Income Tax 2016-17 (A.Year 2017-18) Rate, Exemptions,
Deductions and Rebate for Salaried Employees under Section 10, Section 24,
Section 89(1), Chapter VIA, and Section 87A
Income Tax Rate 2016-17
TAXABLE INCOME RANGE RATE
OF INCOME TAX
Up to RS.2,50,000 NIL
Rs.2,50,001 to Rs.5,00,000 10%
of the amount by which the income exceeds Rs.2,50,000
Rs.5,00,001 to Rs.10,00,000 Rs.25,000
plus 20% of the amount by which the income exceeds Rs.5,00,000
Above Rs.10,00,001 Rs.1,25,000
plus 30% of the amount by which the income exceeds Rs.10,00,000
Education Cess
3% on Total Income Tax Payble
Section 10 (13A) – Exemption in respect of HRA:
Under Sec. 10(13A), an employee who is in receipt of House
Rent Allowance (HRA) can claim exemption, if he does not live in his own house,
and pays rent in excess of 10% of his salary for his residential accommodation.- READ MORE CLICK HERE
