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.
Below is the chart about Capital Gain Tax for FY 2016-17 (AY 2017-18)
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%.
I hope this much information is enough to understand the Income Tax Slab Rates for FY 2016-17.
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Seema
I have download this image as you given in this article,
Thanks for help
Neha
Thanks Sir,
Income Tax Slab Batane Ke liye
Vinod Singh
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
Basavaraj Tonagatti
Vinod-It is additional income from your salary income. Hence, definitely as per NOW, you will be again under 30% tax bracket.
Karthik
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.
Basavaraj Tonagatti
Karthik-Whether this Rs.6,50,000 is gross income or total income?
Karthik
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
Basavaraj Tonagatti
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.
Gaurav
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?
Basavaraj Tonagatti
Gaurav-You have to pay tax on this.
Gaurav
Thanks Baravaraj!!
Gaurav
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?
Basavaraj Tonagatti
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.
Bharat
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.
sivalingam
in new budget insurance service tax percentage tell me sir
Basavaraj Tonagatti
Sivalingam-Refer my latest post “Budget 2016 : 25 changes and how they will affect you?”.
habib
sir I like to speak to u, u can catch me on my mobile 09582061268
waiting for ur reply
regards
habib
Basavaraj Tonagatti
Habib-Regarding?
Shivani
Gladly Thanks for ur such dedication of such crystal clear clarification
Basavaraj Tonagatti
Shivani-Thanks madam 🙂
Bhagwan Murthy
Of all sites spreading awareness about financial matters, yours is the clearest.
Basavaraj Tonagatti
Bhagwan-Pleasure 🙂
abdul muzeeb
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
Basavaraj Tonagatti
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”??
Vamsi
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..
Basavaraj Tonagatti
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.
Rahul Kumar
Thanks for quick fast response
Rahul Kumar
Basu sir , kindly tell whether TDS (Tax Deduction at Source) limit rs.10,000 raised bank fixed deposit ? Thank you
Basavaraj Tonagatti
Rahul-There is no change in TDS of Bank FDs.