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Monday, 2 March 2015

Income Tax Slabs And Rates For The Financial Year 2015-16

ASSESSMENT YEAR 2016-17


INCOME SLABS (INDIVIDUALS BELOW 60 YRS)
TAX RATES
1.)
Total Income not exceeding Rs 2,50,000/-
Nil
2.)
Rs 2,50,001 but not exceeding Rs 5,00,000/-
10% of Amount above Rs 2,50,000/-*
3.)
Rs 5,00,001-Rs 10,00,000/-
Rs 25,000/- Plus 20% of the amount exceeding Rs 5,00,001/-
4.)
Above Rs 10,00,001/-
Rs 1,25,000/- Plus 30% of the amount exceeding Rs 10,00,001/-**

NOTE: *A Tax Rebate of 10% (Rs 2000/- maximum) is available under Sec 87A to individuals whose Taxable Income is in the range of Rs 2,00,001-5,00,000/-. However if the income exceeds Rs 5,00,000/- the rebate is withdrawn.

**Surcharge of 10% and Additional Super Rich Surcharge of 2% (Effective Surcharge 12%) is applicable if the Total Income exceeds 1 Crore.

Education Cess of 3% is payable on Total Income Tax.

Education Cess is also applicable on Surcharge.

Individual Residents who are above 60 yrs of age but below 80 yrs the Tax on Total Income is exempted upto Rs 3,00,000/-.

Individual Residents who are above 80 yrs of age the Tax on Total Income is exempted upto Rs 5,00,000/-.

Deductions under Sections 80 C-E are available for individuals would be discussed in the upcoming blogs on Tax Planning for Financial Year 2015-16. 

In my next blog I will discuss the impact of Tax on Individuals.

Read My Views on Budget 2015 & Other Tax Related Issues. Click on the Link below:-

4 comments:

  1. thanks to shared this details in this blog. Simplified Laws

    ReplyDelete
  2. Very helpful information for every income tax assessee - www.financeqlub.com

    ReplyDelete
  3. I heard about taxes we have to pay if above 1 lakh! But here it was about 2.5 lakhs which is the true one? any way thanks for given information about taxes.

    Uptra Services

    ReplyDelete
    Replies
    1. Hi...
      Previously it was 1lac (long long time back)....but the slabs are now revised and the one provided in the post is the updated one....!!!!!

      Delete