Normal tax rates applicable for FY 2016-17
The normal tax rates applicable to different types of taxpayers. The tax rates discussed in this part are applicable for assessment year 2017-18 i.e. financial year 2016-17.
Normal tax rates applicable to an individual
The normal tax rates applicable to a resident individual will depend on the age of the individual. However, in case of a non-resident individual the tax rates will be same irrespective of his age. For the purpose of ascertainment of the applicable tax slab, an individual can be classified as follows:
Resident individual below the age of 60 years. i.e. born on or after 1.4.1957
Resident individual of the age of 60 years or above at any time during the year but below the age of 80 years. (i.e. born during 1-4-1937 to 31-3-1957)
Resident individual of the age of 80 years or above at any time during the year. i.e. born before 1.4.1937
Non-resident individual irrespective of the age. more
Normal tax rates applicable to an individual
The normal tax rates applicable to a resident individual will depend on the age of the individual. However, in case of a non-resident individual the tax rates will be same irrespective of his age. For the purpose of ascertainment of the applicable tax slab, an individual can be classified as follows:
Resident individual below the age of 60 years. i.e. born on or after 1.4.1957
Resident individual of the age of 60 years or above at any time during the year but below the age of 80 years. (i.e. born during 1-4-1937 to 31-3-1957)
Resident individual of the age of 80 years or above at any time during the year. i.e. born before 1.4.1937
Non-resident individual irrespective of the age. more
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Dear Mr. Arvind Jadhav / Rakkappan Jagatheesan You can be a farmer BUT can Not sell something in world free trade market make money, because there are LOT's of Rules and Regulations for the same. Moreover this you can do in Mumbai, Delhi or any other metro city and your name will not be Disclosed / will be well secured under RTI or any other Act by the Income Tax Dept. itself. It will be put in Closed Envelop only to the Supreme Court only after the directives to the effect. BUT becoming a farmer you can avoid Crorers of Rupees of Income Tax for years together, which prevailed till current year. Against these FARMERS - the drought pron farmers can also avoid the Income tax Notices - which they never ever earned since from generations together - by only way of Suicide. The Very reason that Income Tax Dept and its High Profile Officials are Well aware about these facts and are working very efficiently to get Promoted &/or lucrative Postings. Similarly, buy house with loan and 400%+ security and get Notices to produce several and severally Documents, Penalty Notices, Payments of additional money etc. as against the Vijay Mallya Or Subroto Roy who minted Crorers of Rupees BUT neither Any of the Dept (Including Income Tax) was aware about the same NOR did summoned them ever, neither did recovered any amount of Fraud. So also the High Profile Bank and Dept' Officials who got promoted with lucrative Postings. YOU SHOULD APPRECIATE THE EFFICIENT WORKING OF THE DEPT's AND CONGRATULATE AND RESPECT THEM instead of making more
Sep 04
Why not be farmer & grow & sell something in world free trade market & make money & pay no income tax.....is it not the government previleges for hard working farmers?.farmers are the special case. more
Aug 28
I beg to differ with the views expressed herein above. The Worst part is " there are 100 + farmers in Mumbai alone" who are farming and saving the tax of Rs 1,00,00,000/+ every year and years-together since long and the IT Dept. either NOT aware (Officially) Or permitted them to do so. Over and above there are Hundreds of FARMERS of this nature in India who are also saving their income regularly. BUT the common-man including the Sr. Citizens are getting NOTICES with penalties - compelling to avoid the Hardship and harassment resulting in to TARGET Achievement of the ITO to get PROMOTED or Suitable POSTINGS. It is only the SC (Supreme Court) to inter-vain in the matter wherein the Sealed envelop was submitted to disclose the Names of the "FARMERS" only to the SC and NOT to the General Public (Even today) . NOW can anybody question the TRUE obedience and efficiency of IT Dept. for NOT safeguarding the Interest of the FARMERS. more
Aug 28
The IT dept. should bring the people who buy houses more than the value of 20 lakhs. One cannot buy house without sufficient income or should avail loan and that also he should repay it from his income. So IT dept should think about this and bring those who buy houses in their tax net more
Aug 26
The worst problem is lack of transparency in assessment, tax penalties etc. and the delay in settling the outstanding dues(even if u have explained that no dues exist). You will be told that unless u go and meet in person dues will not be settled even if u have given a satisfactory reply. So the on line reply is of no use and corruption prevails. Govt must put a time limit to examine replies to queries/notices so that tax payer is not in dark. more
Aug 25
