Government announced Income Tax Rate Slab for Financial Year 2016-2017 ( Assessment Year 2017-2018).
Normal Income Tax Rate applicable to a Resident Individual below the age of 60 years; Non-Resident Individual; Resident/Non-Resident HUF, AOP, BOI, and Artificial Juridical Person.
Normal Tax Rates Applicable to a resident individual of the age of 60 years or above at any time during the year but below the age of 80 years.
Normal Tax Rates applicable to a Resident Individual of the Age of 80 Years or Above at any time during the year.
After taking the Deductions Under Section 80 (C) to 80 (U), and Rebate 87A(Applicable to those whose Total Income is below Rs.5,00,000/-)
the tax is payable after adding the Cess and Surcharges (If applicable)
The following section 87A shall be inserted after section 87 by the Finance Act, 2013, w.e.f. 01-04-2014 :
Rebate of income-tax in case of certain individuals: