Income Tax Slab for Individuals for the year 2016-17

Posted on 10 June 2022 Category : Income Tax

Income Tax slab for Individuals for the current year 2016-17 (Assessment year 2017-18)

What is the present slab rate for individuals in India to pay income tax? What is the income ceiling limit for individuals to not pay income tax for this year 2016-17?

The current year (2016-17) income tax slab rate is as follows. The assessment year for current income tax slab is 2017-18. Is there any rebate applicable as per section 87A of the Income Tax Act? What is the surcharge and educational cess applicable for individuals to pay Income Tax for this year?

In case of an Individual (resident or non-resident) or HUF or Association of Person or Body of Individual or any other artificial juridical person, the income tax limit and tax payable for the current year 2016-17 (assessment year 2017-18) is given below:

Taxable income Tax Rate

Up to Rs. 2,50,000 Nil

Rs 2,50,000 to Rs. 5,00,000 10%

Rs. 5,00,000 to Rs. 10,00,000 20%

Above Rs. 10,00,000 30%

Less: Rebate under Section 87A

Add: Surcharge and Education Cess

Note:

a) Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 15% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).

b) Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income-tax and surcharge.

c) Secondary and Higher Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income-tax and surcharge.

d) Rebate under Section 87A: The rebate is available to a resident individual if his total income does not exceed Rs. 5,00,000. The amount of rebate shall be 100% of income-tax or Rs. 5,000, whichever is less.

The above post explains Income Tax Slabs for individuals for the current year 2016-17 in India. If you would like to share your views about income tax slab for individuals for the present year 2016-17, share below your thoughts.

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