The income tax slabs defined for FY 2016-17 are also applicable for the FY 2015-16 (AY 2016-17) and FY 2014-15 (AY 2015-16).
Income Tax Slab for Individual Tax Payers (Under Age 60)
|
Income Tax Slab |
Tax Rate |
|
Up to INR 2,50,000 |
No Tax |
|
From INR 2,50,000 to INR 5,00,000 |
10% |
|
From INR 5,00,000 to INR 10,00,000 |
20% |
|
Above INR 10,00,000 |
30% |
|
A surcharge of 12% of income tax will be applicable on the taxpayers with income above INR 1 Cr. This is subjected to marginal relief. |
|
|
An Education Cess of 2% and Secondary and Higher Education Cess of 1% on the total of income tax + surcharge will be also applicable to tax payment. |
|
As per Section 87A, individuals with income less than INR 5,00,000 can get a rebate of INR 2,000 or 100% of the income tax (whichever is lesser).
For Resident Senior Citizens (from Age 60- 80 years as on the last day of the Previous Year)
|
Income Tax Slab |
Tax Rate |
|
Up to INR 3,00,000 |
No Tax |
|
From INR 3,00,000 to INR 5,00,000 |
10% |
|
From INR 5,00,000 to INR 10,00,000 |
20% |
|
Above INR 10,00,000 |
30% |
|
A surcharge of 12% of income tax will be applicable on the taxpayers with income above INR 1 Cr. This is subjected to marginal relief. |
|
|
An Education Cess of 2% and Secondary and Higher Education Cess of 1% on the total of income tax + surcharge will be also applicable to tax payment. |
|
As per Section 87A, individuals with income less than INR 5,00,000 can get a rebate of INR 2,000 or 100% of the income tax (whichever is lesser).
For Resident Super Senior Citizens (Over the age of 80 as on the last day of the Previous Year)
|
Income Tax Slab |
Tax Rate |
|
Up to INR 5,00,000 |
No Tax |
|
From INR 5,00,000 – INR 10,00,000 |
20% |
|
Above INR 10,00,000 |
30% |
|
A surcharge of 12% of income tax will be applicable on the taxpayers with income above INR 1 Cr. This is subjected to marginal relief. |
|
|
An Education Cess of 2% and Secondary and Higher Education Cess of 1% on the total of income tax + surcharge will be also applicable to tax payment. |
|
As per Section 87A, individuals with income less than INR 5,00,000 can get a rebate of INR 2,000 or 100% of the income tax (whichever is lesser).
Income Tax Slab for Hindu Undivided Families (HUFs)
|
Income Tax Slab |
Tax Rate |
|
Up to INR 2,50,000 |
No Tax |
|
From INR 2,50,000 to INR 5,00,000 |
10% |
|
From INR 5,00,000 to INR 10,00,000 |
20% |
|
Above INR 10,00,000 |
30% |
|
A surcharge of 12% of income tax will be applicable on the taxpayers with income above INR 1 Cr. This is subjected to marginal relief. |
|
|
An Education Cess of 2% and Secondary and Higher Education Cess of 1% on the total of income tax + surcharge will be also applicable to tax payment. |
|
As per Section 87A, individuals with income less than INR 5,00,000 can get a rebate of INR 2,000 or 100% of the income tax (whichever is lesser).
Comments
1 comment
It is the clearest i have found and i am sure it is going to help me alot .
found it to be interesting one.Thank you for your great article .It genuinely helped me with the information i was seeking for.
Please sign in to leave a comment.