In Budget 2016, there is no change in the tax slab for FY 2016-2017 . The tax rates are same as FY 2015-2016.
Income Tax Slab / Rates applicable in India for Individuals, Hindu Undivided Family (HUF), Association of Persons (AOP) and Body of Individuals (BOI)
Applicable for FY 2015-2016 (AY 2016-2017) & FY 2016-2017 (AY 2017-2018)
| For Individuals below 60 years age (including Woman Assessees) | |
| upto Rs 2.50 Lakh | NIL |
| Rs 2.50 lakh – Rs 5 Lakh | 10% on amount exceeding Rs 2.50 lakh |
| Rs 5 lakh – 10 Lakh | Rs 25000 + 20% of amount exceeding Rs 5 Lakh |
| above Rs 10 akh | Rs 125000 + 30% of amount exceeding Rs 10 lakh |
| For Individuals aged 60 years and above but below 80 years (Senior Citizen) | |
| upto Rs 3 Lakh | NIL |
| Rs 3 lakh – Rs 5 Lakh | 10% on amount exceeding Rs 3 lakh |
| Rs 5 lakh – 10 Lakh | Rs 20000 + 20% of amount exceeding Rs 5 Lakh |
| above Rs 10 Lakh | Rs 120000 + 30% of amount exceeding Rs 10 lakh |
| For Individuals aged 80 years and above (Very Senior Citizen) | |
| Upto 500,000 | Nil |
| 500,000 to 1,000,000 | 20% of the amount exceeding 500,000 |
| 1,000,000 & above | Rs.100,000 + 30% of the amount exceeding 1,000,000 |
3. Surcharge on Income Tax – If the total taxable income exceeds Rs 1 crore , there will be sucharge of 10% of Tax payable ( not 10% of income)
4. Education Cess + SHEC : 3% of Income Tax plus Surcharge (applicable for every assesse)
5. Check various deductions you can claim while computing your tax. Read Article here