Income tax slab for financial year 2016-17 pdf

Today we are providing income tax slab rates for assessment year 2016 17. Individuals below 60 yrs income tax slab rate ay 201819 fy 201718 income tax slab income tax rate income upto rs. Oct 16, 2015 rates of income tax in respect of income liable to tax for the financial year 2015 2016 assessment year 2016 2017. Income tax slabs for financial year 201516 or assessment year 2016 17. In this post, we will discuss the relative changes in the tax slab. It got the assent of the president of india on th may 2016. Particulars tax rates 1 individual male and female. Income tax rates slabs for financial year 201516 assessment year 201617 for male individuals below 60 years resident of india income tax rates up to 250000. Incometax slab rates for individual for fy 201516 ay 201617. Income tax at a glance among direct taxes, income tax is the main source of revenue.

Senior citizen 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. Income tax rates for financial year 201617 taxmann. Income tax slab 201718 income tax slabs rate chart for assessment year 201718 f. Accordingly, following are the income tax brackets relevant for assessment year 201718 i.

Hdfc life provides the latest income tax slab rates and deductions in india for tax payers. Income tax slab rates for financial year 201516 assessment. Normal rates of tax applicable to all individuals who are less than 60 years of age. The income tax for senior citizens is calculated based on the basic salary, house rent allowance, fixed allowances, and other sources of income.

Income tax rate chart income tax slabs as applicable for assessment year 201718 financial year 201617 for individual, huf, aop, boi, partnership firms, llp and companies. Income tax slabs for fy 2016 17 budget 2015 has made no change in the income tax slab. Income tax rates for assessment year 20172018 previous year 201617 income tax rates for assessment year 20162017 previous year 201516 income. Have a look at the income tax slabs for the financial year.

Here is quick guide of tax bracket for individuals depending on the income. Hdfc life provides the latest income tax rates in india for different age groups and tax benefits offered by various life insurance policies, for the current financial year 201617. However it has increased the surcharge from 12% to 15% applicable for income above rs 1 crore. These rates apply to individuals who are australian residents for tax purposes. The following income tax rates are applicable for the financial year ending march 31, 2016 i. Income tax slab for filing tax return on income in india. Applicable income tax rates investments in mutual fund schemes. Professional tax slab rates in india for financial year 201617. Financial year 201516 assessment year 2016 17 every year the income tax rates are changed and it is important to get the latest income tax rates. The above rates do not include the medicare levy of 2%. Income tax calculation for senior citizens fy 202021. Income tax is imposed on the basis of ability to pay.

Income tax slabs and rates for the financial year 201617. Dear subhash the income tax rebate us 87a has been increased from rs 2,000 to rs 5,000 in budget 2016 and would be applicable for financial year 201617 or ay 201718. Today we are providing income tax slab rates for assessment year 201617. Income tax slabs for financial year 201516 or assessment. Normal tax rates applicable to a resident individual below the age of 60 years, nonresident individual, residentnonresident huf, aop, boi, artificial juridical person. Income tax slab rates for financial year 2016 17 have not been changed much in budget 2016. There is no change in the basic tax rate and exemption limit for individual, hindu undivided family, association of person, body of individuals and artificial juridical person in assessment year 2016 17 in comparison to a. This income is categorized into different groups on the basis of the amount of income. Latest income tax slabs and rates for fy 201516 and ay 201617. The finance minister has proposed to tax the super rich by increasing surcharge from 12% to 15% if the income earned is more than rs. These income tax rates show the amount of tax payable in every dollar for each income tax bracket depending on your circumstances. Some of the highlights of income tax slab rates for fy 201920 assessment year 202021 income tax slab rates help you decide whether your income is taxable or not. New income tax slab for financial year 201617 mytaxcafe.

Deduction under section 80u is not available to the individual who is non resident in india during the financial year. Professional tax assam is payable at the rate of rs. Income tax slab rates for non individuals companies. Income tax slab rates for fy 201617 ay 201718 budget 201617. The income tax rate for nonindividual is provided in the union budget 2016, presented in parliament on 29th february 2016. Rates for deduction of income tax at source from salaries, computation of advance tax and charging of income tax in special cases during the financial year 20162017. In previous article, we have given frequently asked questions on income tax return filing and complete details on pan or permanent account number. Income tax table for the financial year 20162017 announced by finance minister arun jaitley menu switch to. Section 80u your finance book income tax finance career. Rates of income tax in respect of income liable to tax for the financial year 20152016 assessment year 20162017 there is no change in the basic tax rate and exemption limit for individual, hindu undivided family, association of person, body of individuals and artificial juridical person in assessment year 201617 in comparison to a.

Nov 18, 2011 income tax rates after budget 2012 is available here income tax rate chart slabs for assessment year 201112 and earlier years has been given chart form as under in respect of individual, hufhindu undivided family,boibody of individuals so download the charts for link given below or you can read the same online as shown below. Income tax slab rates for individuals financial year 2016. Incometax slab rates for individual for fy 201516 ay. Ay is assessment year latest income tax rates for fy 201516. Most filers would be filing tax return for the financial year 2016 17 therefore the tax rates and corresponding income slabs for this fy would be applicable. Latest income tax slab rates for fy 201617 assessment year 20172018 in india. Budget 2016 highlights on income tax rates, slabs, changes. The more a taxpayer earns the more he should pay is the basic principle of charging income tax. But the tax slabs have not been changed for the last few years.

Using the income tax exemptions, deductions, and income tax rebates, one can considerably reduce the amount of income tax paid every year. The total taxable income then will be your current income for the financial year minus the investments made for which tax exemptions can be availed. In the event of any change, we do not assume any responsibility to update the tax rates consequent to such changes. Income tax slabs for financial year 201718 assessment year 17 18 what is income tax slab. It is the duty of the deductor to deduct tds as given in income tax act following are the revised rate of tds applicable for financial year 2016 2017 assessment year 201718. Several websites offer income tax calculators in an excel sheet format which can be downloaded. Income tax slabs income tax rates and deductions for fy 2017. The tax rates mentioned above are those provided in the income tax act, 1961 and as amended by the finance act 2016, are applicable for the financial year 2016 17 relevant to assessment year 201718.

Income tax rates slabs for financial year 201516 learn. Bihar professional tax slab rates for financial year 2016 17. Mar 04, 2016 tds rate chart financial year 201617 assessment year 1718 tds is to be deducted on payment made as prescribed by income tax act by persons who are liable to deduct tds. Income tax slab 201718 ay 201819 budget 2017 from fy 201718, those with annual income between rs 50 lakh to rs 1 crore will be levied a surcharge of 10 per cent. Save tax with hdfc lifes various online insurance products. Income tax slabs for financial year 201617 fintrakk. Comparison of income tax slabs for fy 201718 and fy 201617. The rates are applicable for the financial year 201617 ay. Dear sir, i had read he report income tax slabs history in india which gives various details from 1991. Income tax slabs 202021 new income tax slabs, brackets. Income tax is calculated on the taxable income of an assessee as per the income tax slab rates that are applicable for the relevant financial year. Income tax rates for financial year 2016 17 relevant to assessment year 201718 sr. Mar 17, 2016 march 1 to 15, 2016 u taxmanns corporate professionals today u vol. In this post, we will discuss the relative changes in the tax slab for 2016 17 for different entities.

Income tax slabs and rates proposed for financial year 201920 as per interim budget 2019, individual taxpayers having taxable annual income up to rs. Hdfc life provides the latest income tax rates in india for different age groups and tax benefits offered by various life insurance policies, for the current financial year 201617 save tax with hdfc lifes various online insurance products. Find out about the tax rates for individual taxpayers who are. March 9, 2017 as per the union budget 2016,there has been no change in the income tax slab rates for the financial year 2016 17. Nil 10% 20% 30% 1a individual senior citizens age 60 years to 79 years nil 10% 20% 30% 1b individual super senior citizens age 80 years and above nil 20% 30% plus. Tax reckoner 201617 the rates are applicable for the financial. Income tax is that percentage of income paid to the government by the taxpayers for the betterment of the public at large. Income tax rates for financial year 201617 tax rates individual. Jun 19, 2017 compute your tax liability by applying the tax rates in force for the financial year for which you are calculating the tax as per the income slabs your income falls in. Jan 23, 2018 income tax slab rates for the financial year 2016 17 assessment year 201718 are given below in the table. Individual income tax rates australian taxation office.

The income tax slabs are the same as that of financial year 201516. Find out income tax slab rates on individuals, huf, aop, boi and ajp in india relevant for assessment year 201718 i. The above income tax rates are for general category men women who are below 60 years of age. Income tax slabs and rates for the financial year 201617 assessment year 201718 sunday, march 6th, 2016 amritesh one response 89 views income slabs individuals below 60 yrs. Rates for deduction of incometax at source from salaries, computation of advance tax and charging of incometax in special cases during the financial year. We provide you the latest income tax rates in india for everyone and tax benefits for the current financial year 201617, to know more about income tax slab. Income tax slabs for individuals are divided into 3 slabs. This is the overview of how the tax slab for 201617 will be applicable for different entities. The finance minister has introduced many changes in the income tax slab rate for financial year 20192020 ay 20202021.