Income Tax Slabs for Financial Year 2015-16 or Assessment year 2016-17

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Union Budget 2015-16 presented by Arun Jaitley, did not alter the tax slabs, nor did he change the tax exemption limit.

Here is quick guide of tax bracket for individuals depending on the Income for the financial year 2015-16 or assessment year 2016-17. Please note that there will be a marginal increase to the below rates on account of Education Cess.

Financial Year (FY) - Duration of one year between 1st April to 31st March of the following year, in which all financial information are reported.

Assessment Year (AY) - The income of a particular financial year is assessed in the following financial year, which is known as the assessment year.

Also read: Income Tax Rates For Financial Year (FY) 2016-17

You also need to take into account certain tax benefits that you would get on enhanced health insurance premium paid and hike in amounts for the pension scheme.

We have not taken into account any benefits like Sec 80 and Sec 80D and other tax benefits.

Income Tax Slabs for Financial Year 2015-16 or Assessment year 2016-17

General Tax Payers and Women

Income Tax Slab (in Rs.) Tax Slab
0 to Rs 2,50,000No tax
2,50,001 to 5,00,00010% 
5,00,001 to 10,00,00020%
Above 10,00,00030%

Senior citizens (Aged 60 years but less than 80 years)

Income tax slab (in Rs.) Tax Slab
0 to 3,00,000No tax
3,00,001 to 5,00,00010%
5,00,001 to 10,00,00020%
Above 10,00,00030%

Very senior citizens (Aged 80 and above)

Income tax slab (in Rs.) Tax Slab
0 to 5,00,000No tax
5,00,001 to 10,00,00020%
Above 10,00,00030%

Note: Tax rates are excluding Surcharge, Education Cess and Secondary and Higher Education Cess.

The Income Tax department has provided a calculator which helps you to calculate your tax liability based on your taxable income. Here, you need not download any software or excel for calculation Click to know on - How to compute your tax using an IT calculator?

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Read more about: income tax, tax
Story first published: Saturday, February 28, 2015, 13:01 [IST]
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