The Latest income tax slabs based on the Union budget presented on 29 February 2016. The Minister of Finance Mr. Arun Jaitley presented the union budget on 29 February 2016. Following are the major highlights of the latest income tax slab.
Calculate your tax based on the tax slabs for year 2016-2017. Detailed split for general, women, senior citizen etc are provided.
India Income tax slabs 2016-2017 for General tax payers and Women
| Income tax slab (in Rs.) | Tax
|
| 0 to 2,50,000 | No tax
|
| 2,50,001 to 5,00,000 | 10%
|
| 5,00,001 to 10,00,000 | 20%
|
| Above 10,00,000 | 30%
|
India Income tax slabs 2016-2017 for Senior citizens (Aged 60 years but less than 80 years)
| Income tax slab (in Rs.) | Tax
|
| 0 to 3,00,000 | No tax
|
| 3,00,001 to 5,00,000 | 10%
|
| 5,00,001 to 10,00,000 | 20%
|
| Above 10,00,000 | 30%
|
India Income tax slabs 2016-2017 for very senior citizens (Aged 80 and above)
| Income tax slab (in Rs.) | Tax
|
| 0 to 5,00,000 | No tax
|
| 5,00,001 to 10,00,000 | 20%
|
| Above 10,00,000 | 30%
|
Note - No change in Tax slabs from last year.
The previous income tax slab for year 2015-2016 can be found here -
Income tax slabs 2015-16.
