Latest income tax slabs and rates for fy 201516 and ay 201617. Today we are providing income tax slab rates for assessment year 201617. The income tax slab is remain unchanged in this financial year. Income tax slab for individuals, senior citizens, hufaop, etc. More number of taxpayers are brought under surcharge with this move of making surcharge applicable to the slab of income between rs. March 1 to 15, 2016 u taxmanns corporate professionals today u vol. Download income tax slabs for individual, huf, company, aop, foreign company with surcharge details.
The above income tax rates are for general category men women who are below 60 years of age. Income tax slab rates for fy 201617 ay 201718 budget. Feb 22, 2017 as the slab rates are not fixed we have provided the income tax calculator for each assessment financial year separately. Quick excel income tax calculator for fy 201516 ay 201617. So, refer the above table for the local authorities surcharges. Aug 14, 2019 indian finance minister, shri arun jaitley has tabled today, the union general budget 2016 17 in the parliament. The normal tax rates applicable to a resident individual will depend on the age of the individual. Income tax slab rates 201718 pdf download ay 201819. Income tax slabs ay 201415 fy 2014 income tax slabs ay 201516 fy 201415 income tax slabs ay 201617 fy 201516 income tax slabs ay 201718 fy 2016. The rates are applicable for the financial year 201617. Income tax slab for fy 201516 ay 201617 there is no change in income tax slabs except additional 2% increase in cess for super rich i.
The new income tax rates or income tax slabs are applicable for the incomes earned or generated from april 01, 2014 to march 31, 2015. Here is a primer on income tax slab rates for ay 2016 17. Income tax slab rates for ay 2016 17 video youtube. At hdfc life, we ensure that our customers are wellinformed about the. Based on the annual income earned by an individual, the following table shows different income tax rates applicable in india. Indian finance minister, shri arun jaitley has tabled today, the union general budget 2016 17 in the parliament. The amount of income tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees. For the assessment year 2016 17, a partnership firm including llp is taxable at 30%. Surcharge and education cess see note income tax slab rates 201718 pdf download. Articles explains rates of income tax in respect of income liable to tax, minimum alternative tax rate, securities transaction tax stt, commodities transaction tax ctt and dividend distribution tax ddt rates for financial year 201516 i. However, in case of a nonresident individual the tax rates will be same irrespective of his age. However, tax rate is 29% if turnover or gross receipt of the company does not exceed rs. At hdfc life, we ensure that our customers are wellinformed about the latest income tax slab rates in india as well as the tax benefits relevant to life insurance policies for the financial year 201819. Net income range incometax rates health and education cess up to rs.
In the following sections we will discuss the income tax rates for fy 20182019 ay 20192020 and some other key features of income tax in india. Income tax slabs rates for non resident individual, firm and corporate tax payers for ay 202021 and ay 202122. In the financial bill of 2015, it was proposed that corporate tax rate will be reduced to 25% over a period of four financial years. The tax rates mentioned above are those provided in the income tax act, 1961 and as amended by the finance act 2016, are applicable for the financial year 2016 17 relevant to assessment year 201718. The exemption limit for income tax has also increased more than 10 times from rs. Income tax slab rates for individual for fy 201718 ay 201819 income tax slab rates for individual for fy 2016 17 ay 201718. Income tax slab rates for individual for fy 201415 ay 201516. Latest income tax slabs and rates for fy 201516 and ay. We give below the income tax rates and slabs applicable for the fy 201516 or ay 201617. Special tax rates applicable to nonresidents for various incomes.
Highest tax rate including surcharge has come down from 56% in fy 199091 to 30. Apr 14, 2020 income tax slabs ay 201415 fy 2014 income tax slabs ay 201516 fy 201415 income tax slabs ay 2016 17 fy 201516 income tax slabs ay 201718 fy 2016 17 income tax slabs ay 201819 fy 201718 income tax slabs ay 201920 fy 201819 income tax slab rates for ay 201011 fy 200910 resident male individuals aged less than 65 years. The rates are applicable for the financial year 201617 ay. This article provide quick excel income tax calculator for fy 201516 ay 201617 for individual resident whose age is below than 60 years i. Arun jaitley, the finance minister of india, announced the new personal income tax slab rates while presenting the union budget of india, also called the indian general budget, on thursday, july 10, 2014 in new delhi. Rates for deduction of incometax at source from salaries, computation of advance tax and charging of incometax in special cases during the financial year. The income tax act 1961 is the law that governs the provisions for our income tax. Importance the first step to understand the workings of income tax in india is to be aware of the taxation slabs released each financial year by the indian government and various deductions defined under different sections of the income tax act, 1961. Income tax is imposed on the basis of ability to pay. Hdfc life provides the latest income tax rates in india for different age groups and tax benefits offered by various life insurance policies, for the current financial year 201617. The amount of incometax shall be increased by a surcharge at the. In the event of any change, we do not assume any responsibility to update the tax rates consequent to such changes. Latest income tax slab rates for fy 201819 hdfc life. Income tax slab rates for individual for fy 2016 17 ay 201718.
Following are the income tax slab rates and deductions for different categories of. As the slab rates are not fixed we have provided the income tax calculator for each assessment financial year separately. Ay 2016 17, the following rates were also applicable for fy 201415 ay 201516. Tax slab ay 201617 individualhufboiaopajp india itr. Income tax slabs for fy 2016 17 ay 201718 for local authorities. Below are the income tax slab rates for fy 2016 17 or ay 2017 18. Certain income of nonresident, interalia, dividend, interest, royalty or fees for technical services shall be taxable as per the rates prescribed under the. New tax regime slab rates are not differentiated based on age group. Income tax slab rates for ay 201617 local authorities. Incometax slab rates for individual for fy 201617 ay 2017. Indian finance minister, shri arun jaitley has tabled today, the union general budget 201617 in the parliament. This calculator is exclusively designed for bank employees based on the 10th bipartite settlement with additional calculation of income tax on arrears. Mar 17, 2016 march 1 to 15, 2016 u taxmanns corporate professionals today u vol. See below income tax slab rates for individual resident aged below 60 years, senior citizen, super senior citizen, any nri huf aop boi ajp, cooperative society, firm, local authority, domestic company and other company for assessment year ay 2016 17.
You can complete filing your income tax return in just 15 minutes using the website or the. Income tax deduction 80c ay 201617 income tax deduction 80gg ay 201617 income tax deduction 80tta ay 201617 pricing. Income tax department has issued the income tax return for fy 201617 i. For financial year 201617 department has merged the different itr and numbering of itr has been changed and after read more. Incometax slab rates for individual for fy 201516 ay.
Incometax slab rates for individualhuf for fy 201819 ay 201920 incometax slab rates for individual for fy 201819 ay 201920 itr1 and itr2 ay 201920 released. Government of india income tax slab rates for ay 20152016. Income tax deduction 80tta ay 201718 tax deductions ay 201617. Tds rates for ay 202021 for salary wage and other payments to nonresident payees. Income tax slab rates for individual for fy 201516 ay 2016 17 tax expert. Income tax rate chart income tax slabs as applicable for assessment year 201718 financial year 201617 for individual, huf, aop, boi, partnership firms, llp and companies. See below income tax slab rates for individual resident aged below 60 years, senior citizen, super senior citizen. Today we are providing income tax slab rates for assessment year 2016 17. But the surcharges are varied depending on the income.
We give below the income tax rates and slabs applicable for the fy 201516 or ay 2016 17. The amount of incometax shall be increased by a surcharge at the rate of 10% of such tax, where total income between 50 lakhs and one crore rupees above 1 crore 15% surcharge. For the assessment year 201617, a partnership firm including llp is taxable at 30%. Every year the income tax rates are changed and it is important to get the latest income tax rates.
In order to gain tax benefits to the fullest, it is essential to understand the current income tax slab rates. No changes have been made to the existing income tax. Certain income of nonresident, interalia, dividend, interest, royalty or fees for technical services shall be taxable as per the rates prescribed under the income tax act or as per the rates prescribed under the dtaas, whichever is more beneficial to such nonresident. Income tax slab rates for ay 201617 local authorities local authorities are taxable at a rate of 30%. As there was no change in income tax slabs for fy 201516 i. The tax rates mentioned above are those provided in the income tax act, 1961 and as amended by the finance act 2016, are applicable for the financial year 201617 relevant to assessment. Income tax slab rates for individualhuf for fy 201819 ay 201920 income tax slab rates for individual for fy 201819 ay 201920 itr1 and itr2 ay 201920 released. Mar 19, 2019 download income tax slab for ay 201617 in pdf, download latest income tax slab rates for fy 201516 or income tax slab rates for ay 201617. Ay is assessment year latest income tax rates for fy 201516.
Income tax rate chart income tax slabs as applicable for assessment year 201718 financial year 201617 for individual, huf, aop, boi, partnership firms, llp and. Income tax at a glance among direct taxes, income tax is the main source of revenue. Incometax slab rates for individual for fy 201617 ay. But the tax slabs have not been changed for the last few years. Mar 01, 2016 download income tax calculator ay 201617 in excel income tax calculator for financial year 201516, ay 201617 have been created in excel format for free download.
Get income tax slab rates and income tax deductions in india for assessment year ay 2016 17. This rate will continue to be the same as that specified for the financial year 201516. Find out the income tax slab rate for ay 201718 here. However, under old tax regime the basic income threshold exempt from tax for senior citizen aged 60 to 80 years and super senior citizens aged above 80 years is. However, under old tax regime the basic income threshold exempt from tax for senior citizen aged 60 to 80 years and.
For the purpose of ascertainment of the applicable tax slab, an individual can be classified as follows. Income tax slab rates for financial year 201516 assessment. The rate of income tax in the case of every local authority is specified in paragraph d of part iii of the first schedule to the bill. Importance the first step to understand the workings of income tax in india is to be. Oct 14, 2019 the new income tax rates or income tax slabs are applicable for the incomes earned or generated from april 01, 2014 to march 31, 2015. Thus for domestic companies tax slab for fy 2016 17 will be. For income tax purpose citizens above age of 60 are considered as senior citizens and above age of 80 are considered very senior citizens. Incometax slab rates for individual for fy 201516 ay 201617. Income tax slab rates for individual for fy 201516 ay 2016 17 steps to file your indian income tax return quickly with revise correct your income tax return. However, under new tax regime person cannot claim up to 70 income tax. The income tax rates are usually revised every year during the budget. The more a taxpayer earns the more he should pay is the basic principle of charging income tax. Income tax rates for financial year 201617 taxmann.