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Impact Of Income Tax For The Financial Year 2015-16

Thursday, March 5th, 2015 Amritesh no responses

(For Individuals Below 60 years)

TOTAL INCOME
TAX LIABILITY in FY 2015-16
Tax After Deductions Under **(Sec 80C,80CCD,80D)
Up to Rs 2,50,000/-
Nil
Nil
Rs 3,00,000/-
              Rs 3090/-
Nil
Rs 4,00,000/-
Rs 13,390/-
Nil
          Rs 5,00,000/-
Rs 23,690/-
Rs 2575/-
          Rs 7,50,000/-
              Rs 77,250/-
   Rs 30,900/-
  Rs 10,00,000/-
  Rs 128,750/-
   Rs 82,400/-
  Rs 20,00,000/-
   Rs 4,37,750/-
      Rs 3,68,225/-
    Rs 100,00,000/-
     Rs 29,09,750/-
        Rs 28,40,225/-
*Income up to Rs 2,50,000/- is exempted from Tax.

** Deduction is available on Investment up to Rs 1,50,000/-  U/S 80C.

     Deduction is available on Investment up to Rs 50,000/- in National Pension  Scheme U/S 80 CCD.

     Deduction is also available on Health Insurance paid for self, spouse, dependent children up to Rs 25,000/- U/S 80 D.

*** Education Cess of 3% is levied on Income Tax payable.

**** Surcharge of 12% is applicable on Income over Rs 100,00,000/-.


**** For Individuals above 60 years and below 80 years Income Tax exemption is up to Rs 3,00,000/-.

         Benefits U/S 80 D is Rs 30,000/- for Individuals above 60 years of age.

Check out the Link below for Income Tax Slabs and Rates for Financial Year 2015-16


Income Tax Slabs And Rate For The Financial Year 2015-16


Tax Deductions Under Various Sections For Financial Year 2015-16


Note: Only Deductions directly applicable to Individuals have been taken into account. Some other deductions are also applicable which will be discussed in the next post.

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Amritesh is an experienced professional in the field of HR, Finance and Compliance. He is currently working in the IT Industry with an US based firm. He took up Blogging as a hobby which eventually turned into passion. He primarily focuses on topics related to Personal Finance, HR, Compliance and Technology.
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