Income Tax Slabs for FY 2015-16 & AY 2016-17

List of income tax slabs for salaried, Male, Women, Senior Citizens, Senior Citizens of above 80 years of age. Income Tax Slabs/Brackets Effective for AY 2016-17 are: INCOME TAX RATES are applicable for the Financial Year ending March 31, 2016 (i.e. Financial Year 2015-16) – Assessment Year 2016-17)

Income tax deductions give nightmare to many, as you are not sure how much you need to pay this year as income tax. If you are working and earning a regular income you are supposed to pay income tax. So if you are planning to file your income tax for the FY 2015-16, first thing you should do is to calculate your taxable income first. If you find it tricky and not sure how much tax you might be paying on your income, you can take help of the below table to get the exact amount or percentage you are supposed to pay as income tax. If you are going to pay the income tax for the very first time you should know that if you fall under the income slab of Rs. 2.5 lakhs or below, you are not required to pay income tax, as there is no tax levied on this income slab. But if you have an annual income more than that you are supposed to pay the tax as per your income bracket.

New Income tax slab for AY 2015-16

New Income Tax Slabs for ay 2015-16 for Below 60 Years Individuals
S. No. Income Range Tax percentage

1

Up to Rs 2,50,000 No tax / exempt

2

2,50,001 to 5,00,000

10%

3

5,00,001 to 10,00,000

20%

4

Above 10,00,000

30%

New Income Tax Slabs for  AY 2015-16 for Senior Citizens


S. No. Income Range Tax percentage

1

Up to Rs 3,00,000 NIL

2

3,00,001 to 5,00,000

10%

3

4

5,00,001 to 10,00,000

Above 10 Lakh +

20%

30%

New Income Tax Slabs for  AY 2015-16 for Super Senior Above 80 Years

1

Up to Rs 5,00,000 No tax / exempt

2

5,00,001 to 10,00,000

20%

3

5,00,001 to 10,00,000

30%

4

Above 10,00,000

30%

Example:

If your income is below 2.5 lakh annual than you have to pay Zero as Income tax. Some condition apply for Senior Citizens but Income range is 3 lakh.
 
If Normal person have income of Rs.5 lakh so they have to pay Rs.23000 as Income tax (Rs.2000 rebate) on the basis of 10.00%. In same case senior citizens have to pay 18000 of income tax.
 
If your income is above Rs 6 lakh so you have to pay 10% on 2.5 lakh + 20% on 1 lakh (1 lakh above 5 lakh). So total Tax will be calculate as
 
25000 (Tax on 2.5 lakh) – Rs 2000 (rebate) + Rs.20000 (Tax on 1 lakh which is above 5 lakh income)
 
So total Income tax for 6 lakh salaried person are Rs.43000/-.

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