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Income Tax Rates for FY 16-17
Posted on: 01/Mar/2016 3:06:13 PM
Income Tax Rates and Slabs for the Financial Year 2016 - 2017 (FY 16-17) and Assessment Year 2017-2018.
For Men Below 60 Years Of Age
| Income Tax Slab | Income Tax Rate |
|---|---|
| Income up to Rs. 2,50,000 | Nil |
| Income between Rs. 2,50,001 - Rs. 500,000 | 10% of Income exceeding Rs. 2,50,000 |
| Income between Rs. 500,001 - Rs. 10,00,000 | 20% of Income exceeding Rs. 5,00,000 |
| Income above Rs. 10,00,000 | 30% of Income exceeding Rs. 10,00,000 |
For Women Below 60 Years Of Age
| Income Tax Slab | Income Tax Rate |
|---|---|
| Income up to Rs. 2,50,000 | Nil |
| Income between Rs. 2,50,001 - Rs. 500,000 | 10% of Income exceeding Rs. 2,50,000 |
| Income between Rs. 500,001 - Rs. 10,00,000 | 20% of Income exceeding Rs. 5,00,000 |
| Income above Rs. 10,00,000 | 30% of Income exceeding Rs. 10,00,000 |
For Senior Citizens (Age 60 years or more but less than 80 years)
| Income Tax Slab | Income Tax Rate |
|---|---|
| Income up to Rs. 3,00,000 | Nil |
| Income between Rs. 3,00,001 - Rs. 500,000 | 10% of Income exceeding Rs. 3,00,000 |
| Income between Rs. 500,001 - Rs. 10,00,000 | 20% of Income exceeding Rs. 5,00,000 |
| Income above Rs. 10,00,000 | 30% of Income exceeding Rs. 10,00,000 |
For Senior Citizens (Age 80 years or more)
| Income Tax Slab | Income Tax Rate |
|---|---|
| Income up to Rs. 5,00,000 | Nil |
| Income between Rs. 500,001 - Rs. 10,00,000 | 20% of Income exceeding Rs. 5,00,000 |
| Income above Rs. 10,00,000 | 30% of Income exceeding Rs. 10,00,000 |
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