No changes to Income Tax Rates and deductions for 2016-17

No changes to Income Tax Rates and deductions for 2016-17  Income tax rates for individuals for FY2017

Individual tax rates Up to Rs. 2,50,000                   - Nil Above  Rs. 2,50,000 – Rs. 5,00,000  - 10% Above  Rs,5,00,000 - Rs1,000,000  - 20% Above  Rs10,00,000               - 30% Senior citizen (60 years) Exemption limit - Rs. 3,00,000 Very senior citizen (80 years+) Exemption limit – Rs. 5,00,000 Surcharge 15% on income exceeding Rs.1 cr Education cess 3%

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