Income tax is that percentage of income paid to the government by the taxpayers for the betterment of the public at large.

This income is categorized into different groups on the basis of the amount of income.

Each such group is known as a Tax Slab.

Tax is charged at different rates on the range of income falling under different income tax slabs.

Income Tax Slab Rate 2016-17

Following are the income tax slab rates and deductions for different categories of tax payers:

For Men Below 60 Years Of Age

Income Tax Slab Income Tax Rate
Income upto Rs. 2,50,000 Nil
Income between Rs. 2,50,001 - Rs. 500,000 10% of Income exceeding Rs. 2,50,000
Income between Rs. 500,001 - Rs. 10,00,000 20% of Income exceeding Rs. 5,00,000
Income above Rs. 10,00,000 30% of Income exceeding Rs. 10,00,000

For Women Below 60 Years Of Age

Income Tax Slab Income Tax Rate
Income upto Rs. 2,50,000 Nil
Income between Rs. 2,50,001 - Rs. 500,000 10% of Income exceeding Rs. 2,50,000
Income between Rs. 500,001 - Rs. 10,00,000 20% of Income exceeding Rs. 5,00,000
Income above Rs. 10,00,000 30% of Income exceeding Rs. 10,00,000

For Senior Citizens (Age 60 years or more but less than 80 years)

Income Tax Slab Income Tax Rate
Income upto Rs. 3,00,000 Nil
Income between Rs. 3,00,001 - Rs. 500,000 10% of Income exceeding Rs. 3,00,000
Income between Rs. 500,001 - Rs. 10,00,000 20% of Income exceeding Rs. 5,00,000
Income above Rs. 10,00,000 30% of Income exceeding Rs. 10,00,000

For Senior Citizens (Age 80 years or more)

Income Tax Slab Income Tax Rate
Income upto Rs. 5,00,000 Nil
Income between Rs. 500,001 - Rs. 10,00,000 20% of Income exceeding Rs. 5,00,000
Income above Rs. 10,00,000 30% of Income exceeding Rs. 10,00,000

Hindu Undivided Families (HUF)

Income Tax Slab Income Tax Slab Rate
Up to Rs.2,50,000 Nil
Rs.2,50,000 to Rs.5,00,000 10% Income exceeding Rs. 2,50,000
Rs.5,00,000 to Rs.10,00,000 20% Income exceeding Rs. 5,00,000
Over Rs.10,00,000 30% Income exceeding Rs. 10,00,000

Legal Entities Registered as Associations of Persons

Income Tax Slab Income Tax Slab Rate
Up to Rs.2,50,000 Nil
Rs.2,50,000 to Rs.5,00,000 10% Income exceeding Rs. 2,50,000
Rs.5,00,000 to Rs.10,00,000 20% Income exceeding Rs. 5,00,000
Over Rs.10,00,000 30% Income exceeding Rs. 10,00,000

Legal Entities Registered as Bodies of Individuals

Income Tax Slab Income Tax Slab Rate
Up to Rs.2,50,000 Nil
Rs.2,50,000 to Rs.5,00,000 10% Income exceeding Rs. 2,50,000
Rs.5,00,000 to Rs.10,00,000 20% Income exceeding Rs. 5,00,000
Over Rs.10,00,000 30% Income exceeding Rs. 10,00,000

Partnership Firms
Partnership Firms and LLPs (Limited Liability Partnerships) are to be taxed at the rate of 30%

Local Authorities
Local Authorities are to be taxed at the rate of 30%.

Domestic Companies
Domestic Companies are to be taxed at the rate of 30%

Co-operative Societies

Income Tax Slab Income Tax Slab Rate
Up to Rs.10,000 10% Income
Rs.10,000 to Rs 20,000 20% Income exceeding Rs. 10,000
Over Rs. 20,000 30% Income exceeding Rs. 20,000