Income Tax Slabs for 2015-16

May 17, 2015   ·   0 Comments

Chapter One: Step by step guide starts with discussing about tax saving slabs.

Finance minister revise the income tax slabs with his own discretion while presenting budget for next year and this comes as biggest expectations of a common man. 87% of India’s population earns less than 5 lacs in a financial year. NDA is expected to revise the tax free slab to 5 lacs for a common man by end of its 5 year tenure i.e. 2018-19.

India 2015-2016 for General tax payers – Male and Female  or any NRI/ HUF/ AOP/ BOI/ AJP

Income tax slab (in Rs.) Tax
0 to 2,50,000 No tax
2,50,001 to 5,00,000 10%
5,00,001 to 10,00,000 20%
Above 10,00,000 30%

India Income tax slabs 2015-2016 for Senior citizens (Aged 60 years but less than 80 years)

Income tax slab (in Rs.) Tax
0 to 3,00,000 No tax
3,00,001 to 5,00,000 10%
5,00,001 to 10,00,000 20%
Above 10,00,000 30%

India Income tax slabs 2015-2016 for very senior citizens (Aged 80 and above)

Income tax slab (in Rs.) Tax
0 to 5,00,000 No tax
5,00,001 to 10,00,000 20%
Above 10,00,000 30%

Surcharge : 10% of the Income Tax, where taxable income is more than Rs. 1 crore.

Education Cess : 3% of the total of Income Tax and Surcharge.

Move to next chapter:

Lesson 2: Understanding Your Pay Slip

Lesson 3: How to Calculate Income Tax

Lesson 4: Tax Saving Techniques

Lesson 5: How to File Income Tax

Lesson 6: How to check income tax refund status?

Rajesh Singla

Rajesh is the founder & CEO of Stockssavvy, Stocks analyst,financial advisor by choice,software engineer by fate,biker,gamer,cricket lover n enthusiastic person. He believes in doing things not just to get by but to get Ahead...

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