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Since FY 2014-15 there has been no changes in the Income tax slab rates.The same tax slab is applicable for FY 2016-17 and AY 2017-18. However Middle class Income tax payers,Who’s Income is less than 5 lakh can enjoy the benefits of tax relief of Rs 3000  through rebate under Section 87A.

Also Under Section 80GG Rent paid and he is not getting any house rent allowances or has not claimed the rent as expenses under any of the Income tax sections shall eligible for a deduction up to 60000.

Income Tax Rate slab for FY 2015-16 & Assessment year 2016-17

For Home buyer Paid Rs 50 lakhs and above as a cost of house and having a home loan of 35 lakhs and below should enjoy a tax benefits as a deduction from home loan interest over and above the limit of  section 80 c 150000.

Income Tax Rate slab for FY 2014-15 & Assessment year 2015-16

The Income Tax slab rates for The FY 2016-17 IS AS Follows.

Income tax rate for Male Individuals below 60 years of age & HUF

Income Tax Slabs Income Tax Rates
Where Total Income does not exceed Rs. 2,50,000 NIL
Where the Total Income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000 10% of the Amount by which it exceeds Rs. 2,50,000
Where the Total Income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 20% of the Amount by which it exceeds Rs. 5,00,000
Where the Total Income exceeds Rs. 10,00,000 30% of the Amount by which it exceeds Rs. 10,00,000

Income tax rate for Female Individuals below 60 years of Age

Income Tax Slabs Income Tax Rates
Where Total Income does not exceed Rs. 2,50,000 NIL
Where the Total Income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000 10% of the Amount by which it exceeds Rs. 2,50,000
Where the Total Income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 20% of the Amount by which it exceeds Rs. 5,00,000
Where the Total Income exceeds Rs. 10,00,000 30% of the Amount by which it exceeds Rs. 10,00,000

Income tax rate for Senior Citizens above 60 years of Age

Income Tax Slabs Income Tax Rates
Where Total Income does not exceed Rs. 3,00,000 NIL
Where the Total Income exceeds Rs. 3,00,000 but does not exceed Rs. 5,00,000 10% of the Amount by which it exceeds Rs. 3,00,000
Where the Total Income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 20% of the Amount by which it exceeds Rs. 5,00,000
Where the Total Income exceeds Rs. 10,00,000 30% of the Amount by which it exceeds Rs. 10,00,000

Income tax rate for Senior Citizens above 80 Years of Age

Income Tax Slabs Income Tax Rates
Where Total Income does not exceed Rs. 5,00,000 NIL
Where the Total Income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 20% of the Amount by which it exceeds Rs. 5,00,000
Where the Total Income exceeds Rs. 10,00,000 30% of the Amount by which it exceeds Rs. 10,00,000

Income tax rate for Co-operative Society

Income Tax Slabs Income Tax Rates
Where the Total Income does not exceed Rs. 10,000 10% of the Income
Where the Total Income exceeds Rs. 10,000 but does not exceed Rs. 20,000 20% of the Amount by which it exceeds Rs. 10,000
Where the Total Income exceeds Rs. 20,000 30% of the Amount by which it exceeds Rs. 20,000

Income Tax Slab Rate For Fy 2013-14 Ay 2014-15

Income tax rate for Firms, Local Authority and Domestic Company

30 % of tax chargeable on total income earned, and No surcharge is applicable for Firms and local authorities,But for Domestic company having a total income exceeding 1 crore can pay 5% as surcharge.

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