CBD had issued a circular and as per this circular the following are Income Tax Slab for Asstt. Year 2016-17 for Salaried Employee. Only two months are in hand to plan or save tax for Salaried Employee for Asstt. Year 2016-17 after all deductions effects.
This circulars the rate of deductions of Income Tax from the payment of Income under the head "Salaries" which is as under:
RATES OF INCOME-TAX AS PER FINANCE ACT, 2015:
As per the Finance Act, 2015, income-tax is required to be deducted under Section 192 of the Act from income chargeable under the head "Salaries" for the financial year 2015-16 (i.e. Assessment Year 2016-17) at the following rates:
Rates of tax - Normal Rates of tax:
This circulars the rate of deductions of Income Tax from the payment of Income under the head "Salaries" which is as under:
RATES OF INCOME-TAX AS PER FINANCE ACT, 2015:
As per the Finance Act, 2015, income-tax is required to be deducted under Section 192 of the Act from income chargeable under the head "Salaries" for the financial year 2015-16 (i.e. Assessment Year 2016-17) at the following rates:
Rates of tax - Normal Rates of tax:
Rates of tax for every individual, resident in India, who is of the age of sixty years or more but less than eighty years at any time during the financial year:
In
case of every individual being a resident in India, who is of the age
of eighty years or more at any time during the financial year:
Surcharge on Income tax:
The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 of the Income-tax Act, shall, in the case of every individual or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act, having a total income exceeding one crore rupees, be increased by a surcharge for the purpose of the Union calculated at the rate of twelve per cent of such income-tax:
Provided that in the case of persons mentioned above having total income exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees.
Education Cess on Income tax:
The amount of income-tax including the surcharge if any, shall be increased by Education Cess on Income Tax at the rate of two percent of the income-tax.
Secondary and Higher Education Cess on Income-tax:
An additional education cess is chargeable at the rate of one percent of income-tax including the surcharge if any, but not including the Education Cess on income tax as in 2.3.1.
Surcharge on Income tax:
The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 of the Income-tax Act, shall, in the case of every individual or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act, having a total income exceeding one crore rupees, be increased by a surcharge for the purpose of the Union calculated at the rate of twelve per cent of such income-tax:
Provided that in the case of persons mentioned above having total income exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees.
Education Cess on Income tax:
The amount of income-tax including the surcharge if any, shall be increased by Education Cess on Income Tax at the rate of two percent of the income-tax.
Secondary and Higher Education Cess on Income-tax:
An additional education cess is chargeable at the rate of one percent of income-tax including the surcharge if any, but not including the Education Cess on income tax as in 2.3.1.
Do you know the meaning of Taxable Salary ?
To find out your Taxable Salary, look up your CTC. Include all fixed components - Basic Salary, HRA (exclude exemption), all fixed allowances. Include bonus payment (if you don't have actual numbers take an estimate). Do not include reimbursements like telephone bills or medical bills. Also exclude retirement benefits which are not paid to you with your salary, like PF and Gratuity.
Easy Tax Calculation Utility Download (CLICK HERE)
To find out your Taxable Salary, look up your CTC. Include all fixed components - Basic Salary, HRA (exclude exemption), all fixed allowances. Include bonus payment (if you don't have actual numbers take an estimate). Do not include reimbursements like telephone bills or medical bills. Also exclude retirement benefits which are not paid to you with your salary, like PF and Gratuity.
Easy Tax Calculation Utility Download (CLICK HERE)
