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Income Tax Slab 2016 - 17 for Senior Citizens

 
Net income range Income-tax rates Surcharge Education cess Secondary and higher education cess
Up to Rs. 2,50,000 Nil Nil Nil Nil
Rs. 2,50,000 – Rs. 5,00,000 10% of (total income minus Rs. 2,50,000) [see Note 1] Nil 2% of income-tax 1% of income-tax
Rs. 5,00,000 – Rs. 10,00,000 Rs. 25,000 + 20% of (total income minus Rs. 5,00,000) Nil 2% of income-tax 1% of income-tax
Rs. 10,00,000 – Rs. 1,00,00,000 Rs. 1,25,000 + 30% of (total income minus 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 (total income minus Rs. 1,00,00,000) 10% of income-tax [see Note 2] 2% of income-tax and surcharge 1% of income-tax and surcharge

 

Notes :

1. Rebate under section 87A - A resident individual (whose net income does not exceed Rs. 5,00,000) can avail rebate under section 87A. It is deductible from income tax before calculating education cess. The amount of rebate has been changed to Rs. 5000 from Rs. 2000.

2. Surcharge - Surcharge is 10 per cent of income-tax if net income exceeds Rs. 1 crore. It is subject to marginal relief (in the case of a person having a net income of exceeding Rs. 1 crore, the amount payable as income tax and surcharge shall not exceed the total amount payable as income-tax on total income of Rs. 1 crore by more than the amount of income that exceeds Rs. 1 crore).

 

3. Education cess - It is 2 per cent of income-tax and surcharge.

4. Secondary and higher education cess - It is 1 per cent of income-tax and surcharge.

• Alternate minimum tax - Tax payable by a non-corporate assessee cannot be less than 18.5 per cent (+SC+EC+SHEC) of "adjusted total income" as per section 115JC

 


 

Income Tax Slab 2016 - 17 for Super Senior Citizens

Net income range Income-tax rates Surcharge Education cess Secondary and higher education cess
Up to Rs. 5,00,000 Nil Nil Nil Nil
Rs. 5,00,000 – Rs. 10,00,000 20% of (total income minus Rs. 5,00,000) Nil 2% of income-tax 1% of income-tax
Rs. 10,00,000 – Rs. 1,00,00,000 Rs. 1,00,000 + 30% of (total income minus 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 minus Rs. 1,00,00,000) 10% of income-tax [see Note 2] 2% of income-tax and surcharge 1% of income-tax and surcharge

 

Notes :

1. Rebate under section 87A - A resident individual (whose net income does not exceed Rs. 5,00,000) can avail rebate under section 87A. It is deductible from income-tax before calculating education cess. TThe amount of rebate has been changed to Rs. 5000 from Rs. 2000.

2. Surcharge - Surcharge is 10 per cent of income-tax if net income exceeds Rs. 1 crore. It is subject to marginal relief (in the case of a person having a net income of exceeding Rs. 1 crore, the amount payable as income-tax and surcharge shall not exceed the total amount payable as income-tax on total income of Rs. 1 crore by more than the amount of income that exceeds Rs. 1 crore).

 

3. Education cess - It is 2 per cent of income-tax and surcharge.

4. Secondary and higher education cess - It is 1 per cent of income-tax and surcharge.