Last modified - 23.09.2017

Income Tax Slabs | Rates for Assessment Year 2016-17

Please click on the links below to view the Income Tax Slabs and Rates for the Assessment Year 2016-17 (applicable on income earned during 01.04.2015 to 31.03.2016) for various categories of Indian Income Tax payers.

Content :

Individual resident aged below 60 years (i.e. born on or after 1st April 1956)

Income Tax :Use Tax Calculator for AY 2016-17

Income SlabsTax Rates
i. Where the taxable income does not exceed ₹ 2,50,000/-. NIL
ii. Where the taxable income exceeds ₹ 2,50,000/- but does not exceed ₹ 5,00,000/-. 10% of amount by which the taxable income exceeds ₹ 2,50,000/-.
Less : Tax Credit u/s 87A - 10% of taxable income upto a maximum of ₹ 2000/-.
iii. Where the taxable income exceeds ₹ 5,00,000/- but does not exceed ₹ 10,00,000/-. ₹ 25,000/- + 20% of the amount by which the taxable income exceeds ₹ 5,00,000/-.
iv. Where the taxable income exceeds ₹ 10,00,000/-. ₹ 125,000/- + 30% of the amount by which the taxable income exceeds ₹ 10,00,000/-.

Surcharge : 12% of the Income Tax, where taxable income is more than ₹ 1 crore. (Marginal Relief in Surcharge, if applicable)

Education Cess : 3% of the total of Income Tax and Surcharge.

Senior Citizen (Individual resident who is of the age of 60 years or more but below the age of 80 years i.e. born on or after 1st April 1936 but before 1st April 1956)

Income Tax :Use Tax Calculator for AY 2016-17

Income SlabsTax Rates
i. Where the taxable income does not exceed ₹ 3,00,000/-. NIL
ii. Where the taxable income exceeds ₹ 3,00,000/- but does not exceed ₹ 5,00,000/- 10% of the amount by which the taxable income exceeds ₹ 3,00,000/-.
Less : Tax Credit u/s 87A - 10% of taxable income upto a maximum of ₹ 2000/-.
iii. Where the taxable income exceeds ₹ 5,00,000/- but does not exceed ₹ 10,00,000/- ₹ 20,000/- + 20% of the amount by which the taxable income exceeds ₹ 5,00,000/-.
iv. Where the taxable income exceeds ₹ 10,00,000/- ₹ 120,000/- + 30% of the amount by which the taxable income exceeds ₹ 10,00,000/-.

Surcharge : 12% of the Income Tax, where taxable income is more than ₹ 1 crore. (Marginal Relief in Surcharge, if applicable)

Education Cess : 3% of the total of Income Tax and Surcharge.

Super Senior Citizen (Individual resident who is of the age of 80 years or more i.e. born before 1st April 1936)

Income Tax :Use Tax Calculator for AY 2016-17

Income SlabsTax Rates
i. Where the taxable income does not exceed ₹ 5,00,000/-. NIL
ii. Where the taxable income exceeds ₹ 5,00,000/- but does not exceed ₹ 10,00,000/- 20% of the amount by which the taxable income exceeds ₹ 5,00,000/-.
iii. Where the taxable income exceeds ₹ 10,00,000/- ₹ 100,000/- + 30% of the amount by which the taxable income exceeds ₹ 10,00,000/-.

Surcharge : 12% of the Income Tax, where taxable income is more than ₹ 1 crore. (Marginal Relief in Surcharge, if applicable)

Education Cess : 3% of the total of Income Tax and Surcharge.

Any NRI or HUF or AOP or BOI or AJP

Income Tax :

Income SlabsTax Rates
i. Where the taxable income does not exceed ₹ 2,50,000/-. NIL
ii. Where the taxable income exceeds ₹ 2,50,000/- but does not exceed ₹ 5,00,000/-. 10% of amount by which the taxable income exceeds ₹ 2,50,000/-.
iii. Where the taxable income exceeds ₹ 5,00,000/- but does not exceed ₹ 10,00,000/-. ₹ 25,000/- + 20% of the amount by which the taxable income exceeds ₹ 5,00,000/-.
iv. Where the taxable income exceeds ₹ 10,00,000/-. ₹ 125,000/- + 30% of the amount by which the taxable income exceeds ₹ 10,00,000/-.

Surcharge : 12% of the Income Tax, where taxable income is more than ₹ 1 crore. (Marginal Relief in Surcharge, if applicable)

Education Cess : 3% of the total of Income Tax and Surcharge.

* Abbreviations used :
   NRI - Non Resident Individual; HUF - Hindu Undivided Family; AOP - Association of Persons; BOI - Body of Individuals; AJP - Artificial Judicial Person

Co-operative Society

Income Tax :

Income SlabsTax Rates
i. Where the taxable income does not exceed ₹ 10,000/-. 10% of the income.
ii. Where the taxable income exceeds ₹ 10,000/- but does not exceed ₹ 20,000/-. ₹ 1,000/- + 20% of income in excess of ₹ 10,000/-.
iii. Where the taxable income exceeds ₹ 20,000/- ₹ 3.000/- + 30% of the amount by which the taxable income exceeds ₹ 20,000/-.

Surcharge : 12% of the Income Tax, where taxable income is more than ₹ 1 crore. (Marginal Relief in Surcharge, if applicable)

Education Cess : 3% of the total of Income Tax and Surcharge.

Firm

Income Tax : 30% of taxable income.

Surcharge : 12% of the Income Tax, where taxable income is more than ₹ 1 crore. (Marginal Relief in Surcharge, if applicable)

Education Cess : 3% of the total of Income Tax and Surcharge.

Local Authority

Income Tax : 30% of taxable income.

Surcharge : 10% of the Income Tax, where taxable income is more than ₹ 1 crore. (Marginal Relief in Surcharge, if applicable)

Education Cess : 3% of the total of Income Tax and Surcharge.

Domestic Company

Income Tax : 30% of taxable income.

Surcharge : The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge

  • At the rate of 7% of such income tax, provided that the taxable income exceeds ₹ 1 crore. (Marginal Relief in Surcharge, if applicable)
  • At the rate of 12% of such income tax, provided that the taxable income exceeds ₹ 10 crores.

Education Cess : 3% of the total of Income Tax and Surcharge.

Company other than a Domestic Company

Income Tax :

  • @ 50% of on so much of the taxable income as consist of (a) royalties received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st day of March, 1961 but before the 1st day of April, 1976; or (b) fees for rendering technical services received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 29th day of February, 1964 but before the 1st day of April, 1976, and where such agreement has, in either case, been approved by the Central Government.
  • @ 40% of the balance

Surcharge :

The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge as under

  • At the rate of 2% of such income tax, provided that the taxable income exceeds ₹ 1 crore. (Marginal Relief in Surcharge, if applicable)
  • At the rate of 5% of such income tax, provided that the taxable income exceeds ₹ 10 crores.

Education Cess : 3% of the total of Income Tax and Surcharge.

Marginal Relief in Surcharge

When an assessee's taxable income exceeds ₹ 1 crore, he is liable to pay Surcharge at prescribed rates mentioned above on Income Tax payable by him. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of ₹ 1 crore by more than the amount of increase in taxable income.

Example

In case of an individual assesseee (< 60 years) having taxable income of ₹ 1,00,01,000/-

1. Income Tax₹ 28,25,300
2. Surcharge @12% of Income Tax₹ 3,39,036
3. Income Tax on income of ₹ 1 crore₹ 28,25,000
4. Maximum Surcharge payable
(Income over ₹ 1 crore less income tax on income over ₹ 1 crore)
₹ 700/- (1000 - 300)
5. Income Tax + Surcharge payable₹ 28,26,000
6. Marginal Relief in Surcharge₹ 3,38,336/- (339036 - 700)

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