Income Tax Slab Rates for FY 2016-2017 & AY 2017-2018

Income Tax Rate for Financial Year 2016-2017

Income tax slab rates applicable to a resident individual in India depend on the age of the individual.

For the purpose of ascertainment of the applicable income tax slab rates, an individual can be classified as follows:

• Individual (Male or Female) below 60 Years of Age
• Senior Citizen (Male or Female) above 60 Years of Age
• Super Senior Citizen (Male or Female) 80 Years of Age

So, based on above classification of Individual, Income Tax Slabs are as follows:

Income Tax Slab Rate

For Individual (Male or Female) below 60 Years of Age & HUF

S.No.	Income Tax Slabs	Income Tax Rates
1	Income up to Rs. 250,000	Nil
2	Income between Rs. 250,000 – Rs. 500,000	10% of the amount exceeding Rs. 250,000
3	Income between Rs. 500,000 – Rs.10,00,000	20% of the amount exceeding Rs. 500,000
4	Income above Rs.10,00,000	30% of the amount exceeding Rs. 10,00,000

For Senior Citizen (Male or Female) above 60 Years of Age

S.No.	Income Tax Slabs	Income Tax Rates
1	Income up to Rs. 300,000	Nil
2	Income between Rs. 300,000 – Rs. 500,000	10% of the amount exceeding Rs. 300,000
3	Income between Rs. 500,000 – Rs.10,00,000	20% of the amount exceeding Rs. 500,000
4	Income above Rs.10,00,000	30% of the amount exceeding Rs. 10,00,000

Super Senior Citizen (Male or Female) 80 Years of Age

S.No.	Income Tax Slabs	Income Tax Rates
1	Income up to Rs. 500,000	Nil
2	Income between Rs. 500,000 – Rs. 10,00,000	20% of the amount exceeding Rs. 500,000
3	Income above Rs.10,00,000	30% of the amount exceeding Rs. 10,00,000

Note:

EC (Education Cess) @1% and SHEC (Secondary & Higher Education Cess) @2% will be levied extra on income tax so computed

Surcharge will be levied @ 12% on the amount of income-tax where net income exceeds Rs. One Crore

In a case where surcharge is levied, EC of 2% and SHEC of 1% will be levied on the amount of income-tax plus surcharge.

The rebate under section 87A is available to a resident individual if his total income does not exceed Rs. 500,000. The amount of rebate shall be 100% of income-tax or Rs. 2,000, whichever is less.

 

Which Income Tax Slab is applicable for you?

You have gone through the above income tax slab tables for the financial year 2016-2017. Tax slabs is pretty much simple and understandable but some of you are yet not clear about your applicable tax slabs.

Lot of questions or queries you people may have in your mind. For example: How to know my tax slabs or How do I determine my applicable income tax slab rate? Which income should be taken into consideration for determining income tax slab?

Your age is the one and only criteria to determine your applicable tax slabs.  That means Income tax slab applicable to a resident individual in India depend on his or her age.

So, if you are a resident individual (male or female) less than 60 years old, your applicable tax slab would be “Income Tax Slab Rates for Individual (Male or Female) below 60 Years of Age & HUF”

In Which Income Tax Rate You Fall

Net income of an individual is the deciding factor to determine his or her income tax rate. His income would be taxed by that rate.  For example:  Mr. ABC a resident individual 55 years of age has net taxable income of Rs. 600,000 (six Lacs).

In that case, Applicable Tax Slab would be:

Income Tax Slab Rates for Individual (Male or Female) below 60 Years of Age

Applicable Tax Rate would be: 20% as he falls in” Income between Rs. 500,000 – Rs.10, 00,000” income slab bracket

S.No.	Income Tax Slabs	Income Tax Rates
1	Income up to Rs. 250,000	Nil
2	Income between Rs. 250,000 – Rs. 500,000	10% of the amount exceeding Rs. 250,000
3	Income between Rs. 500,000 – Rs.10,00,000	20% of the amount exceeding Rs. 500,000
4	Income above Rs.10,00,000	30% of the amount exceeding Rs. 10,00,000