Income Tax Slabs & Rates


Income Tax Slabs & Rates

for Assessment Year 2015-16

Individual resident aged below 60 years or any NRI/ HUF/ AOP/ BOI
Income Slabs Tax Rates
i. Where the taxable income does not exceed Rs. 2,50,000/-. NIL
ii. Where the taxable income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/-. 10% of amount by which the taxable income exceeds Rs. 2,50,000/-.
Less ( in case of Resident Individuals only ) : Tax Credit u/s 87A – 10% of taxable income upto a maximum of Rs. 2000/-.
iii. Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. Rs. 25,000/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.
iv. Where the taxable income exceeds Rs. 10,00,000/-. Rs. 125,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.
Individual resident who is of the age of 60 years or more but below the age of 80 years at any time during the previous year
Income Slabs Tax Rates
i. Where the taxable income does not exceed Rs. 3,00,000/-. NIL
ii. Where the taxable income exceeds Rs. 3,00,000/- but does not exceed Rs. 5,00,000/- 10% of the amount by which the taxable income exceeds Rs. 3,00,000/-.
Less : Tax Credit u/s 87A – 10% of taxable income upto a maximum of Rs. 2000/-.
iii. Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/- Rs. 20,000/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.
iv. Where the taxable income exceeds Rs. 10,00,000/- Rs. 120,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.
Individual resident who is of the age of 80 years or more at any time during the previous year
Income Slabs Tax Rates
i. Where the taxable income does not exceed Rs. 5,00,000/-. NIL
ii. Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/- 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.
iii. Where the taxable income exceeds Rs. 10,00,000/- Rs. 100,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.

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