Income tax slab for FY 2015 – 16

The below given income tax slab is applicable for financial year 2015 – 16 and assessment year 2016 – 17.

Income tax slab for Financial year 2015 -16 & Assessment year 2016 – 17

(Amounts are in Indian rupees)

For Men and Women:

RateMenWomen
Exemption limitUp to 2,50,000Up to 2,50,000
10% of taxable incomeIncome between 2,50,001 to 5,00,000Income between 2,50,001 to 5,00,000
20% of taxable incomeIncome between 5,00,001 to 10,00,000Income between 5,00,001 to 10,00,000
30% of taxable incomeIncome more than 10,00,000Income more than 10,00,000

For Senior citizens (Age between 60 and 80) and super senior citizens (Age above 80):

RateSenior citizensSuper senior citizens (Aged 80 and above)
Exemption limitUp to 3,00,000Up to 5,00,000
10% of taxable incomeIncome between 3,00,001 to 5,00,000Nil up to 5,00,000
20% of taxable incomeIncome between 5,00,001 to 10,00,000Income between 5,00,001 to 10,00,000
30% of taxable incomeIncome more than 10,00,000Income more than 10,00,000

Surcharge: 12% of the tax amount, where taxable income is more than INR 1 crore.

Education Cess : 3% of tax amount and Surcharge.

Rebate: As per section 87A of Income tax act 1961, rebate of INR 2,000 will be given to those individual tax payers whose total taxable income doesn’t exceed INR 5,00,000.

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