Tds on salary for fy 2016-17

Prajakta Potdar (Chief Accountant) (142 Points)

04 February 2017

Respected Sir

What is limit of taxabla income to male and female for FY 2016-17, AY 2017-18.

What are the rates of tax (slab limit)?

Is their any change in deduction u/s 80C and others?

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4 Replies

Shubham Gupta (Business Consultants) (2077 Points)
Replied 04 February 2017

Limit for individuals

0-2.5 Lacs - NIL

2.5 L- 5L- 10%

5L-10L-20%

above 10 L-30%

80C- Rs 1.5 L

www.mytaxfiling.in

info @ mytaxfiling.in

mounika barupati (student) (41 Points)
Replied 04 February 2017

additional tax deduction of Rs.50,000 u/s 80CCD(1b) is over and above this Rs.150000 limit

CA Shree Jain (Chartered Accountant) (1572 Points)
Replied 04 February 2017

Tax reduced from 10% to 5% for Income from Rs 2,50,000 – Rs 5,00,000
Rs 2,500 or 100% rebate in income tax (whichever is lower) for individuals with income below Rs 3.5 Lakhs u/s 87A
10% surcharge on income tax if the total income exceeds Rs 50 Lakhs but below Rs 1 crore
For income above Rs 1 crore the surcharge of 15% remain

There is NO separate tax slab for men and women. Earlier women used to have slight benefit over men in terms of lower taxes!

The tax slabs are determined on age of person. As of today there are 3 slab rates based on age:

Income Slab	Tax Rate
Income up to Rs 2,50,000	No Tax
Income from Rs 2,50,000 – Rs 5,00,000	5%
Income from Rs 5,00,000 – 10,00,000	20%
Income more than Rs 10,00,000	30%
Surcharge: 10% surcharge on income tax if the total income exceeds Rs 50 Lakhs but below Rs 1 crore 15% surcharge on income tax if the total income exceeds Rs 1 crore Education Cess: 2% cess on income tax including surcharge Secondary and Higher Education Cess: 1% cess on income tax including surcharge Rebate under Section 87A: Rs 2,500 or 100% of income tax (whichever is lower) for individuals with income below Rs 3.5 Lakhs

Also Read: 25 Ways Budget 2017 Impacts Your Taxes and Investments

Income Slab	Tax Rate
Income up to Rs 3,00,000	No Tax
Income from Rs 3,00,000 – Rs 5,00,000	5%
Income from Rs 5,00,000 – 10,00,000	20%
Income more than Rs 10,00,000	30%
Surcharge: 10% surcharge on income tax if the total income exceeds Rs 50 Lakhs but below Rs 1 crore 15% surcharge on income tax if the total income exceeds Rs 1 crore Education Cess: 2% cess on income tax including surcharge Secondary and Higher Education Cess: 1% cess on income tax including surcharge Rebate under Section 87A: Rs 2,500 or 100% of income tax (whichever is lower) for individuals with income below Rs 3.5 Lakhs

Income Slab	Tax Rate
Income up to Rs 2,50,000	No Tax
Income from Rs 2,50,000 – Rs 5,00,000	No Tax
Income from Rs 5,00,000 – 10,00,000	20%
Income more than Rs 10,00,000	30%
Surcharge: 10% surcharge on income tax if the total income exceeds Rs 50 Lakhs but below Rs 1 crore 15% surcharge on income tax if the total income exceeds Rs 1 crore Education Cess: 2% cess on income tax including surcharge Secondary and Higher Education Cess: 1% cess on income tax including surcharge

Company Turnover	Tax Rate
Less than 50 crore	25%
More than 50 crore	30%
Surcharge: 7% surcharge if the income is more than 1 crore but less than 10 crore 12% surcharge if the income is more than 10 crore Education Cess: 2% cess on income tax including surcharge Secondary and Higher Education Cess: 1% cess on income tax including surcharge