Tax Slab* for Financial Year 2015-16 (Assessment Year 16-17)

The income tax rates are usually revised every year during the budget. Various deductions that are allowed to a taxpayer under Section 80C, Section 80D etc.

Income Tax Slab Rate

Following are the income tax slab rates and deductions for different categories of tax payers:

For Men Below 60 Years Of Age

Income Tax Slab Income Tax Rate
Income upto Rs. 2,50,000 Nil
Income between Rs. 2,50,001 – Rs. 500,000 10% of Income exceeding Rs. 2,50,000
Income between Rs. 500,001 – Rs. 10,00,000 20% of Income exceeding Rs. 5,00,000
Income above Rs. 10,00,000 30% of Income exceeding Rs. 10,00,000

 

For Women Below 60 Years Of Age

Income Tax Slab Income Tax Rate
Income upto Rs. 2,50,000 Nil
Income between Rs. 2,50,001 – Rs. 500,000 10% of Income exceeding Rs. 2,50,000
Income between Rs. 500,001 – Rs. 10,00,000 20% of Income exceeding Rs. 5,00,000
Income above Rs. 10,00,000 30% of Income exceeding Rs. 10,00,000

 

For Senior Citizens (Age 60 years or more but less than 80 years)

Income Tax Slab Income Tax Rate
Income upto Rs. 3,00,000 Nil
Income between Rs. 3,00,001 – Rs. 500,000 10% of Income exceeding Rs. 3,00,000
Income between Rs. 500,001 – Rs. 10,00,000 20% of Income exceeding Rs. 5,00,000
Income above Rs. 10,00,000 30% of Income exceeding Rs. 10,00,000

 

For Senior Citizens (Age 80 years or more)

Income Tax Slab Income Tax Rate
Income upto Rs. 5,00,000 Nil
Income between Rs. 500,001 – Rs. 10,00,000 20% of Income exceeding Rs. 5,00,000
Income above Rs. 10,00,000 30% of Income exceeding Rs. 10,00,000

Income Tax Slab Rate & Deductions – AY 2016 -17 (FY 2015-16)