Introduction

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)