Income Tax Slab / Rates applicable in India for Individuals, Hindu Undivided Family (HUF), Association of Persons (AOP) and Body of Individuals (BOI):
| 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 surcharge of 12% of Tax payable ( not 10% of income)
4. Education Cess: 3% of Income Tax plus Surcharge (applicable for every assesse)
5. Section 80C gives deduction for various savings schemes upto Rs. 1.50 lakhs and additional deduction of Rs.50,000 towards investment in NPS under 80CCD (1b). Check various deductions you can claim while computing your tax. Read Article here
Important Links – Must Read
How to File Income Tax return (ITR) online – Step by Step Guide for eFiling
How to quick e-file ITR1 & ITR 4S online for FREE – Step by Step Guide
How to other ITR forms online (using excel upload) for FREE – Step by Step Guide
Income tax slab rates for FY 2014-2015 (AY 2015-2016)
[How to] get Electronic Verification Code (EVC) to e-Verify Income tax return for AY 2015-2016
[How to] View your Form 26AS online – Check Tax Credit Statement