New Delhi, March 30: Are you still not sure how much money will be deducted from your salary in the last month of the financial year 2016-17? Well here is your answer. If you are below 60 years and earn a salary of up to Rs 2,50,000, then relax as there will be no deduction. From Rs 2,50,001 to Rs 5,00,000, you will pay 1o per cent as tax. For those in the range of Rs 5,00,001 to Rs 10,0000, the tax slab is 20%. From income above Rs 10,00,000, you will have to pay 30%.

Part I: Income tax slab for taxpayers below the age of 60 years for FY 2016-17. 

Income Slab Tax Rate
Income up to Rs. 2,50,000* No Tax
Income from Rs. 2,50,001 – Rs. 5,00,000– 10%
Income from Rs. 5,00,001 – 10,00,000–20%
Income more than Rs. 10,00,001–30%
Surcharge: 15% of income tax, where total income exceeds Rs.1 crore.
Cess: 3% on total of income tax + surcharge.

Part 2:  Income tax slab for senior citizens of the age above 60 and below 80 for FY 2016-17.

Income Slab Tax Rate
Income up to Rs. 3,00,000* No Tax
Income from Rs. 3,00,001 – Rs. 5,00,000–10%
Income from Rs. 5,00,001 – 10,00,000–20%
Income more than Rs. 10,00,001–30%
Surcharge: 15% of income tax, where total income exceeds Rs. 1 crore.
Cess: 3% on total of income tax + surcharge.

Part 3: Income tax slab for citizens above the age of 80 for FY 2016-17.

Income Slab Tax Rate
Income up to Rs. 2,50,000* No Tax
Income up to Rs. 5,00,000* No tax
Income from Rs. 5,00,001 – 10,00,000–20%
Income more than Rs. 10,00,001–30%
Surcharge: 15% of income tax, where total income exceeds Rs. 1 crore.
Cess: 3% on total of income tax + surcharge.

There would be many who would be licking the wounds inflicted by heavy Income Tax deduction on their salaries in February and March. Had they planned their taxes in advance, they would not have been in financial distress. Bygones are bygones, now it is time to plan. So approach your financial advisors in time and escape similar situations next year. But before this, know what the revised tax slabs are. Many of you would have known already. For the slow starters, here are the revised slabs.

Part 1: For tax payers below 60 years of age for FY 2017-18
Income up to Rs. 2,50,000* No Tax
Income from Rs. 2,50,001 – Rs. 5,00,000–5%
Income from Rs. 5,00,001 – 10,00,000–20%
Income more than Rs. 10,00,001–30%
Surcharge:
10% of income tax, where total income is between Rs. 50 lakh and Rs.1 crore.
15% of income tax, where total income exceeds Rs. 1 crore.
Cess: 3% on total of income tax + surcharge.

This means if a person’s income is Rs 5 lakh annually, a person’s taxable income would be Rs 2,50000 and he would pay Rs 12,500 as tax. However, if the income is Rs 8 lakh, he would have to pay 12500+20% of the 5 lakh which is equal to Rs 62,000.

Part II: Income tax slab for individual taxpayers who are above 60 years of age and below 80 years for FY 2017-18.

Income Slab Tax Rate
Income up to Rs. 3,00,000* No Tax
Income from Rs. 3,00,001 – Rs. 5,00,000–5%
Income from Rs. 5,00,001 – 10,00,000–20%
Income more than Rs. 10,00,001–30%
Surcharge:
10% of income tax, where total income is between Rs. 50 lakh and Rs.1 crore.
15% of income tax, where total income exceeds Rs.1 crore.
Cess: 3% on total of income tax + surcharge.

Part 3: People who are above the age of 8o years for FY 2017-18

Income Slab Tax Rate
Income up to Rs. 2,50,000* No Tax
Income up to Rs. 5,00,000* No Tax
Income from Rs. 5,00,001 – 10,00,000– 20%
Income more than Rs. 10,00,001–30%
Surcharge:
10% of income tax, where total income is between Rs. 50 lakh and Rs.1 crore.
15% of income tax, where the total income exceeds Rs.1 crore.
Cess: 3% on total of income tax + surcharge.

Though the government has given a rebate to all, don’t assume that the government will be easy on you. So plan accordingly.