Income Tax Slab Rates for FY 2015-16 (AY 2016-17) are as under :
A) Individuals born on or after 1st April, 1956 (Age less than 60 years):
| Taxable Income | Percentage |
| Upto Rs. 2,50,000/- | Nil |
| Rs. 2,50,000/- to Rs. 5,00,000/- | 10% of Income in excess of Rs 2,50,000/- |
| Rs. 5,00,000/- to Rs. 10,00,000/- | Rs 25,000/- + 20% of Income in excess of Rs 5,00,000/- |
| Above Rs. 10,00,000/- | Rs 1,25,000/- + 30% of Income in excess of Rs 10,00,000/- |
- Surcharge: If the taxable income exceeds Rs. 1 Crore, then surcharge of 12% on Income-tax is payable, subject to marginal relief.
- Education Cess: 2% education Cess and 1% higher education Cess is payable on Income-tax and surcharge.
- Rebate u/s 87A : For Resident Taxpayers Rebate of Rs 2,000/- is provided if Taxable Income is below Rs 5,00,000/-.
B) Senior citizen born on or after 1st April, 1936 but before 1st April, 1956 (Age more than 60 years but less than 80 years):
| Taxable Income | Percentage |
| Upto Rs. 3,00,000/- | Nil |
| Rs. 3,00,000/- to Rs. 5,00,000/- | 10% of Income in excess of Rs 3,00,000/- |
| Rs. 5,00,000/- to Rs. 10,00,000/- | Rs 20,000/- + 20% of Income in excess of Rs 5,00,000/- |
| Above Rs. 10,00,000/- | Rs 1,20,000/- + 30% of Income in excess of Rs 10,00,000/- |
- Surcharge: If the taxable income exceeds Rs. 1 Crore, then surcharge of 12% on Income-tax is payable, subject to marginal relief.
- Education Cess: 2% education Cess and 1% higher education Cess is payable on Income-tax and surcharge.
- Rebate u/s 87A : For Resident Taxpayers Rebate of Rs 2,000/- is provided if Taxable Income is below Rs 5,00,000/-.
C) Super senior citizen born before 1st April, 1936 (Age more than 80 years):
| Taxable Income | Percentage |
| Upto Rs. 5,00,000/- | Nil |
| Rs. 5,00,000/- to Rs. 10,00,000/- | 20% of Income in excess of Rs 5,00,000/- |
| Above Rs. 10,00,000/- | Rs 1,00,000/- + 30% of Income in excess of Rs 10,00,000/- |
- Surcharge: If the taxable income exceeds Rs. 1 Crore, then surcharge of 12% on Income-tax is payable, subject to marginal relief.
- Education Cess: 2% education Cess and 1% higher education Cess is payable on Income-tax and surcharge.
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