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Tuesday, May 03, 2016

No changes to Income Tax Rates and deductions for 2016-17


By on Tuesday, May 03, 2016



No changes to Income Tax Rates and deductions for 2016-17 

Income tax rates for individuals for FY2017

Individual tax rates

Up to Rs. 2,50,000                   - Nil
Above  Rs. 2,50,000 – Rs. 5,00,000  - 10%
Above  Rs,5,00,000 - Rs1,000,000  - 20%
Above  Rs10,00,000               - 30%

Senior citizen (60 years)

Exemption limit - Rs. 3,00,000

Very senior citizen (80 years+)

Exemption limit – Rs. 5,00,000

Surcharge 15% on income exceeding Rs.1 cr

Education cess 3%

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