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 |