Income Tax Slab Rate is same for Financial Year 2015-16 and 2016-17

INCOME

TAX

UPTO 250000

0

250000-500000

10% of (Income-250000)

5000001-1000000

20% of (Income-500000)+25000

>1000000

30% of (Income-500000)+125000

However,Rebate of 2000 was available which has been increased to 5000 in 2016-17

 

Moreover Surcharge was applicable @ 12% if annual income > 1 crore

It has been increased to 15% for 2016-17

 

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CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 8 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .