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BENNY THADATHIL   04 April 2016

Income tax calculator for financial year 2016-17

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.

https://www.lawyersclubindia.com/editor_upload/349887_20160404104641_61539796income_tax_calculator_2016_17.xls



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