3/26/2016

Income Tax Rates for Financial Year 2016-17

  Income Tax , ITR , Salary   No comments
Income Tax Rates for Financial Year 2016-17
OR
Income Tax Rates for Assessment Year 2017-18

Sr. No.		 Particulars Tax Rates
1 Individual - Male and Female :- NIL
Taxable Income upto Rs. 2,50,000
Taxcable income Rs 2,50,000 to Rs 5,00,000 10%
Taxcable Income Rs 5,00,000 to Rs 10,00,000 20%
Taxable Income above Rs 10,00,000/- 30%
1A Individual - Senior Citizens (Age 60 years to 79 years)
Taxable Income upto Rs. 3,00,000 NIL
Taxcable income Rs 3,00,000 to Rs 5,00,000 10%
Taxcable Income Rs 5,00,000 to Rs 10,00,000 20%
Taxable Income above Rs 10,00,000/- 30%
1B Individual - Super Senior Citizens (Age 80 years and above )
Taxable Income upto Rs. 5,00,000 NIL
Taxcable Income Rs 5,00,000 to Rs 10,00,000 20%
Taxable Income above Rs 10,00,000/- 30%
Plus :-
 Surcharge: 15% of the Income Tax if taxable income exceeds Rs 1 crore. Education Cess: 3% of the total of Income Tax and Surcharge.
 Note: Relief under Section 87A is available to a resident individual if his total income does not exceed Rs. 5,00,000. The relief available shall be 100% of income-tax or Rs 5,000 whichever is less.
2 Co-operative Society:
Where the taxable income does not exceed Rs 10,000 10%
Where the taxable income exceeds Rs 10,000 but does not exceed Rs Rs.1,000 + 20% of
20,000. income in excess of Rs.
10,000.
Where the taxable income exceeds Rs. 20,000 Rs 3,000 + 30% of the
amount by which the
taxable income
exceeds Rs.20,000
Plus :-
 Surcharge: 12% of the Income Tax if taxable income exceeds Rs 1 crore. Education Cess: 3% of the total of Income Tax and Surcharge.
3 Firm /Local Authority
Income Tax: 30% of taxable income
Plus :-
 Surcharge: 12% of the Income Tax if taxable income exceeds Rs 1 crore. Education Cess: 3% of the total of Income Tax and Surcharge.
4 Domestic Company:
Income Tax: 30% of taxable income
 Tax Rate is 29% if turnover or gross receipt of the company doesn't exceed Rs. 5 crore in F Y 2014- 15
Plus :-
 Surcharge 7% of the Income-tax if taxable income exceeds Rs 1 crore. Surcharge 12% of the Income-tax if taxable income exceeds Rs 10 crore. Education Cess: 3% of the total of Income Tax and Surcharge.
5 Foreign Company:
Income Tax: 40% of taxable income
Plus :-
 Surcharge 2% of the Income-tax if taxable income exceeds Rs 1 crore. Surcharge 5% of the Income-tax if taxable income exceeds Rs 10 crore. Education Cess: 3% of the total of Income Tax and Surcharge.
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