Benny Thadathil

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 prepared on the basis of Proposed Changes in Income Tax Act,1961 by Union Budget 2016-17.

Tax slabs;

Rates for Individuals below 60 years

Income slabsIncome tax rate
Income up to Rs. 2.50 lakhsNil
Rs. 2.50 to Rs. 5 lakhs10%
Rs.5 Lakhs to Rs. 10 Lakhs20%
Rs. 10 lakhs above30%

Rates for Individuals below 60 years below 80 Years

Income slabsIncome tax rate
Income up to Rs. 3 lakhsNil
Rs. 3 to Rs. 5 lakhs10%
Rs.5 Lakhs to Rs. 10 Lakhs20%
Rs. 10 lakhs above30%

Rates for Individuals 80 years & above

Income slabsIncome tax rate
Income up to Rs. 3 lakhsNil
Rs. 3 to Rs. 5 lakhsNil
Rs.5 Lakhs to Rs. 10 Lakhs20%
Rs. 10 lakhs above30%

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.

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.

Download Income tax Calculator for Financial Year 2016-17 / Assessment Year 2017-18

Please reach me @ bennythadathil@gmail.com, for all clarifications and feedbacks on this Tax calculator.

 ALSO READ
S.NO.INCOME TAX SLAB
INCOME TAX CALCULATORS
1.Income Tax Slabs for FY 2016-17 / AY 2017-18
2.Income Tax Slab for FY 2015-16 AY 2016-17
3.Income Tax Slab for FY 2014-15 AY 2015-16
4.
5. Income tax Slab for FY 2012-13 / AY 2013-14Income Tax Calculator FY 2012-13 / AY 2013-14
6.Income tax calculator for FY 2006-07 to FY 2016-17
7.Income Tax Slab Rates from AY 1992-93 to AY 2015-16

More Under Income Tax

Posted Under

Category : Income Tax (20878)
Type : Articles (10820) Featured (3632)

Search Posts by Date