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Income Tax Rates / Tax Slab for FY 2015-2016 (AY 2016-2017)

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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

Also Read:   Tax Haven within India - This State has no Income Tax
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