INFO TAX RATE OF 2016-17

Your income is taxed according to income tax slab rates. Tax slabs have not changed since financial year FY 2014-15 (assessment year AY 2015-16). Income tax slab rates are same for these 3 financial years – FY 2014-15, FY 2015-16 and FY 2016-17.

Income Tax Slab Rates for FY 2015-16(AY 2016-17)

[These income tax slab rates are also applicable for FY 2016-17(AY 2017-18) and FY 2014-15(AY 2015-16)]

Income tax slab for individual tax payers & HUF (less than 60 years old) (both men & women)

How to calculate income tax from income tax slabs?

This example explains how to apply tax slabs to calculate income tax for FY 2015-16(AY 2016-17).

Rohit has a total taxable income of Rs 8,00,000. This income has been calculated by including income from all sources such as salary, rental income and interest income. Deductions under section 80 have also been reduced. Rohit wants to know his tax dues for FY 2015-16.

Income tax slab for domestic companies for FY 2015-16(AY 2016-17)

If you are registered as a company, the income tax slab rates do not apply to you. Domestic companies are taxed at 30% on their total income. A 5% surcharge is payable if income is more than Rs 1 crore but less than Rs 10 crore. If total income is more than Rs 10 crore, 10% surcharge is applicable. 

SOURCE : cleartax.in