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Income Tax Slab For FY 2016 to 2017

    Mr. C.S. Sudheer | Friday, October 14,2016, 07:22 PM
 

Why do you earn money? Is it not to give your family, a better quality of life? You save and invest every rupee you can scratch out, to make sure, your family lives the good life. In this quest to give the best to your family, you face an enemy. Taxes….Yes, taxes eat up your money and force you to spend less, on your family. But taxes are a way of life. You just cannot avoid them. When it’s time for the Union Budget, you leave all work aside, and just stare at the TV. Will there be a change in the Income Tax Slabs in this Financial Year?  The Finance Minister presented the Union Budget 2016, on March 1st  2016. There was no change in income tax slabs, for FY 2016-17.

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Income Tax Slab For FY 2016-17

Income tax slabs for males and females who are below 60 years of age:

 

  • You have a 2% education cess and 1% secondary and higher education cess, which are levied on the income tax payable.
  • You are a super-rich citizen, with an annual taxable income, which is more than a crore? You have to pay a surcharge of 15%.
  • If your taxable income is below INR 5,00,000, you can claim a tax rebate up to INR 5,000, under Section 87 A of the income tax act.

Income tax slabs for males and females who are between 60-80 years of age: (Senior Citizens)

 

  • You have a 2% education cess and 1% secondary and higher education cess, which are levied on the income tax payable.
  • If your taxable income is below INR 5,00,000, you can claim a tax rebate up to INR 5,000, under Section 87 A of the income tax act.

Income tax slabs for males and females who are above 80 years: (Super Senior Citizens)

 

  • You have a 2% education cess and 1% secondary and higher education cess, which are levied on the income tax payable.
  • If your taxable income is below INR 5,00,000, you can claim a tax rebate up to INR 5,000, under Section 87 A, of the income tax act.

Finally the suspense is over. There have been no changes in the income tax slabs, for FY 2016-17. You are happy now. Your salary has gone up, but you have to pay the same income tax as last year. Isn’t this great news?

Mr. C.S. Sudheer

Mr C.S.Sudheer is a management graduate. He started his career with ICICI Prudential Life Insurance and later on worked with Howden India. After his brief stint in Howden India, he moved on and incorporated Suvision Holdings Pvt Ltd which is the sole promoter of IndianMoney.com. He aims to build a nation that is financially literate with investment savvy citizens.

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