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Saturday, August 27, 2016

How to Calculate Income Tax on Different Income of individuals - Fy 2016-17

How to Calculate Income Tax on Different Income of individuals


Tax on Different Income of individuals (below 60 years)

Income Tax Slab for 2016 – 17

              Tax Rate

Taxable income is less than  Rs. 2,50,000NIL
Taxable income is more than Rs. 2,50,000 but less than Rs. 5,00,00010% of the amount above and over 2,50,000.
Taxable income is more than Rs. 5,00,000 but less than  Rs. 10,00,000Rs. 25,000 + 20% of the amount by which the taxable income exceeds Rs. 5,00,000
Taxable income is more than Rs. 10,00,000Rs. 1,25,000 + 30% of the amount by which the taxable income exceeds Rs. 10,00,000
According to this income tax slab rate, If you are earning up to Rs 2.5 lakh, you are not required to pay any income tax. Note, this 2.5 lakh income is after the various exemptions, thus, often a higher CTC salary may also come within this range.


Note that after all the available exemption and deduction your net taxable income comes below Rs. 5 lakhs then you can also reduce your tax liability by Rs 5,000. Calculate this rebate before adding the cess.
 These dates are applicable for the income tax slab rate of the financial year 2016-17.

Income Tax on Different Income of individuals (60-80 years )

Income Slab
Tax Rate
Taxable income is less than  Rs. 3,00,000
Nil
Taxable income is more than Rs. 3,00,000 but less than Rs. 5,00,000
10% of the amount above and over Rs. 3,00,000.
Taxable income is more than Rs. 5,00,000 but less than  Rs. 10,00,000
Rs. 20,000 + 20% of the amount by which the taxable income exceeds Rs. 5,00,000
Taxable income is more than Rs. 10,00,000
Rs. 1,20,000 + 30% of the amount by which the taxable income exceeds Rs. 10,00,000

The super senior citizen 

Income Tax Slab

Tax Rate

Taxable income is less than  Rs. 5,00,000Nil
Taxable income is more than Rs. 5,00,000 but less than  Rs. 10,00,00020% of the amount by which the taxable income exceeds Rs. 5,00,000
Taxable income is more than Rs. 10,00,000Rs. 1,00,000 + 30% of the amount by which the taxable income exceeds Rs. 10,00,000
The super senior citizen can enjoy up to Rs 5 lakh tax-free income. It is a really big relief in comparison to the normal individual. However, income above the Rs 5 lakh is considered for 20% tax. It means there is no slab of 10% tax.
How to Calculate Income Tax on Different Income of individuals - Fy 2016-17 Reviewed by S. Chitra on August 27, 2016 Rating: 5 How to Calculate Income Tax on Different Income of individuals Tax on Different Income of individuals (below 60 years) Income Tax ...

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