Income Tax new Slab rates 2016-17 – IT Enhanced Slab rates Income Tax BUDGET 2016-2017 Special IT Latest Updates The Finance Minister Sri. Arun Jelty raised the exemption limit of New Slab rates . Income tax Slab rates Increased financial year 2016-17.
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IT Enhanced Slab rates Income Tax BUDGET 2016-2017 – 80C Raised upto
Income Tax BUDGET 2016-2017 Special |
According to the FY 2016-17 tax slabs, individuals below 60 years of age do not have to pay any taxes on income up to Rs. 2.5 lakh, between Rs. 2.5 lakh- 5 lakh the tax rate 10 % percent , for income between Rs. 5 lakh-10 lakh 20% and above Rs. 10 lakh 30%.
BUDGET 2016-2017 Special – Latest Updates
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The latest income tax slabs for 2016-2017 can be found here – Income tax slabs 2016-17. Income Tax calculator for calculating tax for 2016-1.
The latest free income tax calculator to calculate your latest tax and to compare your tax savings from previous year can be found here
The following Income Tax Rates are applicable for Financial Year 2016-17, Assessment Year 2017-18
Income Tax Old Slabs
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Income Tax New Slabs
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General
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Senior Citizen
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Super Senior Citizen
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Upto Rs. 2.5 lakh Rs. 2.5 lakh-3 lakh Rs. 3 lakh- 5 lakh Rs. 5 lakh- 10 lakh Above Rs. 10 lakh |
Upto Rs. 2.5 lakh Rs. 2.5 lakh-3 lakh Rs. 3 lakh- 5 lakh Rs. 5 lakh- 10 lakh Above Rs. 10 lakh |
Nil 10% 10% 20% 30% |
Nil Nil 10% 20% 30% |
Nil Nil Nil 20% 30% |
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Income tax slab rate no change in new budget :
- Relief to the small tax payer.
- Those with less than Rs 5 lakh income given a Rs 2000 to Rs 5000 tax rebate.
- Rent deduction limit raised from Rs 24000 to 60000 under Section 80 GG.