Income Tax Slabs & Rates For Assessment Year 2015-16

Posted By Amritesh
On September 6th, 2014
Comments: 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 However if the income exceeds Rs 5,00,000/- the rebate is withdrawn.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.

www.amritfinaa.blogspot.com

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Income Tax Slabs & Rates For Assessment Year 2015-16

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