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As per the Union Budget 2016 ,there has been no change in the Income tax slabs for FY 2016-17.They are the same as FY 2015-16.The two major changes that should be considered while computing the tax liability are :
|Particulars||Financial Year 2015-16||Financial Year 2016-17|
|Change in Surcharge||Surcharge @ 12% where taxable income>Rs.1 crore||(i) Surcharge @ 12% for Company,firm,co-operative society where taxable income>Rs.1 crore|
(ii) Surcharge @ 15% for Individuals,HUF,AOP,BOI,AJP if Taxable Income>Rs.1 crore
|Tax Relief U/s 87 A||Maximum Rs.2000||Maximum Rs.5000|
To compute the tax liability go through the latest Income Tax slab rates also.
Also go through our popular blog posts : 10 Documents required for E-filing Income tax return !