INCOME TAX SLAB RATES FOR F.Y. 2016-17

 
   

Income Tax Slab for Individual Tax Payers (less than 60 years old) & HUF, AOP, BOI, Artificial Juridical Person

Income

Tax rate

Income up to Rs 2,50,000

Nil

Income from Rs 2,50,001 – Rs 5,00,000

10%

Income from Rs 5,00,001 – 10,00,000

20%

Income more than Rs 10,00,000

30%

Surcharge: 15% of income tax if total income exceeds Rs.1 crore.

 

Education+Secondary & Higher Education Cess: 3% on total of income tax + surcharge.

 

   

Income Tax Slab for Senior Citizens (60 Years Old Or More but Less than 80 Years Old)

Income

Tax rate

Income up to Rs 3,00,000

Nil

Income from Rs 3,00,001 – Rs 5,00,000

10%

Income from Rs 5,00,001 – 10,00,000

20%

Income more than Rs 10,00,000

30%

Surcharge: 15% of income tax if total income exceeds Rs.1 crore.

 

Education+Secondary & Higher Education Cess: 3% on total of income tax + surcharge.

   
   

Income Tax Slab for Senior Citizens (80 Years Old Or More)

 

Income

Tax rate

Income up to Rs 5,00,000

Nil

Income from Rs 5,00,001 – 10,00,000

20%

Income more than Rs 10,00,000

30%

Surcharge: 15% of income tax if total income exceeds Rs.1 crore.

 

Education+Secondary & Higher Education Cess: 3% on total of income tax + surcharge.

 

 

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