Rates of income-tax in respect of income liable to tax for the assessment year 2016-2017.
RATES OF INCOME - TAX
Rates of income-tax in respect of income liable to tax for the assessment year 2016-2017
In respect of income of all categories of assessees liable to tax for the assessment year 2016-2017, the rates of income-tax have been specified in Part I of the First Schedule to the Bill. These are the same as those laid down in Part III of the First Schedule to the Finance Act, 2015, for the purposes of computation of "advance tax", deduction of tax at source from "Salaries" and charging of tax payable in certain cases.
(1) Surcharge on income-tax
Surcharge shall be levied in respect of income liable to tax for the assessment year 2016-2017, in the following cases:-
(a) in the case of every individual or Hindu undivided family or every association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of Act, cooperative societies, firms or local authorities, the amount of income-tax shall be increased by a surcharge for the purposes of the Union at the rate of twelve percent. of such income-tax in case of a person having a total income exceeding one crore rupees.