Income Tax Slabs & Rates For Assessment Year 2015-16
INCOME SLABS (INDIVIDUALS BELOW 60 YRS)
Total Income not exceeding `2,50,000/-
Rs 2,50,001 but not exceeding Rs 5,00,000/-
10% of Amount above Rs 2,50,000/-*
Rs 5,00,001-Rs 10,00,000/-
Rs 25,000/- Plus 20% of the amount exceeding `5,00,001/-
Rs 1,25,000/- Plus 30% of the amount exceeding Rs 10,00,001/-**
*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 However if the income exceeds Rs 5,00,000/- the rebate is withdrawn.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.