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

Posted By:
Subscribe to GoodReturns
For Quick Alerts
Subscribe Now  
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    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 2,50,000 No tax
    2,50,001 to 5,00,000 10% 
    5,00,001 to 10,00,000 20%
    Above 10,00,000 30%

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

    Income tax slab (in Rs.) Tax Slab
    0 to 3,00,000 No tax
    3,00,001 to 5,00,000 10%
    5,00,001 to 10,00,000 20%
    Above 10,00,000 30%

    Very senior citizens (Aged 80 and above)

    Income tax slab (in Rs.) Tax Slab
    0 to 5,00,000 No tax
    5,00,001 to 10,00,000 20%
    Above 10,00,000 30%

    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?

    GoodReturns.in

    Read more about: income tax tax
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    Get Latest News alerts from Goodreturns

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more