India Income Tax Slabs 2016-17 for General Tax Payers
What Is Income Tax?
Income tax is a type of tax that governments impose on income generated by businesses and individuals within their jurisdiction. By law, taxpayers must file an income tax return annually to determine their tax obligations.
Income taxes are a source of revenue for governments. They are used to fund public services, pay government obligations, and provide goods for citizens.
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Income Tax Slabs 2016 – 17 for General Tax payers Male
|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|
1. Rebate under section 87A – A resident individual (whose net income does not exceed Rs. 5,00,000) can avail a 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. One 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.
• Alternative minimum tax – Tax payable by a non-corporate assessee cannot be less than 18.5 percent (+SC+EC+SHEC) of “adjusted total income” as per section 115JC
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