Feb 292016
 

Income Tax Slabs & Rates for The Assessment Year Of 2016-17

To know the Rates and Slabs of Income Tax for 2016-17 Please read below(applicable on the income earned throughout 1/4/2015 to 31/3/2016) for a variety of classes of the Income-Tax payers of India.

Individual Inhabitant Aged Under 60 Years (born after or on April 1, 1956)

  Income Slabs Taxable Rates
a. Where the ratable income doesn’t surpass 2,50,000 rupees. NIL
b. Where the ratable income surpasses 5,00,000 rupees but doesn’t go beyond 10,00,000 rupees. 25,000 rupees plus 20% of amount through which ratable income go beyond 5,00,000 rupees.
c. Where the ratable income go beyond 2,50,000 rupees however doesn’t surpass 5,00,000 rupees. 10% of the amount through which ratable income goes beyond 2,50,000 rupees.

Less: u/s 87A Tax Credit – 10 percent of the chargeable income to an utmost of 2000 rupees.

 

d. Where the chargeable income goes beyond 10,00,000 rupees 125,000 rupees plus 30% of amount through which the chargeable income goes beyond 10,00,000 rupees.

Surcharge

It will include 15 percent of Income Tax in which chargeable income is over one crore rupees. (MRS, if valid)

Education Cess

It will include 3 percent of total of Surcharge and the Income Tax.

Income Tax Slabs and Rates AY 2017-18 (FY 2016-17)

Senior Citizen (Individual inhabitant of 60 years of age or more however under 80 years during last year which is born after or on April 1, 1936 however before April 1, 1956)

  Income Slabs Taxation Rates
a. Where the chargeable income doesn’t surpasses 3,00,000 rupees. NIL
b. Where the chargeable income goes beyond 3,00,000 rupees however doesn’t surpass 5,00,000 rupees. 10 percent of the total amount through which the chargeable income goes beyond 3,00,000 rupees.

Less: u/s 87A Tax Credit – 10 percent of chargeable income to a highest of 2000 rupees.

c. Where the chargeable income goes beyond 5,00,000 rupees however doesn’t surpasses 10,00,000 rupees. 20,000 rupees plus 20 percent of amount through which the chargeable income goes beyond  5,00,000 rupees.
d. Where the chargeable income goes beyond 10,00,000 rupees. 120,000 rupees plus 30% of amount through which the chargeable income goes beyond 10,00,000 rupees.

Surcharge

It will include 15 percent of Income Tax in which chargeable income is over one crore rupees. (MRS, if valid)

Education Cess

It will include 3 percent of the overall Surcharge plus Income Tax.

Super Senior Citizen (Indian inhabitant of 80 years of age or more during last year which is born before April 1, 1936)

  Income Slabs Taxable Rates
a. Where the ratable income doesn’t surpass 5,00,000 rupees. NIL
b. Where the ratable income surpasses 5,00,000 rupees but doesn’t go beyond 10,00,000 rupees. 20% of amount through which ratable income go beyond 5,00,000 rupees.
c. Where the ratable income go beyond 10, 00, 000 rupees. 100,000 plus 30% of the amount through which ratable income goes beyond 10, 00, 000 rupees.

 Surcharge

 

Same as above

Income Tax Slab for HUF or NRI or BOI or AOP or AJP

  Income Slabs Taxable Rates
a. Where the ratable income doesn’t surpass 2,50,000 rupees. NIL
b. Where the ratable income surpasses 2,50,000 rupees but doesn’t go beyond 10,00,000 rupees. 10% of amount through which ratable income go beyond 2,50,000 rupees.
c. Where the ratable income go beyond 10, 00, 000 rupees. 125,000 rupees plus 30% of the amount through which ratable income goes beyond 10, 00, 000 rupees.

 

Surcharge

Same as Individual

 

Co-operative Society

  Income Slabs Taxable Rates
a. Where the ratable income doesn’t surpass 10,000 rupees. 10 percent of the total income
b. Where the ratable income surpasses 10,000 rupees but doesn’t go beyond 20,000 rupees. 1000 rupees plus 20% of total income surplus of 10,000 rupees.
c. Where the ratable income go beyond 20, 000 rupees. 3,000 rupees plus 30% of the amount through which ratable income goes beyond 20, 000 rupees.

Surcharges 

Same as Individual

 

Income Tax Slab for Firm

Income Tax

30 percent of the chargeable income, Surcharges same.

Income Tax Slab on Local Authority

Income Tax

30 percent of the chargeable income. Same as above

Income Tax Slab for Domestic Company

Income Tax

30 percent of the chargeable income

Surcharge

The sum of the income tax which is calculated in compliance with the above rates, as well as after being condensed by the sum of the tax discount5 ought to be amplified by surcharge. At 7 percent rate of this income tax given that the chargeable income goes beyond one crore rupees. (MRS, if valid), At 12 percent rate of this income tax given that the chargeable income goes beyond ten crore rupees.

Education Cess

It will include 3 percent of total of Surcharge as well as Income Tax.

Income Tax Slab on Company Except Domestic Company

  Income Tax
a. At the rate of 50 percent of the chargeable income as contain (a) royalties obtained from an Indian concern or the Government in pursue of an accord made with the Indian concern or the Government after the last day of the month March of the year 1961 however prior to the first day of the month of April of the year 1976; or (b) The fees for providing technical services obtained from the Indian concern or Government in pursue of an accord made with the Indian concern or the Government after the 29th day of the month February of the year 1964 however prior to the first day of the month April of the year 1976, furthermore where this agreement has, in any instant, been authorized by the Central Government.
b. At the rate of 40 percent of the remaining amount

Surcharge

The total amount of the income tax (IT ) as calculated in compliance with rates given above, as well as after being concentrated by the sum of the tax discount ought to be amplified through surcharge as given below

@ 2% of this income tax, given that the chargeable income goes beyond one crore rupees. (MRS, if valid)

@ 5% of this income tax, given that the chargeable income goes beyond 10 crore rupees.

Education Cess

@3 percent of the sun of Surcharge and Income Tax.

Marginal Relief in Surcharge (MRS)

When an assessor’s taxablechargeable income goes beyond one crore rupees, he or she is legally responsible to give Surcharge at provided rates, which is mentioned on the top on the Income Tax billed by him or her. On the other hand, the total amount of the Income Tax as well as Surcharge ought not amplify the sum of the income tax allocated on a chargeable income of one crore rupees by over the sum of raise in

For Instance:  In the instance of person (less than 60 years of age) having chargeable income of 1,00,01,000 rupees

  1. Income Tax will be 28,25,300 rupees
  2. Surcharge at the rate of 12% of the Income Tax i.e. 3,39,036 rupees
  3. Income Tax payable on the income of one crore rupees will be 28,25,000 rupees.
  4. Utmost Surcharge to be paid

(Income over one crore rupees less IT on income in excess of one crore rupees)               700 rupees (1000 to 300)

  1. Income Tax plus Surcharge to be paid 28, 26,000 rupees
  2. MRS 3, 38,336 rupees (339036 to 700)

Disclaimer

All hard works were made to make to this content up-to-date and accurate. However, this content doesn’t make any declaration regarding the data presented on this article as up-to-date and correct.

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