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PERSONAL INCOME TAX STRUCTURE in 2016

Sunday, May 8, 2016 by Indian Real Estate News

 

PERSONAL INCOME TAX STRUCTURE 

 

Total IncomeTaxRates

Up to INR 180,000 (a)(b)

NIL

INR 180,001 to INR 500,000

10%

INR 500,001 to INR 800,000

20%

INR 800,001 and above (c)

30%

  1. In the case of a resident woman below the age of 60 years, the basic exemption limit is Rs 190,000.
  2. In the case of a resident individual of the age of 60 years or more but less than 80 years, the basic exemption limit is 250,000.
  3. In the case of a resident individual of the age of 80 years or more, the basic exemption limit is 5,00,000.
  4. Education cess is applicable at the rate of 2% on income-tax and secondary and higher education cess at the rate of 1% on income-tax.
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Invest Rs 1,50,000 and Save Tax under Section 80C. Get Great Returns by Investing in Best Performing ELSS Mutual Funds

Top 10 Tax Saving Mutual Funds to invest in India for 2016

Best 10 ELSS Mutual Funds in india for 2016

1. BNP Paribas Long Term Equity Fund

2. Axis Tax Saver Fund

3. Franklin India TaxShield

4. ICICI Prudential Long Term Equity Fund

5. IDFC Tax Advantage (ELSS) Fund

6. Birla Sun Life Tax Relief 96

7. DSP BlackRock Tax Saver Fund

8. Reliance Tax Saver (ELSS) Fund

9. Religare Tax Plan

10. Birla Sun Life Tax Plan

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