New Income Tax Slab Rates for AY 2016-17 | Income Tax Rates for FY 2015-16

The Income Tax Slab Rates for AY 2016-17 are available here. Income Tax slab is important for all taxpayers to calculate Total Income Tax Liability. Along with the Slab rates for FY 2015-16 the Income Tax surcharges/ Cess are available on this page. Before you pay the Income Tax, get complete details about Income Tax Slab Rates for AY 2016-17.

Income Tax Slab Rates For AY 2016-17

The slab rates for Assessment year 2016-17 or Financial year 2015-16 are available in the below sections of this page. After all, the deductions are made, your Net Taxable Income is obtained. Then, the Income Tax Slab rates AY 2016-17 are applied on the Net Taxable Income. For obtained Income Tax amount the additional charges will be added. The additional charges are Surcharge, Educational Cess, Secondary and Higher education cess. Therefore, we have mentioned the slab rates and surcharges for AY 2016-17.

What is Income Slab Rate?

Usually, the Income Tax rates are revised during the budget every year. Income is categorized into various groups based on the amount of Income. Each group is individually known as Income Tax Slab. So, we have mentioned the slab rates AY 2016-17 for different categories such as Senior citizens, individual, AOP, BOI, Super senior citizens etc. Along with these Income slab rates, we have also given the Income Tax slab rates for AY 2016-17 for all firms, companies, Local authorities, Co-operative societies.

Income Tax Slab Rates for AY 2017-18
Income Tax Slab Rates for AY 2018-19

Income TAX Slab For AY 2016-17 – Resident, Non Residential Individual & HUF

Net Income Ranges Income Tax Rates Surcharges Eductaion Cess Secondary & Higher Education Cess
Upto Rs. 2,50,000 Nil Nil Nil Nil
Rs. 2,50,000 to Rs. 5,00,000 10% of the Total Income -Rs. 2,50,000 Nil 2% of Income Tax 1% of Income Tax
Rs. 5,00,000 to Rs. 10,00,000 Rs. 25,000+ 20% of Total Income – Rs. 5, 00, 000 Nil 2% of Income Tax 1% of Income Tax
Rs. 10,00,000 to RS. 1,00,00,000 Rs. 1, 25,000+30% of the Total Income – Rs. 10, 00, 000 Nil 2% of Income Tax 1% of Income Tax
Above Rs. 1,00,00,000 Rs. 28,25,000+30% of the Total Income – Rs. 1,00,00,000 12% of the Income Tax 2% of Income Tax and surcharge 1% of Income Tax and Surcharge

All the Income Tax slab rates AY 2016-17 given in the above table are for the resident Individuals & all HUF’s who are born on or after April 1st, 1956.

Income Tax Rates For AY 2016-17 – Resident Senior Citizen (Above 60 yrs)

Net Income Ranges  Income Tax Rates Surcharges  Education Cess  Secondary & Higher Education Cess 
Up to Rs. 3,00,000  Nil  Nil  Nil  Nil
Rs. 3,00,000 to Rs. 5,00,000  10% of Total Income – Rs. 3, 00, 000. Nil  2% of Income Tax  1% of the Income Tax
 Rs. 5,00,000 to Rs. 10,00,000  Rs. 20,000+20% of Total Income – Rs. 5,00,000  Nil  2% of Income Tax  1% of the Income Tax
 Rs. 10,00,000 to Rs. 1,00,00,000  Rs. 1,20,000+30% of Total Income-Rs. 10,00,000  Nil  2% of Income Tax  1% of the Income Tax
 Above Rs. 1,00,00,000  Rs. 28,20,000+30% of Total Income  – Rs. 1,00,00,000  12% of Income Tax  2% of Income Tax and Surcharge  1% of the Income Tax and surcharge

The above given Income Tax Slab rate is applicable for the Resident Senior Citizen who born during the years April 1st, 1936 and 31st March, 1956.

Income Tax Slab Rate For FY 2015-16 – Super Senior Citizens (80 Years & Above)

 Net Income Ranges  Income Tax Rates  Surcharges  Education Cess  Secondary & Higher Education Cess
 Upto Rs. 5,00,000  Nil  Nil  Nil  Nil
 Rs. 5,00,000 to Rs. 10,00,000  20% of the Total Income – Rs. 5,00,000  Nil  2% of Income Tax  1% of Income Tax
 Rs. 10,00,000 to Rs. 1,00,00,000  Rs. 1,00,000 + 30% of the Total Income – Rs. 10,00,000  Nil  2% of Income Tax  1% of Income Tax
 Above Rs. 1,00,00,000  Rs. 28,00,000 +30% of Total Income – Rs. 1,00,00,000  12% of the Income Tax  2% of Income Tax and Surcharge  1% of Income Tax and Surcharge

The above mentioned Income Tax Slab Rates for AY 2016-17 are applicable for the Resident Super Senior citizens who born before the 1st April, 1936.

 Income Tax Slab for All AOP/ BOI/ AJP

Net Income Ranges Income Tax Rates Surcharges Eductaion Cess Secondary & Higher Education Cess
Upto Rs. 2,50,000 Nil Nil Nil Nil
Rs. 2,50,000 to Rs. 5,00,000 10% of the Total Income -Rs. 2,50,000 Nil 2% of Income Tax 1% of Income Tax
Rs. 5,00,000 to Rs. 10,00,000 Rs. 25,000+ 20% of Total Income – Rs. 5,00,000 Nil 2% of Income Tax 1% of Income Tax
Rs. 10,00,000 to RS. 1,00,00,000 Rs. 1, 25,000+30% of the Total Income – Rs. 10,00,000 Nil 2% of Income Tax 1% of Income Tax
Above Rs. 1, 00,00,000 Rs. 28,25,000+30% of the Total Income – Rs. 1,00,00,000 12% of the Income Tax 2% of Income Tax and surcharge 1% of Income Tax and Surcharge

The Tax slab AY 2016-17 in the above table are applicable for all the Non resident individuals and all AOP/ BOI and artificial Juridical persons who are born on or after April 1st, 1956.

Income Tax Slab AY 2016-17 for Firms

Net Income Range Surcharges Education Cess Secondary & Higher Education cess
Income Above Rs. 1 crore 12% of the Income Tax 2% pf the Income Tax 1% of the Income Tax

The Income Tax Slab Rates for AY 2016-17 in the above table is if a firm is taxable at a rate of 30%.

Tax Slab Rate For AY 2016-17 on Co-operative Societies

Net Income Ranges Income Tax Rate
Up to Rs. 10,000 10%
Rs. 10,000 to Rs. 20,000 20%
Above Rs. 20,000 30%

Surcharge: 12% of the Income Tax.

Education Cess: 2% of the Income Tax and surcharge.

Secondary & Higher Education Cess: 1% of the Income Tax and surcharge.

 Income Tax Slab Rates 2016-17 for Local Authorities

Net Income Range Surcharge Education Cess SHEC Cess
Above Rs. 1,00,00,000 12% of the Income Tax 2% of the Income Tax 1% of the Income Tax
  • Local Authorities are Taxable at a rate of 30%. But the surcharges are varied depending on the income. So, refer the above table for the local Authorities Surcharges.
  • The Education Cess for Local Authorities is 2% of the Income Tax and surcharge.
  • The Secondary and Higher Education Cess is 1% of the Income Tax and Surcharge.

 Income Tax Surcharge For AY 2016-17 – Companies

Company If Net Balance does not exceed Rs. 1 Crores  Net Income is between Rs. 1 crore – Rs. 10 crores  If the Net Income exceeds Rs. 10 crores
Domestic Company Nil 7% 12%
Foreign Company Nil 2% 5%

From the above-given table, you can clearly get the Income Tax surcharges for the companies. According to the Indian Income Tax, the companies are categorized as Domestic, Foreign and others.

Note:

  • The Rate of Income Tax (percent) in the case of a domestic company is 30%.
  • The Rate of Income Tax (percent) in the case of a foreign company is 50%.
  • A Rate of Income Tax (percent) in the case of others is 40%.

On checking the Income Tax Rates for Assessment Year 2016-17, Calculate Income Tax on our site using the below link.

Income Tax Calculator
Updated: February 18, 2017 — 10:29 am

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