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

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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)

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