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Income Tax new Slab rates 2016-17 IT Enhanced Slab rates

Posted by FA 3 SA 1/ Summative 1 Question Papers Answer Key Syllabus Project works Results Loan Dates DA table on Monday, February 29, 2016


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. 


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


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
Income Tax New Slabs
General
Senior Citizen
Super Senior Citizen
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%




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.
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