Personal Finance

Income Tax: Rates of tax applicable in Year 2016-17

Income Tax: Rates of tax applicable in Year 2016-17

If you are a citizen of India then below are the rates of tax applicable for you:

Rate Super Senior citizen i.e. resident aged 80 years or more Senior citizen resident i.e. aged 60 years or more but less than 80 years Other (Individual, including resident woman, HUF, AOP, BOI, Artificial juridical person)
Nil Upto Rs.500000 Upto Rs.300000 Upto Rs.250000
10% NA 300001 – 500000 250001 – 500000
20% 500001-1000000 500001 – 1000000 500001 – 1000000
30% Above 1000000 Above 1000000 Above 1000000

 

Education cess: 2% on tax liability after surcharge (if any)

Secondary and Higher Education cess: 1% on tax liability after surcharge (if any)

Summary of surcharge

Cases Rate of surcharge
Individual, HUF, BOI, AOP, artificial juridical person, firm, co-operative society or local authority –

–          If net income does not exceed Rs. 1 crore

–          If net income exceeds Rs. 1 crore

 

 

0%

10%

Domestic company

–          If net income does not exceed Rs. 1 crore

–          If net income exceeds Rs. 1 crore but does not exceed Rs. 10 crore

–          If net income exceeds Rs. 10 crore

 

0%

5%

10%

Foreign company

–          If net income does not exceed Rs. 1 crore

–          If net income exceeds Rs. 1 crore but does not exceed Rs 10 crore

–          If net income exceeds Rs. 10 crore

 

0%

2%

5%

Tax Rebate:  A rebate of Rs. 5000/- is available to an individual (resident) whose total income does not exceed five lakh rupees. Rebate is subject to maximum tax liability of the individual.

3 Comments

3 Comments

  1. dipesh

    August 2, 2016 at 3:22 am

    individual has exempt tax upto 250000/- , Its mension 200000

    • Finance Minutes

      August 2, 2016 at 5:51 am

      Thanks you for your feedback. The same has been corrected.

  2. Pingback: Budget 2017: Which/What/How Tax Benefits Can Impact Your Pocket?

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