Basic Information for New Income Slab in Income tax Department

Budget 2016 - Income tax  Rates- Income Slab


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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.
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 ( 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

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