What is the income tax slab for FY 2016 17?
What is the income tax slab for FY 2016 17?
| INCOME SLABS | INCOME TAX RATES |
|---|---|
| Upto Rs. 3,00,000 | NIL |
| Rs. 3,00,000 to 5,00,000 | 10% of the amount exceeding Rs.3,00,000 |
| Rs. 5,00,000 to 10,00,000 | Rs. 20,000 + 20% of the amount exceeding Rs. 5,00,000 |
| Rs. 10,00,000 & above | Rs. 1,20,000 + 30% of the amount exceeding Rs. 10,00,000 |
What are the old tax slabs in India?
| OPTION 1 | OPTION 2 | |
|---|---|---|
| Old Income Tax Slab | New Tax Regime | |
| Upto Rs 5,00,000 | NIL | Upto Rs 2,50,000 |
| Rs 2,50,001 – Rs 5,00,000 | ||
| Rs 5,00,001 – Rs 10,00,000 | 20% | Rs 5,00,001 – Rs 7,50,000 |
Can we choose old tax slab?
An employee may choose between old and new tax regimes at the beginning of the year and intimate the employer, or at the time of joining new employment during the year. However, at the time of filling the personal tax return, the employee can change the tax regime.
What was income tax in 2016?
Estimated Income Tax Brackets and Rates
| Rate | Single Filers | Married Joint Filers |
|---|---|---|
| 10% | $0 to $9,275 | $0 to $18,550 |
| 15% | $9,275 to $37,650 | $18,550 to $75,300 |
| 25% | $37,650 to $91,150 | $75,300 to $151,900 |
| 28% | $91,150 to $190,150 | $151,900 to $231,450 |
What is the tax slab for this year?
Income tax slabs for Individual aged below 60 years & HUF
| Income Tax Slab | Individuals Below The Age Of 60 Years – Income Tax Slabs |
|---|---|
| Up to Rs 2.5 lakhs | NIL |
| Rs. 2.5 lakh -Rs. 5Lakhs | 5% |
| Rs 5 .00 lakh – Rs 10 lakhs | 20% |
| > Rs 10.00 lakh | 30% |
What is the tax slab for 15 lakhs?
Frequently Asked Questions ( FAQ’s )
| Income Slab | Applicable Tax Rate |
|---|---|
| Above Rs 7.5 lakh and up to Rs 10 lakh | 15% |
| Above Rs 10 lakh and up to Rs 12.5 lakh | 20% |
| Above Rs 12.5 lakh and up to Rs 15 lakh | 25% |
| Above Rs 15 lakh | 30% |
How many years of old income tax should you keep?
3 years
Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.
Do you pay tax at 15 years old?
Minors who are Australian residents do not ordinarily have to lodge a tax return if they earn less than $416 within the financial year, unless requested, or if tax has been withheld.
What is the current surcharge on company tax in India?
In case of companies other than domestic companies, the existing surcharge of two per cent. shall continue to be levied if the total income exceeds one crore rupees but does not exceed ten crore rupees. The surcharge at the rate of five percent shall be levied if the total income of the company other than domestic company exceeds ten crore rupees.
What is the maximum income limit under income tax in India?
Above Rs. 10,00,000 30 per cent. (ii) In the case of every individual, being a resident in India, who is of the age of sixty years or more but less than eighty years at any time during the previous year,— Upto Rs. 2,50,000 Nil.
How to increase the amount of income tax in India?
The amount of income-tax shall be increased by a surcharge at the rate of ten percent. of such income-tax in case of a co-operative society having a total income exceeding one crore rupees .
Where is the rate of income tax specified in the bill?
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. This rate will continue to be the same as that specified for financial year 2013-2014.
