Income Tax Slab & Rates & Marginal Relief & MAT for A.Y.2016-2017

Income tax slab & rates & Marginal relief & MAT for A.Y.2016-2017 (P.Y.2015-2016) for different taxpayers.

For Individuals, Senior citizens, Super Senior Citizen Hindu Undivided families (HUF) AOP’s, (Association of persons), BOI’s (Body of individuals), artificial judicial person, partnership firms, Limited Liability partnership (LLP’s), Companies, Local authority, Co-operative society.

Income tax rates for A.Y.2016-2017 can be easily remembered by following charts for different taxpayers:

For Individual

For Non-resident there is no concept of senior citizen or super senior citizen and tax rates as depicted in Chart-C below for other individual are applicable.
For HUF/AOP/BOI/Artificial Juridical person also there is no age concept and tax rates as depicted in chart-C below for other individual are applicable.
For resident individual whose total income does not exceed Rs.5, 00,000 is eligible for rebate u/s 87A. It is deductible from income tax before calculating education cess. The quantum of rebate is 100% of income tax or Rs. 2,000 whichever is lower.

Chart-A—–Senior Citizen

Who is 60 years or more at any time during the previous year but less than 80 years on the last day of the previous year.

Note: Eligible for rebate u/s 87A. Also Alternate minimum tax (AMT) as per section 115JC is applicable @ 18.5% (+SC+EC+SHEC) of adjusted total income in some cases.

Chart-B—–Super Senior Citizen

Who is 80 years or more at any time during the previous year.

Note: Eligible for rebate u/s 87A. Also Alternate minimum tax (AMT) as per section 115JC is applicable @ 18.5% (+SC+EC+SHEC) of adjusted total income in some cases.

Chart-C—–Other individual

For individual who is less than 60 years on the last day of the previous year
For non-resident individual
For every Hindu undivided family
For Association of persons (AOP’s)
For Body of individuals (BOI’s)
For Artificial judicial person

Note: Eligible for rebate u/s 87A. Also Alternate minimum tax (AMT) as per section 115JC is applicable @ 18.5% (+SC+EC+SHEC) of adjusted total income in some cases.

However rebate u/s 87A is not eligible for non-resident individual HUF/AOP/BOI/artificial judicial person.

Tax Rates A.Y.16-17

Including cess and surcharge wherever applicable

Note: Not Eligible for rebate u/s 87A. Also Alternate minimum tax (AMT) as per section 115JC is applicable @ 18.5% (+SC+EC+SHEC) of adjusted total income in some cases.