Income Tax Slab India 2016-17

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Income Tax Slab India 2016-17

Today, every person is worried about saving income tax, by making the right tax-saving investment within the last 2 months of the financial year. As per the income tax act established in 1961, every person in India whose annual income crosses the maximum exemption limit will have to pay income tax. Every person has to pay income tax to the state and central government.

There are two types of income tax:

Direct Tax: Direct tax is a tax that is directly collected from the taxpayer. For instance: wealth tax, income tax, etc.
Indirect Tax: Indirect tax is paid by the third party i.e. VAT tax, service tax. Service tax is mainly charged to the individual. For example, if an item price is Rs150, then its last price would be Rs110 after VAT and this extra price of Rs10 will be paid by the individual.

Tips to save your tax:

Insurance: Buy an insurance plan to save income tax.
House rent: If you are staying on rent then, you can add the rent to take the rebate on income tax.
Traveling expenses: If you are using your vehicle, then you can show the traveling expenses to take the rebate on income tax

Income Tax Slab India 2016-17 for Resident Male

Net income range	Income-tax rates	Surcharge	Education cess	Secondary and higher education cess
Up to Rs. 2,50,000	Nil	Nil	Nil	Nil
Rs. 2,50,000 – Rs. 5,00,000	10% of (total income minus Rs. 2,50,000) [see Note 1]	Nil	2% of income-tax	1% of income-tax
Rs. 5,00,000 – Rs. 10,00,000	Rs. 25,000 + 20% of (total income minus Rs. 5,00,000)	Nil	2% of income-tax	1% of income-tax
Rs. 10,00,000 – Rs. 1,00,00,000	Rs. 1,25,000 + 30% of (total income minus Rs. 10,00,000)	Nil	2% of income-tax	1% of income-tax
Above Rs. 1,00,00,000	Rs. 28,25,000 + 30% of (total income minus Rs. 1,00,00,000)	10% of income-tax [see Note 2]	2% of income-tax and surcharge	1% of income-tax and surcharge

Notes :

1. Rebate under section 87A- A resident individual (whose net income does not exceed Rs. 5,00,000) can avail of a rebate under section 87A. It is deductible from income tax before calculating education cess. The amount of rebate has been changed from Rs. 2000 to Rs. 5,000.

2. Surcharge- Surcharge is 10 percent of income-tax if net income exceeds Rs. One crore. It is subject to marginal relief (in the case of a person having a net income of exceeding Rs. 1 crore, the amount payable as income-taxon tax and surcharge shall not exceed the total amount payable as income-tax on total income of Rs. 1 crore by more than the amount of income that exceeds Rs. 1 crore).

3. Education cess- It is 2 percent of income-tax and surcharge.

4. Secondary and higher education cess- It is 1 percent of income-tax and surcharge.

5. Alternate minimum tax- Tax payable by a non-corporate assessee cannot be less than 18.5 percent (+SC+EC+SHEC) of “adjusted total income” as per section 115JC

Income Tax Slab India 2016-17 for Resident Female

Net income range	Income-tax rates	Surcharge	Education cess	Secondary and higher education cess
Up to Rs. 2,50,000	Nil	Nil	Nil	Nil
Rs. 2,50,000 – Rs. 5,00,000	10% of (total income minus Rs. 2,50,000) [see Note 1]	Nil	2% of income-tax	1% of income-tax
Rs. 5,00,000 – Rs. 10,00,000	Rs. 25,000 + 20% of (total income minus Rs. 5,00,000)	Nil	2% of income-tax	1% of income-tax
Rs. 10,00,000 – Rs. 1,00,00,000	Rs. 1,25,000 + 30% of (total income minus Rs. 10,00,000)	Nil	2% of income-tax	1% of income-tax
Above Rs. 1,00,00,000	Rs. 28,25,000 + 30% of (total income minus Rs. 1,00,00,000)	10% of income-tax [see Note 2]	2% of income-tax and surcharge	1% of income-tax and surcharge

Notes :

1. Rebate under section 87A- A resident individual (whose net income does not exceed Rs. 5,00,000) can avail rebate under section 87A. It is deductible from income-tax before calculating education cess. The amount of rebate has been changed from Rs. 2000 to Rs. 5,000

2. Surcharge – Surcharge is 10 percent of income-tax if net income exceeds Rs. 1 crore. It is subject to marginal relief (in the case of a person having a net income of exceeding Rs. 1 crore, the amount payable as income-tax and surcharge shall not exceed the total amount payable as income-tax on total income of Rs. 1 crore by more than the amount of income that exceeds Rs. 1 crore).

3. Education cess- It is 2 percent of income-tax and surcharge.

4. Secondary and higher education cess- It is 1 percent of income-tax and surcharge.

5. Alternate minimum tax- Tax payable by a non-corporate assesses cannot be less than 18.5 percent (+SC+EC+SHEC) of “adjusted total income” as per section 115JC

Income Tax Slab India 2016-17 for Senior Citizens

Net income range	Income-tax rates	Surcharge	Education cess	Secondary and higher education cess
Up to Rs. 2,50,000	Nil	Nil	Nil	Nil
Rs. 2,50,000 – Rs. 5,00,000	10% of (total income minus Rs. 2,50,000) [see Note 1]	Nil	2% of income-tax	1% of income-tax
Rs. 5,00,000 – Rs. 10,00,000	Rs. 25,000 + 20% of (total income minus Rs. 5,00,000)	Nil	2% of income-tax	1% of income-tax
Rs. 10,00,000 – Rs. 1,00,00,000	Rs. 1,25,000 + 30% of (total income minus Rs. 10,00,000)	Nil	2% of income-tax	1% of income-tax
Above Rs. 1,00,00,000	Rs. 28,25,000 + 30% of (total income minus Rs. 1,00,00,000)	10% of income-tax [see Note 2]	2% of income-tax and surcharge	1% of income-tax and surcharge

Notes :

2. Surcharge- Surcharge is 10 percent of income-tax if net income exceeds Rs. 1 crore. It is subject to marginal relief (in the case of a person having a net income of exceeding Rs. 1 crore, the amount payable as income tax and surcharge shall not exceed the total amount payable as income-tax on total income of Rs. 1 crore by more than the amount of income that exceeds Rs. 1 crore).

3. Education cess- It is 2 percent of income-tax and surcharge.

4. Secondary and higher education cess- It is 1 percent of income-tax and surcharge.

5. Alternate minimum tax- Tax payable by a non-corporate assesses cannot be less than 18.5 percent (+SC+EC+SHEC) of “adjusted total income” as per section 115JC

Income Tax Slab India 2016-17 for Super Senior Citizens

For a resident super senior citizen (who is 80 years or more at any time during the previous year, i.e., born before April 1, 1935)-

Net income range	Income-tax rates	Surcharge	Education cess	Secondary and higher education cess
Up to Rs. 5,00,000	Nil	Nil	Nil	Nil
Rs. 5,00,000 – Rs. 10,00,000	20% of (total income minus Rs. 5,00,000)	Nil	2% of income-tax	1% of income-tax
Rs. 10,00,000 – Rs. 1,00,00,000	Rs. 1,00,000 + 30% of (total income minus Rs. 10,00,000)	Nil	2% of income-tax	1% of income-tax
Above Rs. 1,00,00,000	Rs. 28,00,000 + 30% of (total income minus Rs. 1,00,00,000)	10% of income-tax [see Note 2]	2% of income-tax and surcharge	1% of income-tax and surcharge

Notes :

3. Education cess- It is 2 percent of income-tax and surcharge.

4. Secondary and higher education cess- It is 1 percent of income-tax and surcharge.

5. Alternate minimum tax- Tax payable by a non-corporate assessee cannot be less than 18.5 percent (+SC+EC+SHEC) of “adjusted total income” as per section 115JC

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