February 03, 2017


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…

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