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    Tax Rates: Assessment Year 2016-17

    Uploaded by

    Parandhaman GR
    This document outlines the tax rates for individuals and Hindu Undivided Families (HUFs) in India for the 2016-17 and 2017-18 assessment years. It specifies different tax rates for different slabs of taxable income, ranging from nil for income up to Rs. 2,50,000 to 30% for income over Rs. 10,00,000. It also notes rebates and surcharges that may apply, including a 12% surcharge on income over Rs. 1 crore and education and secondary education cesses of 2% and 1% respectively.

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    Tax Rates: Assessment Year 2016-17

    Uploaded by

    Parandhaman GR
    19 views2 pages
    This document outlines the tax rates for individuals and Hindu Undivided Families (HUFs) in India for the 2016-17 and 2017-18 assessment years. It specifies different tax rates for different slabs of taxable income, ranging from nil for income up to Rs. 2,50,000 to 30% for income over Rs. 10,00,000. It also notes rebates and surcharges that may apply, including a 12% surcharge on income over Rs. 1 crore and education and secondary education cesses of 2% and 1% respectively.

    Original Description:

    current tax rate by indian governement

    Original Title

    Tax Rates

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    This document outlines the tax rates for individuals and Hindu Undivided Families (HUFs) in India for the 2016-17 and 2017-18 assessment years. It specifies different tax rates for different slabs of taxable income, ranging from nil for income up to Rs. 2,50,000 to 30% for income over Rs. 10,00,000. It also notes rebates and surcharges that may apply, including a 12% surcharge on income over Rs. 1 crore and education and secondary education cesses of 2% and 1% respectively.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    19 views2 pages

    Tax Rates: Assessment Year 2016-17

    Uploaded by

    Parandhaman GR
    This document outlines the tax rates for individuals and Hindu Undivided Families (HUFs) in India for the 2016-17 and 2017-18 assessment years. It specifies different tax rates for different slabs of taxable income, ranging from nil for income up to Rs. 2,50,000 to 30% for income over Rs. 10,00,000. It also notes rebates and surcharges that may apply, including a 12% surcharge on income over Rs. 1 crore and education and secondary education cesses of 2% and 1% respectively.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    Tax Rates

    1. In case of an Individual (resident or non-resident) or HUF or Association of


    Person or Body of Individual or any other artificial juridical person
    Assessment Year 2016-17
    Taxable income

    Tax Rate

    Up to Rs. 2,50,000

    Nil

    Rs. 2,50,000 to Rs. 5,00,000

    10%

    Rs. 5,00,000 to Rs. 10,00,000

    20%

    Above Rs. 10,00,000

    30%

    Less: Rebate under Section 87A [see Note]


    Add: Surcharge and Education Cess [see Note]
    Assessment Year 2017-18
    Taxable income

    Tax Rate

    Up to Rs. 2,50,000

    Nil

    Rs. 2,50,000 to Rs. 5,00,000

    10%

    Rs. 5,00,000 to Rs. 10,00,000

    20%

    Above Rs. 10,00,000

    30%

    Less: Rebate under Section 87A [see Note]


    Add: Surcharge and Education Cess [see Note]

    Add:
    a) Surcharge: The amount of income-tax shall be increased by a surcharge at the rate
    of 12% of such tax, where total income exceeds one crore rupees. However, the
    surcharge shall be subject to marginal relief (where income exceeds one crore rupees,
    the total amount payable as income-tax and surcharge shall not exceed total amount

    payable as income-tax on total income of one crore rupees by more than the amount
    of income that exceeds one crore rupees).
    b) Education Cess: The amount of income-tax and the applicable surcharge, shall be
    further increased by education cess calculated at the rate of two per cent of such
    income-tax and surcharge.
    c) Secondary and Higher Education Cess: The amount of income-tax and the
    applicable surcharge, shall be further increased by secondary and higher education
    cess calculated at the rate of one per cent of such income-tax and surcharge.

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