Skip to main content

Calculate your Income Tax for the FY 2016-17 / AY 2017-18


Calculation of Income Tax is always a head ache for salary class people. Since, most of them does their filing themselves, they always looks for the proper guidance. Thus, we thought of coming up with this Article on How to Calculate your Income Tax for the FY 2016-17 / AY 2017-18.

Income Slab
Individuals below 60 Years
Individuals b/w 60 – 80 Years
Individuals above 80 Years
Up to 2.50 Lacs
Nil
---
---
Up to 3.00 Lacs
---
Nil
Nil
2.50 – 5.00 Lacs
10%
---
Nil
3.00 – 5.00 Lacs
---
10%
Nil
5.00 – 10.00 Lacs
20%
20%
20%
10.00 Lacs & above
30%
30%
30%

Education cess will apply 3% on the Income tax & Surcharge will apply for all, and Surcharge of 15% on Income tax those taxable income exceeds Rs.1.00 Crore will apply.

Section 80C gives deduction for various savings schemes up to Rs. 1.50 lakhs and additional deduction of Rs.50,000 towards investment in National Pension Scheme (NPS) under 80CCD (1b).

Additional tax deduction of Rs.50,000/- allowed on the new housing loans taken after April 1, 2016.

Use this Income Tax Calculator to calculate the actual payable Income Tax for the FY 2016-17 / AY 2017-18.

Do keep your Form 16, and all Form 16-A ready with you to calculate the actual payable Income Tax.


Feel free to share your experience…

Comments

Popular posts from this blog

Importance of Bar & Bench relationship

In general, Bar refers to the lawyers and Bench refers to the members of the judiciary, i.e., Judges. It is the body of persons which operates the machinery through which justice is administered, composed mainly of the Judges and the Advocates who help them in discharging their difficult duties, has existed and functioned both in ancient and modern times.
Bar & Bench relations in law refers to the cordial relationship between Advocates (Bar) and Judges (Bench). Bar and Bench plays an important role in the administration of justice. Bench administer the justice with the help of the Bar.
The Judicial Process in today’s world includes that task of Social Engineering. Concepts of justice, however, have changed vastly in the course of time. And, as between different States in modern times too, Justice, as embodied in the law, has different contents and connotations.
Such differences as we find between different States as regards the functions of the Bar and Bench are, mainly due to the so…

Definition of Person under Income Tax Act

Abhilash CU, M.Com, FCA, ACS
The term Person under Income Tax Act has wide meaning and interpretation than the normal meaning of person. The definition of person has a vide implication that “assesse “under the act is defined as a “person” by whom income tax or super tax or any other sum of money is payable under the act. So in order to be declared an assesse under the Income Tax Act, the assesse must be a “Person” as defined under the Income Tax Act of 1961.The term “Person” has been defined under Sec2(31) of the Income Tax Act of 1961. The definition of “Person” is as follows.

"Person" includes— An individual,A Hindu Undivided Family,A Company,A Firm,An Association of Persons or a Body of Individuals, whether incorporated or not,A Local Authority, andEvery artificial juridical person, not falling within any of the preceding sub-clauses;The definition is inclusive and not exhaustive i.e. any other Person can also be included under the definition of Person under Income Tax Act.
I…

Nature, Definition & Scope of Administrative Law

Administrative law is considered a branch of public law. Administrative law is the body of law which governs the activities of administrative agencies of government. Government agency action can include rulemaking, adjudication, or the enforcement of a specific regulatory agenda.
Further, we can say that, the Administrative Law is a branch of law governing the creation and operation of administrative agencies. Of special importance are the powers granted to administrative agencies, the substantive rules that such agencies make, and the legal relationships between such agencies, other government bodies, and the public at large.

Similarly, Administrative law is a body of rules, regulations and orders formulated by a government body such as an environment management agency responsible for carrying out statute law.
In other words, these are the legal rules and principles on which courts act in controlling the exercise of statutory powers of adjudication and rule making by public authorities…