Income Tax Slab Rate for FY 2016 -17

[kumar Anish]

#19412

Can you just tell me the income tax slab rate for the financial year 2016-2017. Is there any new changes compared to the previous year. I also wanted to know that the new changes have been updated to your software.

[Justin]

#20206

Income Tax Slabs for the Individual Male (Below 60 Years Age) for the Assessment Year 2016-2017
Sl No. Income Tax Slab Income Tax Rate Payable
1. Rs. 0 to 250,000 No Income Tax
2. Rs. 250,001 to 500,000 10%
3. Rs. 500,001 to 1,000,000 20%
4. Rs. 1,000,001 and above 30%
Income Tax Slabs for the Individual Female (Below 60 Years Age) for the Assessment Year 2016-2017
Sl No. Income Tax Slab Income Tax Rate Payable
1. Rs. 0 to 250,000 No Income Tax
2. Rs. 250,001 to 500,000 10%
3. Rs. 500,001 to 1,000,000 20%
4. Rs. 1,000,001 and above 30%
Income Tax Slabs for the Senior Citizen (60 to 80 Years Age) for the Assessment Year 2016-2017
Sl No. Income Tax Slab Income Tax Rate Payable
1. Rs. 0 to 300,000 No Income Tax
2. Rs. 300,001 to 500,000 10%
3. Rs. 500,001 to 1,000,000 20%
4. Rs. 1,000,001 and above 30%
Income Tax Slabs for the Very Senior Citizen (Above 80 Years Age) for the Assessment Year 2016-2017
Sl No. Income Tax Slab Income Tax Rate Payable
1. Rs. 0 to 500,000 No Income Tax
3. Rs. 500,001 to 1,000,000 20%
4. Rs. 1,000,001 and above 30%

[Vineeth]

#20207

NO changes have been made to the Income Tax rate slab. In the financial year 2016-17 or Assessment Year 2017-18, previous year's slab is to be followed.

Atttached is the income tax slab rate. The income tax slab rates are different for non senior, senior(60 and above) and super senior citizens(80 and above).

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