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Tax Rates

Tax Rates

 

Income tax slab for A.Y 16-17

Income Tax Slabs for A.Y. 16-17 for Resident Senior Citizens (60 years or above but below 80 years) (FY 2015-16)

S. No.

Income Slab

Tax percentage

1

Up to Rs 3,00,000

No tax / exempt

2

3,00,001 to 5,00,000

10% of the amount exceeding 3,00,000

3

5,00,001 to 10,00,000

Rs.20,000 + 20% of the amount exceeding 5,00,000

4

Above 10,00,000

Rs.1,20,000 + 30% of the amount exceeding 10,00,000

Income Tax Slabs for A.Y. 16-17 for Super Senior Citizen (80 years or above) (FY 2015-16)

1

Up to Rs 5,00,000

No tax / exempt

2

5,00,001 to 10,00,000

20% of the amount exceeding 5,00,000

3

Above 10,00,000

30% of the amount exceeding 10,00,000

Income Tax Slabs for A.Y. 16-17 for Individuals below 60 yeas of age (FY 2015-16)

1

Up to Rs 2,50,000

No tax / exempt

2

2,50,001 to 5,00,000

10% of the amount exceeding 2,50,000

3

5,00,001 to 10,00,000

Rs.25,000 + 20% of the amount exceeding 5,00,000

4

Above 10,00,000

Rs.1,25,000 + 30% of the amount exceeding 10,00,000

Education cess and Secondary and Higher Secondary Education cess at 3% will be in addition to the the tax calculated above.
 
Tax Credit u/s 87A of Rs. 2,000 or the amount of tax, whichever is less is available to resident indivduals having income upto Rs. 5,00,000.
 
Surcharge : 12% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
 

 

 

Income Tax Slabs for A.Y. 15-16 are mentioned below:

 

Income tax slab for A.Y 15-16

Income Tax Slabs for A.Y. 15-16 for Resident Senior Citizens (60 years or above but below 80 years) (FY 2014-15)

S. No.

Income Slab

Tax percentage

1

Up to Rs 3,00,000

No tax / exempt

2

3,00,001 to 5,00,000

10% of the amount exceeding 3,00,000

3

5,00,001 to 10,00,000

Rs.20,000 + 20% of the amount exceeding 5,00,000

4

Above 10,00,000

Rs.1,20,000 + 30% of the amount exceeding 10,00,000

Income Tax Slabs for A.Y. 15-16 for Super Senior Citizen (80 years or above) (FY 2014-15) 

1

Up to Rs 5,00,000

No tax / exempt

2

5,00,001 to 10,00,000

20% of the amount exceeding 5,00,000

3

Above 10,00,000

Rs.1,00,000 + 30% of the amount exceeding 5,00,000

Income Tax Slabs for A.Y. 15-16 Individuals below 60 yeas of age (FY 2014-15)

1

Up to Rs 2,50,000

No tax / exempt

2

2,50,001 to 5,00,000

10% of the amount exceeding 2,50,000

3

5,00,001 to 10,00,000

Rs.25,000 + 20% of the amount exceeding 5,00,000

4

Above 10,00,000

Rs.1,25,000 + 30% of the amount exceeding 10,00,000

Education cess and Secondary and Higher Secondary Education cess at 3% will be in addition to the tax calculated above.
 
Tax Credit u/s 87A of Rs. 2,000 or the amount of tax, whichever is less is available to resident indivduals having income upto Rs. 5,00,000.
 
Surcharge : 10% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)

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