With less than a month left to file FY 2016-17 Income Tax Return (ITR) – the annual ritual – by individuals and other category of taxpayers, it becomes imperative that you have a clear idea about the tax slabs.

Much to the joy of the common man, Finance Minister Arun Jaitley during his Budget announcement this year reduced the existing rate of taxation for individual assesses between income of Rs 2.5 lakhs to 5 lakhs to 5 percent from the present rate of 10 percent.

He also announced to impose a surcharge of 10 percent of tax payable on categories of individuals whose annual taxable income is between Rs 50 lakhs and Rs 1 crore. 

However, the above rate is applicable for assessment year 2017-18. For filing the ITR for 2016-17 you will have to adhere to the previous tax slabs.

- 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

This table on tax slab for individual tax payers will help you understand your existing tax liability. The tax rates discussed in this part are applicable for assessment year 2017-18 i.e. financial year 2016-17.

Men below 60 Years of Age

Surcharge: 15% of income tax, where total income exceeds Rs 1 crore
Cess: 3% on total of income tax + surcharge

Women below 60 Years of Age

Surcharge: 15% of income tax, where total income exceeds Rs 1 crore
Cess: 3% on total of income tax + surcharge

Senior Citizens (both men and women - 60 years or more but less than 80 years)

Surcharge: 15% of income tax, where total income exceeds Rs 1 crore
Cess: 3% on total of income tax + surcharge

Senior Citizens (both men and women - 80 years or more)

Surcharge: 15% of income tax, where total income exceeds Rs.1 crore.
Cess: 3% on total of income tax + surcharge.