Income Tax Slab Rates in India – AY 2017-18 (FY 2016-17)

Income tax slab rates are decided and governed by Income Tax Act 1961 and are subject to change every year. Here are the income tax slab rates for the Financial Year 2016-17 (relevant to Assessment Year 2017-18)

 

  • Income Tax Slab for Individual Tax Payers & HUF (Less than 60 Years)– Part A

 

Income Tax Slab Tax Rate
Income up to Rs 2,50,000* No tax
Income from Rs 2,50,000 – Rs 5,00,000 10%
Income from Rs 5,00,000 – 10,00,000 20%
Income more than Rs 10,00,000 30%

Surcharge: 15% of income tax, where total income exceeds INR 1 crore.

Higher education and secondary cess: 3% of Income Tax.

*Income tax exemption limit for FY 2016-17 is up to INR  2,50,000 other than those covered in Part(A) or (B)

 

  • Income Tax Slab for Senior Citizens (60 Years Or More but Less than 80 Years – Part B

 

Income Tax Slab Tax Rate
Income up to Rs 3,00,000* No tax
Income from Rs 3,00,000 – Rs 5,00,000 10%
Income from Rs 5,00,000 – 10,00,000 20%
Income more than Rs 10,00,000 30%

Surcharge: 15% of income tax, where total income exceeds INR 1 crore.

Higher education and secondary cess: 3% of Income Tax.

*Income tax exemption limit for FY 2016-17 is up to INR  3,00,000 other than those covered in Part(A) or (C)

 

  • Income Tax Slab for Senior Citizens(80 Years Old Or More)– Part C

 

Income Tax Slab Tax Rate
Income up to Rs 5,00,000* No tax
Income from Rs 5,00,000 – 10,00,000 20%
Income more than Rs 10,00,000 30%

Surcharge: 15% of income tax, where the total income exceeds INR 1 crore.

Higher education and secondary cess: 3% of Income Tax.

*Income tax exemption limit for FY 2016-17 is up to INR  5,00,000 other than those covered in Part(A) or (B)

 

  • Income Tax Slab for Domestic Companies– Part D

 

Turnover Particulars Tax Rate
Gross turnover upto 5 Cr. 29%
Gross turnover exceeding 5 Cr. 30%

In addition cess and surcharge is levied as follows:

Cess: 3% of corporate tax
Surcharge: Taxable income is more than 1Cr. but less than 10Cr.: 7%
Taxable income is more than 10Cr. :12%

 

  • Looking for income tax slabs for other years? Here they are :-

 

Income tax slab rates in India – AY 2016-17 (FY 2015-16)

Income tax slab rates in India – AY 2018-19 (FY 2017-18)

 

Are you yet to file your Income tax return ? Please get in touch with our Income tax experts here.

 

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