{"id":440,"date":"2016-03-09T23:29:27","date_gmt":"2016-03-09T17:59:27","guid":{"rendered":"https:\/\/blog.ritulpatwa.com\/?p=440"},"modified":"2016-03-09T23:29:27","modified_gmt":"2016-03-09T17:59:27","slug":"indian-income-tax-rate-for-f-y-2016-17-a-y-2017-18","status":"publish","type":"post","link":"https:\/\/blog.ritulpatwa.com\/?p=440","title":{"rendered":"INDIAN INCOME TAX RATE FOR F. Y. 2016-17 (A. Y. 2017-18)"},"content":{"rendered":"

A quick review (Limited Information) of the applicable provisions under the income tax act after incorporating the amendments proposed by the Budget of 2016 are given below for ready reference and information of our clients:-<\/strong><\/p>\n

(A)\u00a0INCOME TAX CALCULATOR FOR F. Y. 2016-17 (A.Y. 2017-18)<\/span><\/strong><\/p>\n

(I)\u00a0 INDIVIDUALS \/ HUF \/ AOP \/ BOI<\/strong><\/p>\n

    \n
  1. General Category & Women<\/strong><\/li>\n<\/ol>\n\n\n\n\n\n\n\n
    SLAB<\/td>\nTOTAL INCOME<\/td>\nRate<\/p>\n

    of Tax<\/td>\n

    		TAX CALCULATOR<\/td>\nCOMMENTS<\/td>\n<\/tr>\n
    I<\/td>\nUpto Rs. 2,50,000\/-<\/td>\n0 %<\/td>\nNIL<\/td>\nNo Change<\/td>\n<\/tr>\n
    II<\/td>\nRs. 2,50,001\/- to Rs. 5,00,000\/-<\/td>\n10 %<\/td>\n(Total Income \u2013 2,50,000)*10% – 5000<\/td>\nRebate u\/s 87A increased from 2000\/- to 5000\/-<\/td>\n<\/tr>\n
    III<\/td>\nRs. 5,00,001\/- to Rs. 10,00,000\/-<\/td>\n20 %<\/td>\n25000 + (T.I. \u2013 500000)*20%<\/td>\nNo Change<\/td>\n<\/tr>\n
    IV<\/td>\nAbove Rs. 10,00,000\/-<\/td>\n30 %<\/td>\n125000+(T.I.\u201310,00,000)*30%<\/td>\nNo Change<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

     <\/p>\n

    2. \u00a0Senior Citizen \u2013 Age 60 Years<\/strong><\/p>\n\n\n\n\n\n\n\n
    SLAB<\/td>\nTOTAL INCOME<\/td>\nRate<\/p>\n

    of Tax<\/td>\n

    		TAX CALCULATOR<\/td>\nCOMMENTS<\/td>\n<\/tr>\n
    I<\/td>\nUpto Rs. 3,00,000\/-<\/td>\n0 %<\/td>\nNIL<\/td>\nNo Change<\/td>\n<\/tr>\n
    II<\/td>\nRs. 3,00,001\/- to Rs. 5,00,000\/-<\/td>\n10 %<\/td>\n(Total Income \u2013 3,00,000)*10% – 5000<\/td>\nRebate u\/s 87A increased from 2000\/- to 5000\/-<\/td>\n<\/tr>\n
    III<\/td>\nRs. 5,00,001\/- to Rs. 10,00,000\/-<\/td>\n20 %<\/td>\n20000 + (T.I.\u20135,00,000)*20 %<\/td>\nNo Change<\/td>\n<\/tr>\n
    IV<\/td>\nAbove Rs. 10,00,000\/-<\/td>\n30 %<\/td>\n120000+(T.I.\u201310,00,000)*30%<\/td>\nNo Change<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

     <\/p>\n

    3. \u00a0Very Senior Citizen \u2013 Age 80 Years<\/strong><\/p>\n\n\n\n\n\n\n
    SLAB<\/td>\nTOTAL INCOME<\/td>\nRate<\/p>\n

    of Tax<\/td>\n

    		TAX CALCULATOR<\/td>\nCOMMENTS<\/td>\n<\/tr>\n
    I<\/td>\nUpto Rs. 5,00,000\/-<\/td>\n0 %<\/td>\nNIL<\/td>\nNo Change<\/td>\n<\/tr>\n
    II<\/td>\nRs. 5,00,001\/- to Rs. 10,00,000\/-<\/td>\n20 %<\/td>\n(T.I. \u2013 5,00,000)*20 %<\/td>\nNo Change<\/td>\n<\/tr>\n
    III<\/td>\nAbove Rs. 10,00,000\/-<\/td>\n30 %<\/td>\n1,00,000+(T.I.\u201310,00,000)*30 %<\/td>\nNo Change<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

    \u00a0<\/strong>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 <\/strong><\/p>\n

    \u00a0 \u00a0 \u00a0Surcharge<\/strong> \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2013 Total Income upto 1 Crore \u2013 NIL<\/p>\n

    \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0 Total Income > 1 Crore \u2013 15% <\/strong>[Raised from 12%]<\/p>\n

    \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Education Cess \u00a0 <\/strong>\u2013 3% of the Income Tax & Surcharge<\/p>\n

    \u00a0<\/strong><\/p>\n

    (II)\u00a0\u00a0\u00a0\u00a0 PARTNERSHIP FIRMS<\/strong><\/p>\n

    (i)\u00a0 Rate of Income Tax @ 30 % of Total Income<\/strong><\/p>\n

    \u00a0 \u00a0 \u00a0 Surcharge<\/strong> \u2013 \u00a0 Total Income upto 1 Crore \u2013 NIL<\/p>\n

    \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0<\/strong>Total Income > 1 Crore \u2013 12%<\/p>\n

    \u00a0 \u00a0 \u00a0 Education Cess <\/strong>\u2013 3% of the Income Tax & Surcharge<\/p>\n

     <\/p>\n

    (ii) Remuneration to Partners (if provided in the Partnership Deed) may be paid out of<\/p>\n

    Total Income before computation of Tax, with a maximum ceiling as follows:<\/p>\n

     <\/p>\n\n\n\n\n
    On the first Rs. 3,00,000\/- of the Book Profits or in case of Loss<\/td>\nRs. 1,50,000\/- or @ 90 % of Book Profits, whichever is Higher<\/td>\n<\/tr>\n
    On balance of the Book Profits<\/td>\n@ 60% of Book Profit<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

     <\/p>\n

      \n
    • Interest on Partners Capital (if provided in the Partnership Deed) is allowed upto a<\/li>\n<\/ul>\n

      Maximum of 12 % p.a.<\/p>\n

      (III)\u00a0<\/strong>COMPANIES<\/strong><\/p>\n

        \n
      • Rate of Income Tax:-<\/strong><\/li>\n<\/ul>\n\n\n\n\n\n\n\n
        Category of Company<\/strong><\/td>\nRate of Tax<\/strong><\/td>\n<\/tr>\n
        New Manufacturing Company incorporated after 01-03-2016<\/p>\n

         <\/p>\n

        [Option Subject to following conditions;<\/p>\n

        (a) do not claim profit linked or investment linked deductions and<\/p>\n

        (b) do not avail of investment allowance and accelerated depreciation.]<\/td>\n

        		25%<\/td>\n<\/tr>\n
        Companies with Turnover of upto Rs. 5 Crores during the F. Y. ending March, 2015<\/span><\/td>\n29%<\/td>\n<\/tr>\n
        Start-ups Registered from 01-04-2016 to 31-03-2019<\/td>\n0% -For 3 out of 5 years<\/p>\n

        [MAT applicable under 115JB]<\/td>\n<\/tr>\n

        Other Domestic Companies<\/td>\n30%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

        \u00a0<\/strong><\/p>\n

        OTHER NON-DOMESTIC COMPANIES<\/span><\/p>\n

        (1) on so much of the total income as consists of,\u2014<\/p>\n\n\n\n\n
        (a<\/em>)<\/td>\nroyalties received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st day of March, 1961 but before the 1st day of April, 1976; or<\/td>\n50%<\/strong><\/td>\n<\/tr>\n
        (b<\/em>)<\/td>\nfees for rendering technical services received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 29th day of February, 1964 but before the 1st day of April, 1976, and where such agreement has, in either case, been approved by the Central Government<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

        (2<\/em>) on the balance, if any, of the total income \u2013 40 %<\/strong><\/p>\n

        Surcharge<\/strong> \u2013<\/p>\n