Income Tax Rates for year 2015-16

Tax slabs have not changed since financial year FY 2014-15 (assessment year AY 2015-16). Income tax slab rates are same for these 3 financial years – FY 2014-15, FY 2015-16 and FY 2016-17 and Tax Slabs are same for both Men and Women.

For Men and Women Below 60 Years Of Age

Income Tax Slab	Income Tax Rate
Income upto Rs. 2,50,000	Nil
Income between Rs. 2,50,001 – Rs. 500,000	10% of Income exceeding Rs. 2,50,000
Income between Rs. 500,001 – Rs. 10,00,000	20% of Income exceeding Rs. 5,00,000
Income above Rs. 10,00,000	30% of Income exceeding Rs. 10,00,000

Education cess @ 3 % ( on total tax computed ) will be added to derive the Final Income Tax that you ultimately pay.

 

For Senior Citizens (Age 60 years or more but less than 80 years)

Income Tax Slab	Income Tax Rate
Income upto Rs. 3,00,000	Nil
Income between Rs. 3,00,001 – Rs. 500,000	10% of Income exceeding Rs. 3,00,000
Income between Rs. 500,001 – Rs. 10,00,000	20% of Income exceeding Rs. 5,00,000
Income above Rs. 10,00,000	30% of Income exceeding Rs. 10,00,000

Education cess @ 3 % ( on total tax computed ) will be added to derive the Final Income Tax that you ultimately pay.

For Senior Citizens (Age 80 years or more)

Income Tax Slab	Income Tax Rate
Income upto Rs. 5,00,000	Nil
Income between Rs. 500,001 – Rs. 10,00,000	20% of Income exceeding Rs. 5,00,000
Income above Rs. 10,00,000	30% of Income exceeding Rs. 10,00,000

Education cess @ 3 % ( on total tax computed ) will be added to derive the Final Income Tax that you ultimately pay.

Note : There are no more separate income tax slabs for men and women. The slabs mentioned here are equal to both men and women. 

Income Tax Exemption Limit – 2014-15

 I. Individuals (Below 60years)
 

• Up to Rs 2.5 lakh  :  No tax
• From Rs 2.5 lakh to 5 lakh : 10%
• From Rs 5 lakh to 10 lakh : 20%
• Above Rs 10 lakh : 30%
• Education Cess: 3% of the Income-tax. 

Note : There are no more separate income tax slabs for men and women. The slabs mentioned here are equal to both men and women. 

II. Senior Citizens ( Above 60 years but below 80 years)
 

• Up to Rs 3 lakh : No tax
• From Rs 3 lakh to 5 lakh : 10% 
• From Rs 5 lakh to 10 lakh : 20%
• Above Rs 10 lakh : 30%
• Education Cess: 3% of the Income-tax.

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III.   Very Seniors Citizens ( Above 80 years) 

• Up to Rs 5 lakh: No tax
• From Rs 5 lakh to 10 lakh: 20%
• Above Rs 10 lakh: 30%
• Education Cess: 3% of the Income-tax.

New Tax exemption limit as per Union Budget 2014-15

  

• I-T exemption limit up from 2L to 2.5L  for all individual tax payer who are below the age of 60 years providing a relief of Rs. 5,150/- (The proposal, according to an estimate, is likely to benefit about 2 crore tax payers) 

• Exemption limit for those aged above 60 but below 80 also increased from 2.5 lakh to 3 lakh 

• investment limit under 80 C has been raised to Rs. 1.5 lakh from the existing Rs. 1 lakh to encourage savings 

• Investment in Public Provident Fund up to Rs. 1.5 lakh would now be exempt from tax. This was earlier pegged at Rs. 1 lakh 

• tax deduction limit on account of interest of housing loan in case of self occupied property to Rs. 2 lakh from Rs. 1.5 lakh. 

• 3% education cess to continue 

• 10% surcharge continues for individuals with income over 1 crore