The income tax rates are usually revised every year during the budget. Apr 16, 2016 the income earned and taxes paid are communicated to the income tax department. The income tax slab is remain unchanged in this financial year. Ay 202122 fy 202021 income tax january 12, 2020 understanding bsda basic services demat account demat january 11, 2020 senior citizen savings scheme retirement december 22, 2019 income tax rates.
We give below the income tax rates and slabs applicable for the fy 201516 or ay 201617. Following are the income tax slab rates and deductions for different categories of. Importance the first step to understand the workings of income tax in india is to be aware of the taxation slabs released each financial year by the indian government and various deductions defined under different sections of the income tax act, 1961. The exemption limit for income tax has also increased more than 10 times from rs.
Here is a primer on income tax slab rates for ay 2016 17. Feb 22, 2017 as the slab rates are not fixed we have provided the income tax calculator for each assessment financial year separately. Income tax rates for financial year 201617 tax rates individual. However, the surcharge shall be subject to marginal relief where income exceeds one crore rupees, the total amount payable as income. In case of any doubt, please refer to relevant provisions of the income tax act, 1961 and the income tax rules, 1962. In the case of firms, the rate of income tax has been specified in paragraph c of part iii of the first schedule to the bill. Income tax is imposed on the basis of ability to pay. As speculated, the income tax department has notified the itr forms for assessment year 201617 much earlier, though the schema for electronic filing is yet to be made available hope to get it soon as well.
However, the surcharge shall be subject to marginal relief where income. The finance minister has introduced many changes in the income tax slab rate for financial year 20192020 ay 20202021. Income tax slab rates for individual for fy 201718 ay 201819 income tax slab rates for individual for fy 2016 17 ay 201718. Income tax slab for fy 201516 ay 201617 income tax slab for fy 201415. The more a taxpayer earns the more he should pay is the basic principle of charging income tax. This article provide quick excel income tax calculator for fy 201516 ay 201617 for individual resident whose age is below than 60 years i. Below are the income tax slab rates for fy 201617 or ay 2017 18. March 1 to 15, 2016 u taxmanns corporate professionals today u vol. Mar 17, 2016 march 1 to 15, 2016 u taxmanns corporate professionals today u vol. Income tax circular 2014 circular, income tax 2012 amendment of income tax ordinance section 19. Apr 14, 2020 income tax slabs ay 201415 fy 2014 income tax slabs ay 201516 fy 201415 income tax slabs ay 2016 17 fy 201516 income tax slabs ay 201718 fy 2016 17 income tax slabs ay 201819 fy 201718 income tax slabs ay 201920 fy 201819 income tax slab rates for ay 201011 fy 200910 resident male individuals aged less than 65 years. There are many queries related to itr 1 like itr 1 acknowledgement. New tax regime slab rates are not differentiated based on age group.
Today we are providing income tax slab rates for assessment year 201617. Fill up the relevant details to know your tax liability for fy 201617 income tax slabs for fy 201617 ay 201718 education cess of 3% surcharge of 15% on rs 1 crore plus income earners tax credit of rs 5,000 for income up to rs 5 lakhs us 87a there are no separate slab for male and female income tax slab tax up to rs. Some of the highlights of income tax slab rates for fy 201920 assessment year 202021 income tax slab rates help you decide whether your income is taxable or not. Indian finance minister, shri arun jaitley has tabled today, the union general budget 201617 in the parliament. Apr 01, 2016 cbdt has released new income tax return form for assessment year 2016 17. Paripatra2014 income tax paripatra income tax 202014. Income tax slabs ay 201415 fy 2014 income tax slabs ay 201516 fy 201415 income tax slabs ay 201617 fy 201516 income tax slabs ay 201718 fy 201617 income tax slabs ay 201819 fy 201718 income tax slabs ay 201920 fy 201819 income tax slab rates for ay 201011 fy 200910 resident male individuals aged less than 65 years. So, refer the above table for the local authorities surcharges.
Income tax slab for fy 201516 ay 201617 there is no change in income tax slabs except additional 2% increase in cess for super rich i. Hdfc life provides the latest income tax rates in india for different age groups and tax benefits offered by various life insurance policies, for the current financial year 201617 save tax with hdfc lifes various online insurance products. Income tax slabs for fy 201617 ay 201718 for local authorities. Condonation of delay under section 1192b of the income tax act, 1961 in filing of return of income for a. Income tax rates after budget 2012 is available here income tax rate chart slabs for assessment year 201112 and earlier years has been given chart form as under in respect of individual, hufhindu undivided family,boibody of individuals so download the charts for link given below or you can read the same online as shown below. Financial year 201516 assessment year 201617 every year the income tax rates are changed and it is important to get the latest income tax rates. In the following sections we will discuss the income tax rates for fy 20182019 ay 20192020 and some other key features of income tax in india.
There are many queries related to itr2a like itr2a acknowledgement. Apr 18, 2020 check income tax slab for previous years. Income tax slab rates for ay 2016 17 video youtube. Income tax slabs income tax rates and deductions for fy 2017. Based on the annual income earned by an individual, the following table. See below income tax slab rates for individual resident aged below 60 years, senior citizen, super senior citizen, any nri huf aop boi ajp, cooperative society, firm, local authority, domestic company and other company for assessment year ay 2016 17. For income tax purpose citizens above age of 60 are considered as senior citizens and above age. Last year income tax department has released the final income tax return form in last week of june,due to which income tax return due date has extended and lately due date in audit cases was also extended after the court interference. Income tax slab rates ay 201920, fy 201819, income tax. Income tax rate will continue to be applied at 30%. This calculator is exclusively designed for bank employees based on the 10th bipartite settlement with additional calculation of income tax on arrears. Get income tax slab rates and income tax deductions in india for assessment year ay 2016 17. However, tax rate is 29% if turnover or gross receipt of the company does not exceed rs. The amount of income tax shall be increased by a surcharge at the rate of 10% of such tax, where total income between 50 lakhs and one crore rupees above 1 crore 15% surcharge.
Income tax slab rates 201718 pdf download ay 201819. The rate of incometax in the case of every local authority is specified in paragraph d of part iii of the first schedule to the bill. This rate will continue to be the same as that specified for financial year 201516. Today we are providing income tax slab rates for assessment year 2016 17. Articles explains rates of income tax in respect of income liable to tax, minimum alternative tax rate, securities transaction tax stt, commodities transaction tax ctt and dividend distribution tax ddt rates for financial year 201516 i. But payment of stamp duty etc and possession of the house have to happen in the same financial year 201617. Download income tax slabs for individual, huf, company, aop, foreign company with surcharge details. Comparison of income tax slabs for fy 201718 and fy 201617. Income tax department has issued the income tax return for fy 201617 i. The maximum amount of pt that may be levied by any state in a financial year is rs 2500. Dear sir, i had read he report income tax slabs history in india which gives various details from 1991. This rate will continue to be the same as that specified for the financial year 201516. The total amount of professional tax paid during the year is allowed as deduction under the income tax act.
Itr forms for ay 201617 paper filing format has been notified by the income tax department. Instructions for sahaj income tax return ay 201617 general. The latest income tax slabs for ay 201920, ay 202021 and ay 202122 are discussed in this article. Instructions for sahaj income tax return ay 2016 17 general instructions these instructions are guidelines for filling the particulars in this return form.
Download rebate us 87a for ay 201617 file in pdf format. Cooperative societies, firms local authorities and llps. Incometax slab rates for individual for fy 201617 ay. Individuals below 60 yrs income tax slab rate ay 201819 fy 201718 income tax slab income tax rate income. Rates of income tax for fy 201516 ay 201617 cabharatbshah. Itr 2a download for ay 201617, applicability of itr 2a. Find everything you want to know about itr 4s sugam. Itr 4s sugam, applicability, download for ay 201617. The above income tax rates are for general category men women who are below 60 years of age. The surcharge will be applicable if the income exceeds rs.
Income tax slab rates specify the threshold annual income limits at which a higher or lower rate of tax is applicable. Income tax slabs for fy 2016 17 ay 201718 for firms. Income tax slab rates for ay 201617 local authorities local authorities are taxable at a rate of 30%. Income tax rates for financial year 201617 taxmann. Health and education cess is levied at the rate of 4% on the amount of incometax plus surcharge. Income tax slab 201718 ay 201819 budget 2017 from fy 201718, those with annual income between rs 50 lakh to rs 1 crore will be levied a surcharge of 10 per cent. A rebate of income tax is allowed under section 87a in respect of resident individual whose taxable income is up to rs.
Assessment year for which this return form is applicable. Quick excel income tax calculator for fy 201516 ay 201617. Incometax slab rates for individual for fy 201617 ay 2017. Income tax slab rates for financial year 201516 assessment. Incometax slab rates for individual for fy 201516 ay. For the assessment year 201617, a partnership firm including llp is taxable at 30%. For income tax purpose citizens above age of 60 are considered as senior citizens and above age of 80 are considered very senior citizens. See below income tax slab rates for individual resident aged below 60 years, senior citizen, super senior citizen, any nri huf aop boi ajp, cooperative society, firm, local authority, domestic company and other company for assessment year ay 201617. Such tax slabs tend to undergo a change during every budget. Get income tax slab rates and income tax deductions in india for assessment year ay 201617. New income tax return filing forms for ay 2016 17 are now available after getting notified on 30th march, 2016 by the income tax department.
As i have to urgently put up a claim to it dept for refund related to previous 20 years can. Income tax slab rates for fy 201617 ay 201718 budget. Income tax slab rates for individual for fy 201718 ay 201819 income tax slab rates for individual for fy 201617 ay. Latest income tax slabs and rates for fy 201516 and ay. Ay is assessment year latest income tax rates for fy 201516. Highest tax rate including surcharge has come down from 56% in fy 199091 to 30. The tax slab for fy 201617 for cooperative societies, firms local authorities and llps will continue at the same rate as the previous financial year. Below are the income tax slab rates for fy 2016 17 or ay 2017 18. Now you can scroll down below n download income tax slab for ay 201617 in pdf. Normal rates of tax applicable to all individuals who are less than 60 years of age. Nov 18, 2011 income tax rates after budget 2012 is available here income tax rate chart slabs for assessment year 201112 and earlier years has been given chart form as under in respect of individual, hufhindu undivided family,boibody of individuals so download the charts for link given below or you can read the same online as shown below. Income tax at a glance among direct taxes, income tax is the main source of revenue. In this post, we will discuss the relative changes in the tax slab for 2016 17 for different entities.
Income tax slab rates for financial year 201516 assessment year201617. We have not gone through income tax forms in detailed but itr1 and itr2 are more or. Jan 06, 2018 itr 2a download for ay 201617, applicability of itr 2a. Incometax slab rates for individual for fy 201516 ay 201617. Net income range income tax rates health and education cess up to rs. Income tax deduction 80c ay 201617 income tax deduction 80gg ay 201617 income tax deduction 80tta ay 201617 pricing. Income tax slab 201718 income tax slabs rate chart for assessment year 201718 f. The following income tax rates are applicable for the financial year ending march 31, 2016 i. Apr 10, 2018 income tax slab rates for individual for fy 201516 ay 2016 17 steps to file your indian income tax return quickly with revise correct your income tax return. Surcharge and education cess see note income tax slab rates 201718 pdf download. All assessees are required to file income tax return each year if they have taxable income of more than rs. There are different slabs for each category of taxpayers. Various deductions that are allowed to a taxpayer under section 80c, section 80d etc. For the purpose of ascertainment of the applicable tax slab, an individual can be classified as follows.
However, under old tax regime the basic income threshold exempt from tax for senior citizen aged 60 to 80 years and super senior citizens aged above 80 years is. Income tax slab rates for individualhuf for fy 201819 ay 201920 income tax slab rates for individual for fy 201819 ay 201920 itr1 and itr2 ay 201920 released. Tax slab ay 201617 individualhufboiaopajp india itr. There is no change in the basic tax rate and exemption limit for individual, hindu undivided family, association of person, body of individuals and artificial juridical person in assessment year 201617 in comparison to a. The income tax act 1961 is the law that governs the provisions for our income tax. However, under new tax regime person cannot claim up to 70 income tax. Mar 03, 2018 itr 4s sugam, applicability, download for ay 201617. Fy 202021 ay 202122, fy 201920 ay 202021, fy 201819 ay 201920 and last 10 years find updated latest income tax slab rates in india for individuals, company, nri, huf, boi, aop, llp, local authority, cooperative society.
Mar 01, 2016 download income tax calculator ay 201617 in excel income tax calculator for financial year 201516, ay 201617 have been created in excel format for free download. Mar 19, 2019 download income tax slab for ay 201617 in pdf, download latest income tax slab rates for fy 201516 or income tax slab rates for ay 201617. Income tax slabs ay 201415 fy 2014 income tax slabs ay 201516 fy 201415 income tax slabs ay 2016 17 fy 201516 income tax slabs ay 201718 fy 2016 17 income tax slabs ay 201819 fy 201718 income tax slabs ay 201920 fy 201819 income tax slab rates for ay 201011 fy 200910 resident male individuals aged less than 65 years. Download income tax slab for ay 201617 in pdf, download latest income tax slab rates for fy 201516 or income tax slab rates for ay 201617. For financial year 201617 department has merged the different itr and numbering of itr has been changed and after read more. The income tax slab for hindu undivided family huf is the same as the tax slabs for individuals under the age of 60 years in the year 2019 2020. But the surcharges are varied depending on the income. 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. Itr 1 sahaj download for ay 201617 who can use itr 1. Income tax slab rates for ay 201617 local authorities. Download income tax calculator ay 201617 in excel income tax calculator for financial year 201516, ay 201617 have been created in excel format for free download.
Income tax deduction 80tta ay 201718 tax deductions ay 201617. Aug 14, 2019 indian finance minister, shri arun jaitley has tabled today, the union general budget 2016 17 in the parliament. Hdfc life provides the latest income tax slab rates and deductions in. But the tax slabs have not been changed for the last few years. For the assessment year 2016 17, a partnership firm including llp is taxable at 30%. The income tax return filing forms are available here cometaxindia. Income tax slabs for partnership firms there is a flat tax rate for partnership firms and llps limited liability partnerships and they are to pay income tax at the rate of 30%. Tax is charged at different rates on the range of income falling under different income tax slabs.