25/01/2017
Income Tax Rates FY 2016-17 (AY 2017-18) - Finmin Orders
CIRCULAR NO : 01/2017
F.No.275/192/2016-IT(B)
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
North Block, New Delhi
Dated the 2nd January, 2017
SUBJECT: INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2016-17 UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961.
Reference is invited to Circular
No.20/2015 dated 02.12.2015 whereby the rates of deduction of income-tax
from the payment of income under the head "Salaries" under Section 192
of the Income-tax Act, 1961 (hereinafter ‘the Act’), during the
financial year 2015-16, were intimated. The present Circular contains
the rates of deduction of income-tax from the payment of income
chargeable under the head "Salaries" during the financial year 2016-17
and explains certain related provisions of the Act and Income-tax Rules,
1962 (hereinafter the Rules). The relevant Acts, Rules, Forms and
Notifications are available at the website of the Income Tax Department-
www.incometaxindia.gov.in.
2. RATES OF INCOME-TAX AS PER FINANCE ACT, 2016:
As per the Finance Act, 2016, income-tax
is required to be deducted under Section 192 of the Act from income
chargeable under the head "Salaries" for the financial year 2016-17
(i.e. Assessment Year 2017-18) at the following rates:
2.1 Rates of tax
A. Normal Rates of tax:
B. Rates of tax for every individual,
resident in India, who is of the age of sixty years or more but less
than eighty years at any time during the financial year:
C. In case of every individual being a
resident in India, who is of the age of eighty years or more at any time
during the financial year:
