Income

Rate of Tax

As per the agreement made with an Indian concern, in case the income received by foreign firms is in the form of royalties paid by the Indian government rendered according to agreements(After March 31st ,1961 and before April 1st 1076)

50%

In case the received income is in the form of payment for technical service rendered according to the agreement made with an Indian concern(After February 29th 1964, before April 1st 1976)

50%

Any other income

40%

 

Additions:

  • 2%of income tax amount is surcharged if the income is higher than Rs1,00,00,000. 5% of the income tax amount is surcharged if the income is greater than Rs10,00,00,000 (Subject to marginal relief).
  • In addition with the surcharged being paid, 2% extra education cess is charges on the income tax amount.
  • In addition with the surcharge being paid, 1% extra secondary and higher education cess is charged on the income tax amount. 

For Co-operative Societies: 

Level of Income

Rate of Tax

Up to Rs.10,000

10%

Rs.10,000 to Rs.20,000

20%

Over Rs.20,000

30%

 

You may like to Read: How to efile Income Tax


Additions:

  • 12% of the income tax amount is surcharged if the income is greater than Rs1,00,00,000 (Subject to marginal relief).
  • In addition with the surcharged being paid, 2% extra education cess is charges on the income tax amount.
  • In addition with the surcharge being paid, 1% extra secondary and higher education cess is charged on the income tax amount.

 

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