Monday, December 16, 2019
Finance

INCOME TAX EXEMPTION LIMIT- 2016-17

Basic Slabs for Individuals :-
Earlier under the age of 65 years, now under 60 years
Up to Rs. 2,50,000 NIL
Rs. 2,50,001 to Rs. 5, 00,000 10%
Rs. 5,00,001 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
Basic Slabs for Women :-
Earlier under the age of 65 years, now under 60 years
Up to Rs. 2,50,000 NIL
Rs. 2, 50,001 to Rs. 5,00,000 10%
Rs. 5,00,001 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
Basic Slabs for Senior Citizen :-
Earlier over the age of 65 years, now 60 to 80 years
Up to Rs. 3,00,000 NIL
Rs. 3,00,001 to Rs. 5,00,000 10%
Rs. 5,00,001 to Rs. 10,00,000 20
Above Rs. 10,00,000 30%
Basic Slabs for 'Very' Senior Citizens :-
New Category- over the age of 80 years
Up to Rs. 5,00,000 NIL
Rs. 5,00,001 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
 

Note:

Annual income below Rs. 5 Lakhs:  Rebate increased from Rs. 2,000/- to Rs. 5,000/-
Annual income of Rs.1 crore:  Surcharge increased to 15 %
HRA increased from Rs. 24,000/- to Rs.60,000/-