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Rates ans Slabs Rates and Slabs for Financial Year 2015-16 (Assessment Year 2016-17)

If you are Income Tax payers, then this site will help you to calculate your liabilities towards income tax. Following is a snap detail of Income Tax Rates for Financial Year 2015-16 (AY 2016-17). It will be helpful for Individuals, Senior Citizens & others also.

Income Range

General (non-senior citizens) Category

Women (Below 60 years of age)
(This category is abolished from this year and is thus is same as that of  General Category

Senior Citizens (Men and Women above 60 years of age), but below 80 years

Very Senior Citizens (Men and Women above 80 years of age)

Upto Rs. 2,50,000

Nil

Nil

Nil

Nil

Rs. 2,50,001 to Rs. 3,00,000

10% *

10% *

Nil

Nil

Rs. 3,00,001 to Rs. 5,00,000

10% *

10% *

10% *

Nil

Rs. 5,00,001 to Rs. 10,00,000

20%

20%

20%

20%

Above Rs. 10,00,000

30% **

30% **

30% **

30%**

     

Some Important Points

  • * As per provision of FY 20114-15, A tax rebate of Rs 2,000 from tax calculated will be available for people having an annual income upto Rs 5 lakh.   However, this benefit of Rs2,000 tax credit will not be available if you cross the income range of Rs 5 lakh.  Thus we can say that tax payable in 10% slab will be maximum Rs23,000 (taking into account Rs 2000 tax credit), but for people who fall in income range of Rs5 lakh and above, the tax will be Rs25,000 + 20% tax on income above Rs 5 lakh;
  • The education cess to continue at 3 percent.
  • The Surcharge @  12% for the FY 2015-16 or AS 2016-17 will be payable if the income is above Rs 1 crores)
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    @ All the Income tax slabs details are collected from different information sources. There may be some difference in actual Tax calculation.

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      INCOME TAX SLAB

     Income Tax slab FY 2015-16

     Income Tax slab FY 2014-15

     Income Tax slab FY 2012-13

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     Income Tax slab AY 2016-17

     Income Tax slab AY 2015-16

     Income Tax slab AY 2013-14

     Income Tax slab AY 2012-13



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