Basic Information for New Income Slab in Income tax Department

Budget 2016 - Income tax  Rates- Income Slab

Any Tax Payer want a Basic Information About New Income-Tax Income Slab. Tax Assesses or Tax Payer know to Slab for Pr-Planed to Saving Income-Tax.India's Finance Minister Announced to Income-Tax Slab in Budget 2016. Income-Tax new slab is as under to useful tax-payer to information and guide to how to Tax Save and Basic Calculate the How much annual income to liable a Pay Tax in Indian Government.Basic Guide to Calculate the Income-tax for any people.Simple Step Follow to Learn Income tax Calculation.

This Page is very useful and Provide a Guidelines about Income tax slab in every year. Indian Govt. Every years announced a Finance Budget and nominal changes in Income tax slab and Increase of Income tax Income limit. we are Provide a Latest Budget 2016. Our Finance Minister Mr. Arun Jetly Announced a Budget 2016 and New Income tax slab changes in Income tax. As Under see the Changes in Income tax Slab 2016. Indian Finance Minister announced a budget in every year. Every Year normal changes in budget. Now, we are teach a about budget 2016. we are Provide a Details in income tax slab in changes of Male Taxpayer, Female Taxpayer, Senior Citizen Taxpayer and Super Senior Citizen. Indian Govt. First Time Introduce a Super Senior Citizen in Income tax Definition. we are Provide a Last 5 Years income tax slabs with Description and Rate of Income tax in each and every Status in Income tax India. we are started a Introduce a income tax slab 2013 14. Income tax rate and Yearly not taxable Income amount also introduce to Pre Planned to Saving a income tax in income tax slab for A.Y. 2013 14. As under see the Information about income tax slab for F.Y. 2017 18.  Budget Presented in March 2016. This budget is apply after April 2016 to March 2017 is Income tax language of income tax slab A.Y. 2017 18.

 ( taxpayer of individual ( Only for Male)HUF  below age of 60 years.)

Indian Finance minister to Change a Income tax slab in every year budget.

now, we are introduce the letest Incometax slab in 2016.

Income tax slab	Incometax  Rates
Total Yearly Income not more than Rs.2,50,000/-.	Payable  tax is NIL
Total Yearly Income more Rs.2,50,000/- but not more than Rs.5,00,000/-	Payable tax rate is 10%  on  Rs.2,50,000/- [ like 5,00,000-2,50,000/-] (Extra tax is Education Cess.Higher Education Cess.Interest etc..)
Total Yearly Income more than 5,00,000/- but not more than 10,00,000/-	Payable tax rate is 20% on Rs.5,00,000/- [like 10,00,000-5,00,000] ( Extra tax is Education Cess,Higher education Cess, Interest etc.)
Total Yearly Income more than 10,00,000/-	payable tax rate is 30% on flat above Rs.10,00,000/- ( Extra tax is Education Cess, Higher Education Cess,Interest etc..)

( taxpayer of individual ( Only for Female)  below age of 60 years.)

Indian Finance minister to Change a Income tax slab in every year budget.

now, we are introduce the letest Incometax slab in 2016.

Income tax slab	Incometax  Rates
Total Yearly Income not more than Rs.2,50,000/-.	Payable  tax is NIL
Total Yearly Income more Rs.2,50,000/- but not more than Rs.5,00,000/-	Payable tax rate is 10%  on  Rs.2,50,000/- [ like 5,00,000-2,50,000/-] (Extra tax is Education Cess.Higher Education Cess.Interest etc..)
Total Yearly Income more than 5,00,000/- but not more than 10,00,000/-	Payable tax rate is 20% on Rs.5,00,000/- [like 10,00,000-5,00,000] ( Extra tax is Education Cess,Higher education Cess, Interest etc.)
Total Yearly Income more than 10,00,000/-	payable tax rate is 30% on flat above Rs.10,00,000/- ( Extra tax is Education Cess, Higher Education Cess,Interest etc..)

( taxpayer of all individual above age of 60 years  Govt.Called Senior Citizens )

Indian Finance minister to Change a Income tax slab in every year budget.

now, we are introduce the letest Incometax slab in 2016.

Income tax slab	Incometax  Rates
Total Yearly Income not more than Rs.3,00,000/-.	Payable  tax is NIL
Total Yearly Income more Rs.3,00,000/- but not more than Rs.5,00,000/-	Payable tax rate is 10%  on  Rs.2,00,000/- [ like 5,00,000-3,00,000/-] (Extra tax is Education Cess.Higher Education Cess.Interest etc..)
Total Yearly Income more than 5,00,000/- but not more than 10,00,000/-	Payable tax rate is 20% on Rs.5,00,000/- [like 10,00,000-5,00,000] ( Extra tax is Education Cess,Higher education Cess, Interest etc.)
Total Yearly Income more than 10,00,000/-	payable tax rate is 30% on flat above Rs.10,00,000/- ( Extra tax is Education Cess, Higher Education Cess,Interest etc..)

( taxpayer of all individual above age of 80 years  Govt.Called Super Senior Citizens )

Indian Finance minister to Change a Income tax slab in every year budget.

now, we are introduce the letest Incometax slab in 2016.

Income tax slab	Incometax  Rates
Total Yearly Income not more than Rs.5,00,000/-.	Payable  tax is NIL
Total Yearly Income more Rs.5,00,000/- but not more than Rs.10,00,000/-	Payable tax rate is 20%  on  Rs.5,00,000/- [ like 10,00,000-5,00,000/-] (Extra tax is Education Cess.Higher Education Cess.Interest etc..)
Total Yearly Income more than 10,00,000/-	payable tax rate is 30% on flat above Rs.10,00,000/- ( Extra tax is Education Cess, Higher Education Cess,Interest etc..)

For Example :- 

How to Calculate the simple tax  in Individual or HUF

Mr. x as a employee in job. he is yearly income is 10,00,000/- so how to calculate the tax. ?

Mr.X Salary Income                                     13,00,000/-  (Yearly Income)

First  non taxable income                              2,50,000/-                  Nil

(10,00,000-2,50,000)                                   ------------

                                                                  10,50,000/-       

First  Income tax Rate  10%                         2,50,000/-          25,000/- Tax [(500000-250000) (250,000x10%)]                 -----------

                                                                    8,00,000/-

Second  Income tax Rate 20%                       5,00,000/-        1,00,000/-

[(10,00,000-5,00,000)(5,00,000x20%)]          -----------

                                                                     3,00,000/-

Third Income tax Rate 30%

[(above 10,00,000 30%) (3,00,000x30%)]      3,00,000/-        90,000/-

                                                                                        ---------------

                Total Payable  Tax is                                             2,15,000/-

Now, this illustration is use ful to taxpayer or new assessee to calculate the basic tax ? this is use ful  guide to taxpayer for how to tax savings ?

we are learn more to what is deduction in income tax ? how to tax saving ? as below more post usefull tax payer.

Tax slab for Business  ( like Asssociation of Person,Body of Individual, Companies, Partnership Firm, Co op Society LLP, Pvt.Ltd. Ltd.)

Indian Finance minister to Change a Income tax slab in every year budget.

now, we are introduce the letest Incometax slab in 2016.

Income tax slab	Incometax  Rates
Total Yearly Income not more than Rs.10,000/-.	Payable  tax is NIL
Total Yearly Income more Rs.10,000/- but not more than Rs.20,000/-	Payable tax rate is 20%  on  Rs.10,000/- [ like 20,000-10,000/-] (Extra tax is Education Cess.Higher Education Cess.Interest etc..)
Total Yearly Income more than 20,000/-	payable tax rate is 30% on flat above Rs.20,000/- ( Extra tax is Education Cess, Higher Education Cess,Interest etc..)

Income Tax Slab 2013-14
Income Tax Slab 2014-15
Income Tax Slab 2015-16
Income Tax Slab 2016-17

About Author :Ketankumar Accountingwale

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