Income-tax slab rates for Individual for FY 2015-16 (AY 2016-17)

RATES OF INCOME-TAX FOR F.Y. 2015-16 (A.Y. 2016-17)

As per the Finance Act, 2015, Rates of Income Tax Applicable for the financial year 2015-16 (i.e. Assessment Year 2016-17) are as under:

A. Normal Rates of tax (applicable to all Individuals who are less than 60 years of age)

Sr No.	Income	Applicable Rate of tax
1.	Income up to Rs. 2,50,000/-	NIL
2.	Income more than Rs. 2,50,000 but less than Rs. 5,00,000/-	10 per cent of amount in excess of Rs. 2,50,000/-
3.	Income more than Rs. 5,00,000/- but less than Rs. 10,00,000/-	Rs. 25,000/- + 20 per cent of the amount in excess of Rs. 5,00,000/-
4.	Income more than Rs. 10,00,000/-	Rs. 1,25,000/- + 30 per cent of the amount in excess of Rs. 10,00,000/-

B. Resident Senior Citizen (having age of 60 years or more but less than 80 years)

Sr No	Income	Applicable Rate of tax
1.	Income up to Rs. 3,00,000/-	NIL
2.	Income more than Rs. 3,00,000 but less than Rs. 5,00,000/-	10 per cent of amount in excess of Rs. 3,00,000/-
3.	Income more than Rs. 5,00,000/- but less than Rs. 10,00,000/-	Rs. 20,000/- + 20 per cent of the amount in excess of Rs. 5,00,000/-
4.	Income more than Rs. 10,00,000/-	Rs. 1,20,000/- + 30 per cent of the amount in excess of Rs. 10,00,000/-

C. Resident Super Senior Citizen (having age of 80 years or more)

Sr No.	Income	Applicable Rate of tax
1.	Income up to Rs. 5,00,000/-	NIL
2.	Income more than Rs. 5,00,000/- but less than Rs. 10,00,000/-	20 per cent of the amount in excess of Rs. 5,00,000/-
3.	Income more than Rs. 10,00,000/-	Rs. 1,00,000/- + 30 per cent of the amount in excess of Rs. 10,00,000/-

D. Rebate u/s 87A:

For All Indian Resident Taxpayers, if Total Income after considering deductions is less than Rs 5,00,000/-, Rebate u/s 87A upto Rs 2,000/- is allowed against tax liability.

E. Surcharge on Income-tax:

Rate of Surcharge applicable Individual is as under

Sr No.	Income	Surcharge tax
1.	Income up to Rs. 1,00,00,000/-	NIL
2.	Income more than Rs. 1,00,00,000/-	12% of Income Tax Computed*

* Marginal Relief is available if Surcharge is more than incremental income.

F. Education Cess and Secondary and Higher Education Cess on Income-tax:

Education Cess and Higher Secondary Education Cess are required to be paid additionally along with Income-tax by all assessee.

Rates of Education Cess and Higher Secondary Education Cess are as under.

Sr No.	Income	Surcharge tax
1.	Education Cess	2% of (Income-tax + Surcharge, if any)
2.	Higher Secondary Education Cess	1% of (Income-tax + Surcharge, if any)

Articles in this section

As per the Finance Act, 2015, Rates of Income Tax Applicable for the financial year 2015-16 (i.e. Assessment Year 2016-17) are as under:

A. Normal Rates of tax (applicable to all Individuals who are less than 60 years of age)

B. Resident Senior Citizen (having age of 60 years or more but less than 80 years)

C. Resident Super Senior Citizen (having age of 80 years or more)

F. Education Cess and Secondary and Higher Education Cess on Income-tax:

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Articles in this section

As per the Finance Act, 2015, Rates of Income Tax Applicable for the financial year 2015-16 (i.e. Assessment Year 2016-17) are as under:

A. Normal Rates of tax (applicable to all Individuals who are less than 60 years of age)

B. Resident Senior Citizen (having age of 60 years or more but less than 80 years)

C. Resident Super Senior Citizen (having age of 80 years or more)

F. Education Cess and Secondary and Higher Education Cess on Income-tax:

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