Impact Of Income Tax For The Financial Year 2015-16
- Posted By Amritesh
- On March 5th, 2015
- Comments: 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
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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