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Income Tax Slab Rates for FY 2016-17 (AY 2017-18)

March 1, 2016by Basavaraj Tonagatti

Yesterday Finance Minister presented the budget. Let us now see the Income Tax Slab Rates for FY 2016-17. There is no confusion now. Because no such big changes in tax slabs.

As I wrote yesterday on my analysis on Budget 2016, it is clear that there is no change in individual’s Income Tax Slab Rates for FY 2016-17.

You can read my complete Budget analysis at “Budget 2016 : 25 changes and how they will affect you?“.

It is as below.

The tax slabs are categorized as

#Individual below 60 years of age.

# Individual above 60 years of age but below 80 years of age.

#Individual above 80 years of age.

Income Tax Slab Rates for FY 2016-17

Below is the chart about Capital Gain Tax for FY 2016-17 (AY 2017-18)

Capital Gains Tax Rates 2016-17

Tax effect on Dividend received by holders–

Equity oriented-NIL and Debt oriented-Nil. However from Budget 2016, 10% Tax levied if your dividend income is more than Rs.10 lakh per year.

Security Transaction Tax (STT) Rates for FY 2016-17 (AY 2017-18)

Here, a slight change from Budget 2016. When you sell any option contract in Future and Option Market of stock exchange, then seller have to pay the STT tax. This was earlier at 0.017%. But it is now increased to 0.05%.

STT Rates for 2016-17

I hope this much information is enough to understand the Income Tax Slab Rates for FY 2016-17.

Category: Tax PlanningTag: Income Tax Slab Rates for FY 2016-17

About Basavaraj Tonagatti

Basavaraj Tonagatti is the man behind this blog. He is SEBI Registered Investment Adviser who is practicing Fee-Only Financial Planning Process and also an Independent Certified Financial Planner (CFP), engaged in blogging since 7 years. BasuNivesh blog is ranked as one among India's Top 10 Personal Finance Blog. He is not associated with any Financial product/service provider. The purpose of this blog is to "Spread personal finance awareness and make them to take informed financial decisions." Please note that the views given in this Blog/Comments Section/Forum are clarifications meant for reference and guidance of the readers to explore further on the topics/queries raised and take informed decisions. These should not be construed as investment advice or legal opinion."

Previous Post: « Income Tax Slabs for 2016-17 Budget 2016 : 25 changes and how they will affect you?
Next Post: All about NACH (National Automated Clearing House) NACH (National Automated Clearing House) »

Reader Interactions

Comments

  1. Seema

    July 18, 2017 at 1:08 PM

    I have download this image as you given in this article,
    Thanks for help

    Reply
  2. Neha

    July 18, 2017 at 1:04 PM

    Thanks Sir,
    Income Tax Slab Batane Ke liye

    Reply
  3. Vinod Singh

    June 30, 2017 at 3:34 PM

    Hi Basu,

    I am a software professional and falling in 30% of tax slab. I want to start freelancing work. I just want to know the income I got from freelancing will be extra income other than my CTC, so will also be consider for 30% tax or is there any way to save the tax on this income.

    Thanks in Advance.

    Vinod

    Reply
    • Basavaraj Tonagatti

      June 30, 2017 at 5:23 PM

      Vinod-It is additional income from your salary income. Hence, definitely as per NOW, you will be again under 30% tax bracket.

      Reply
  4. Karthik

    May 4, 2016 at 5:55 PM

    Hi Basu,

    Some X person Income is 650000 per annum.

    Kindly tell me how many money should invest in LIC, ELSS,PPF……etc to pay Zero TAX.

    Reply
    • Basavaraj Tonagatti

      May 4, 2016 at 6:17 PM

      Karthik-Whether this Rs.6,50,000 is gross income or total income?

      Reply
      • Karthik

        May 5, 2016 at 11:19 AM

        Thank you Basavaraj,

        This is the gross income paid by an employer before any deductions are taken.

        1) Kindly tell me how much money should i invest in LIC, ELSS,PPF,sukanya samrudhhi……etc to pay Zero TAX.

        2) How Can i calculate like how much money should i invest for escape from TAX.

        Please clarify

        Reply
        • Basavaraj Tonagatti

          May 5, 2016 at 4:54 PM

          Karthik-Without knowing your salary components, it hard to guide you. Also, don’t concentrate too much on tax saving alone. But try to invest in such a way that your investment meet both financial goals as well as your tax saving options also.

          Reply
  5. Gaurav

    May 3, 2016 at 1:13 PM

    Hi Basvaraj,

    I have a question related to double taxation.

    In last financial year, I worked outside India for more than 182 days. I got my salary directly in my Indian Account as I am on rolls in India only. Apart from this I was getting living allowance in Germany and I have a tax certificate for that. So I paid TDS in India and got Tax Certificate from German tax department (Just a Tax filing -No Taxes paid). Do I need to pay taxes in this case in India or can I apply for refund u/s 91 & 92 of Income tax act 1961?

    Reply
    • Basavaraj Tonagatti

      May 3, 2016 at 7:00 PM

      Gaurav-You have to pay tax on this.

      Reply
      • Gaurav

        May 4, 2016 at 4:41 PM

        Thanks Baravaraj!!

        Reply
      • Gaurav

        May 4, 2016 at 5:59 PM

        Do I need to pay taxes (in India) on living allowance I get in Germany? As per German Taxation laws the amount I get is exempted from Tax.

        Moreover, If I save some amount of it… Will it be treated like “white” money?

        Reply
        • Basavaraj Tonagatti

          May 4, 2016 at 6:16 PM

          Gaurav-Your employment is from India. Hence, I think you have to pay the tax. However, I suggest you to consult a CA on this issue.

          Reply
  6. Bharat

    March 28, 2016 at 1:36 PM

    In revised form 15 H , in colum 16 what is to be written . What is estimated total income? And in colum 17 total number of form 15 H filed, I e. If we have submitted in other banks of F.D. To be written? and the total of that amount is to be written in subsequent box. Pl. guide me.

    Reply
  7. sivalingam

    March 2, 2016 at 9:45 AM

    in new budget insurance service tax percentage tell me sir

    Reply
    • Basavaraj Tonagatti

      March 2, 2016 at 2:11 PM

      Sivalingam-Refer my latest post “Budget 2016 : 25 changes and how they will affect you?”.

      Reply
      • habib

        March 3, 2016 at 1:01 PM

        sir I like to speak to u, u can catch me on my mobile 09582061268
        waiting for ur reply
        regards
        habib

        Reply
        • Basavaraj Tonagatti

          March 3, 2016 at 1:03 PM

          Habib-Regarding?

          Reply
  8. Shivani

    March 2, 2016 at 9:40 AM

    Gladly Thanks for ur such dedication of such crystal clear clarification

    Reply
    • Basavaraj Tonagatti

      March 2, 2016 at 9:44 AM

      Shivani-Thanks madam 🙂

      Reply
  9. Bhagwan Murthy

    March 2, 2016 at 5:07 AM

    Of all sites spreading awareness about financial matters, yours is the clearest.

    Reply
    • Basavaraj Tonagatti

      March 2, 2016 at 9:30 AM

      Bhagwan-Pleasure 🙂

      Reply
  10. abdul muzeeb

    March 1, 2016 at 4:16 PM

    Dear sir i have 500000 rp. I want to invest mutual equity funds for long term. I can take risk. My 1st goal is my daughter education she is 5 years old. 2nd goal is my retirement plan. My age is 30. Pls suggest me
    what i do for best returns

    Reply
    • Basavaraj Tonagatti

      March 1, 2016 at 6:39 PM

      Abdul-It is hard to guide for two of your most important goals without knowing much about you. May I know what do you mean by RISK? Whether you are ready to incur loss of all Rs.5,00,000?? This is what you mean by “Can take risk”??

      Reply
  11. Vamsi

    March 1, 2016 at 4:06 PM

    What is capital gain Tax ans Security Transaction Tax? Is it applicable for Individual holding Mutual funds or Stocks? Can you please brief on this..

    Reply
    • Basavaraj Tonagatti

      March 1, 2016 at 6:44 PM

      Vamsi-Capital gain tax is something which depends on your holding period and it is explained above chart. STT is the % of tax you pay while buying or selling the securities. It is also explained of to whom these two taxed applicable.

      Reply
  12. Rahul Kumar

    March 1, 2016 at 10:03 AM

    Thanks for quick fast response

    Reply
  13. Rahul Kumar

    March 1, 2016 at 9:14 AM

    Basu sir , kindly tell whether TDS (Tax Deduction at Source) limit rs.10,000 raised bank fixed deposit ? Thank you

    Reply
    • Basavaraj Tonagatti

      March 1, 2016 at 9:36 AM

      Rahul-There is no change in TDS of Bank FDs.

      Reply

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