Impact Of Income Tax For The Financial Year 2016-17

 INCOME TAX LIABILITY FOR THE FINANCIAL YEAR 2016-17 (For Individuals Below 60 years)

  Income up to Rs
2,50,000/- is exempted from Tax.
 *Tax Rebate U/S 87A
raised to Rs 5,000 from Rs 2,000 for Individuals with Net Income below Rs

Assumed Maximum Deduction availed under Various Sections:

** Deduction is available on Investment up to Rs
1,50,000/-  U/S 80C.
     Deduction is
available on Investment up to Rs 50,000/- in National Pension  Scheme U/S 80 CCD (1b).
     Deduction is also
available on Health Insurance paid for self, spouse, dependent children up to
Rs 25,000/- U/S 80 D.
*** Education Cess of 3% is levied on Income Tax payable.
**** Surcharge of 15% is applicable on Income over Rs
Only Deductions directly applicable to Individuals have been taken into
account. Some other deductions are also applicable which will be discussed in
the next post.


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