Income tax Calculator for Financial Year 2016-17 Assessment Year 2017-18.
Income Tax calculator cum Flexi Allocation kit, for the use of salaried employees of govt and private sector, basis the latest budget proposals.
Tax slabs;
Rates for Individuals below 60 years
|
Income slabs |
Income tax rate |
|
Income up to Rs. 2.50 lakhs |
Nil |
|
Rs. 2.50 to Rs. 5 lakhs |
10% |
|
Rs.5 Lakhs to Rs. 10 Lakhs |
20% |
|
Rs. 10 lakhs above |
30% |
Rates for Individuals below 60 years below 80 Years
|
Income slabs |
Income tax rate |
|
Income up to Rs. 3 lakhs |
Nil |
|
Rs. 3 to Rs. 5 lakhs |
10% |
|
Rs.5 Lakhs to Rs. 10 Lakhs |
20% |
|
Rs. 10 lakhs above |
30% |
Rates for Individuals 80 years & above
|
Income slabs |
Income tax rate |
|
Income up to Rs. 3 lakhs |
Nil |
|
Rs. 3 to Rs. 5 lakhs |
Nil |
|
Rs.5 Lakhs to Rs. 10 Lakhs |
20% |
|
Rs. 10 lakhs above |
30% |
Surcharge of 15% on Income tax those taxable income exceeds Rs.1.00 crore will apply.
Education cess will apply 3% on the Income tax & Surcharge will apply for all.
Tax releif u/s 87 upto Rs.5000, ie Taxable income upto 3 lakh is exempted from tax deduction.https://www.lawyersclubindia.com/editor_upload/349887_20160404104512_61539796income_tax_calculator_2016_17.xls
Section 80C gives deduction for various savings schemes upto Rs. 1.50 lakhs and additional deduction of Rs.50,000 towards investment in NPS under 80CCD (1b).
Additional tax deduction of Rs.50,000/- allowed on the new housing loans taken after 1-April-2016.
Please reach me at bennythadathil@gmail.com for all clarifications and feedbacks on this Tax calculator.
