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Income Tax Rates / Tax Slab for 2015-2016 and 2016-2017

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In Budget 2016, there is no change in the tax slab for FY 2016-2017 . The tax rates are same as FY 2015-2016.

Income Tax Slab / Rates applicable in India for Individuals, Hindu Undivided Family (HUF), Association of Persons (AOP) and Body of Individuals (BOI)

 

Applicable for FY 2015-2016 (AY 2016-2017)  & FY 2016-2017 (AY 2017-2018)

 

For Individuals below 60 years age (including Woman Assessees)
   
upto Rs 2.50 Lakh NIL
Rs 2.50  lakh – Rs 5 Lakh 10% on amount exceeding Rs 2.50 lakh
Rs 5 lakh – 10 Lakh  Rs 25000 + 20% of amount exceeding Rs 5 Lakh
above Rs 10 akh Rs 125000 + 30% of amount exceeding Rs 10 lakh

 

For Individuals aged 60 years and above but below 80 years (Senior Citizen)
   
upto Rs 3 Lakh NIL
Rs 3 lakh – Rs 5 Lakh 10% on amount exceeding Rs 3 lakh
Rs 5 lakh – 10 Lakh  Rs 20000 + 20% of amount exceeding Rs 5 Lakh
above Rs 10 Lakh Rs 120000 + 30% of amount exceeding Rs 10 lakh

 

For Individuals aged 80 years and above (Very Senior Citizen)
   
Upto 500,000 Nil
500,000 to 1,000,000 20% of the amount exceeding 500,000
1,000,000 & above Rs.100,000 + 30% of the amount exceeding 1,000,000

 

3.   Surcharge on Income Tax –  If the total taxable income exceeds Rs 1 crore ,  there will be sucharge of 10% of Tax payable ( not 10% of income)

4.  Education Cess + SHEC :  3% of Income Tax plus Surcharge  (applicable for every assesse)

5. Check various deductions you can claim while computing your tax. Read Article here

If you have any queries related to this article or any other personal finance query ( Investment, Taxation etc), please comment below

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6 comments

  1. My mother is 70 year old & she has F.D of ₹2700000.00 with 5 banks alltogether.is she files the income tax return.Every year she gives form 15 h.thanks give reply.

    • Hi Pankaj, for your mother (age 70), Income upto Rs 3 lakh is taxable at zero rate.

      Assuming, the total interest earned on these FD is less than that, she is not required to file return. Also, if she is submitting Form 15H to every bank, and TDS is not deducted, then there is no need to file the return.

      Just make sure that TDS is not deducted. in case TDS is deducted, then you can file return and claim refund.

  2. I am 72 years old person. My total income from interest on FDs is approx. Rs. 4.00 Lac per year. Can I submit Form 15 H to various banks/financial services so that NO TAX is deducted at source while receiving interest payment ? I have opted for Quarterly interest payment.

    What if I make investment of Rs. 1.50 Lakh in Tax Saver Bonds u/s 80 CC ? In that case, my taxable comes to less than Rs. 3.0 Lakh p.a. Hence, can I still submit Form 15 H?

    Kindly advise. Thanks

    DEEPAK MEHTA (M) : 9930801618

  3. H.Ramasubramani.

    I am a NRI. I moved out of India in May 2011 and is living with my son in US. I got green card in 2012.I am 80 years old and is leading aretired life,has not taken up any employment in US.
    Is the tax for my earnings in India is the same as for an individual residing in India or is it different? Also please let me know the exemption limit for the tax for a NRI.
    I shall be very happy to receive Ur reply.
    Regards.

    • Hi,

      You are liable for tax in India ONLY for the Income received in India. As a very Senior citizen (80 years+) , Income upto Rs 5 lakh is tax free.

      However, make sure that if you have FD in resident account, you fill Form 15H so that tax is not deducted.

      Alternatively, you can open NRE FD which is tax free for any amount.

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