Income Tax Slabs & Rates for FY 2016 -17 (AY 2017-18)

Income Tax Slabs & Rates for FY 2016 -17 (AY 2017-18)
Income Tax Slabs for Individual TaxPayers
Income Tax Slab	Income Tax Rate
Income upto Rs. 2,50,000	Nil
Income between Rs. 2,50,001 - Rs. 500,000	10%
Income between Rs. 500,001 - Rs. 10,00,000	20%
Income above Rs. 10,00,000	30%
Income Tax Slabs for Senior Citizens (Age 60 years or more but less than 80 years)
Income Tax Slab	Income Tax Rate
Income upto Rs. 3,00,000	Nil
Income between Rs. 3,00,001 - Rs. 500,000	10%
Income between Rs. 500,001 - Rs. 10,00,000	20%
Income above Rs. 10,00,000	30%
Income Tax Slabs for Senior Citizens (Age 80 years or more)
Income Tax Slab	Income Tax Rate
Income upto Rs. 5,00,000	Nil
Income between Rs. 500,001 - Rs. 10,00,000	20%
Income above Rs. 10,00,000	30%
Income Tax Slabs for Hindu Undivided Families (HUF)
Income Tax Slab	Income Tax Rate
Income upto Rs. 2,50,000	Nil
Income between Rs. 2,50,001 - Rs. 500,000	10%
Income between Rs. 500,001 - Rs. 10,00,000	20%
Income above Rs. 10,00,000	30%
** Surcharge and Cess applicable on the above rates.
** 15% surcharge is applicable on income tax if income is above 1 crore
** 2% Education cess and 1% Secondary and Higher Education Cess is applicable on the income tax and applicable surcharge.
** For individuals whose net income is equal to or less than Rs 5 lakh, tax rebate of upto  5,000 under section 87A is available. It is deductible before calculating the cess.  You may also like to read: Ways to make extra money You may also like to read: How to set your financial life in order? If you liked this article, share it with friends and colleagues through Twitter or Facebook. Your opinion matters, please share your comments.