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      Income Tax Slabs & Rates For Assessment Year 2015-16

      Saturday, September 6th, 2014 Amritesh no responses

      INCOME SLABS (INDIVIDUALS BELOW 60 YRS)
      TAX RATES
      1.)
      Total Income not exceeding `2,50,000/-
      Nil
      2.)
      Rs 2,50,001 but not exceeding Rs 5,00,000/-
      10% of Amount above Rs 2,50,000/-*
      3.)
      Rs 5,00,001-Rs 10,00,000/-
      Rs 25,000/- Plus 20% of the amount exceeding `5,00,001/-
      4.)
      Above 10,00,001/-
      Rs 1,25,000/- Plus 30% of the amount exceeding Rs 10,00,001/-**
      NOTE:
       *A Tax Rebate of 10% (Rs 2000/- maximum) is available to Resident Individuals whose earning is in the range of 2,50,001-5,00,000/-. However if the income exceeds Rs 5,00,000/- the rebate is withdrawn.
       
      **Surcharge of 10% if the Total Income exceeds 1 Crore.
       
      Education Cess of 3% is payable on Total Income Tax and Surcharge.
       
      Individual Residents who are above 60 yrs of age but below 80 yrs the Tax on Total Income is exempted upto  Rs 3,00,000/-.
       
      Individual Residents who are above 80 yrs of age the Tax on Total Income is exempted upto Rs 5,00,000/-.
       
      Deductions under Sections 80 C-E available for individuals would be discussed in the upcoming blogs on Tax Planning for AY 2015-16.
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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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