Tuesday , 21 November 2017

[Updated] Income Tax Slab Rates for 2015-16 & 2016-17 in India | Check Tax Limit

Check Income Tax Slab Rates for Individuals, Male, Female & HUF, Senior citizens, Super Senior Citizen for FY 2015-16 & AY 2016-17.

 

In India, the whole Tax slab structure is divided into 4 parts…..  The Income tax slab rate for Male Individuals, Female Individuals, Senior Citizens and Super senior Citizens.

Your tax liability will depend on the category in which you are falling. For e.g. If you are a Senior citizen, the total tax liability of tax will be lower as compared to that of an Individual below 60 years of age.

Here is the updated list of Income Tax Slab Rates for 2015-16 & 2016-17 in India after the budget. There have been no updates in the slab rate in this budget.

Income tax slab rate for the FY 2015-16 & AY 2016-17

Income Tax Slab rates for Male Individuals below 60 Years of Age & HUF

Income Tax Slab   Income Tax Rates
 Total Income is between Rs. 0 – Rs 2,50,000         NIL
 Total Income is between Rs. 2,50,001 – Rs 5,00,000 10% on amount exceeding Rs 2,50,000
 Total Income is between Rs. 5,00,001 – Rs 10,00,000   20% on amount exceeding Rs 5,00,000
 Total Income is above 10,oo,oo1 or More  30% on amount exceeding Rs 10,00,000

Income Tax Slab Rates for Female Individuals below 60 Years of Age

Income Tax Slab   Income Tax Rates
 Total Income is between Rs. 0 – Rs 2,50,000         NIL
 Total Income is between Rs. 2,50,001 – Rs 5,00,000 10% on amount exceeding Rs 2,50,000
 Total Income is between Rs. 5,00,001 – Rs 10,00,000   20% on amount exceeding Rs 5,00,000
 Total Income is above 10,oo,oo1 or More  30% on amount exceeding Rs 10,00,000

[ Note – Income tax slab rates for both Male and Female Assessee is same for FY 2015-16 & AY 2016-17. ]

Income Tax Slab Rates for Senior Citizens above 60 Years of Age

Income Tax Slab   Income Tax Rates
 Total Income is between Rs. 0 – Rs 3,00,000         NIL
 Total Income is between Rs. 3,00,001 – Rs 5,00,000 10% on amount exceeding Rs 3,00,000
 Total Income is between Rs. 5,00,001 – Rs 10,00,000   20% on amount exceeding Rs 5,00,000
 Total Income is above 10,oo,oo1 or More  30% on amount exceeding Rs 10,00,000

Income Tax Slab Rates for Super Senior Citizens above 80 Years of Age

Income Tax Slab   Income Tax Rates
 Total Income is between Rs. 0 – Rs 5,00,000         NIL
 Total Income is between Rs. 5,00,001 – Rs 10,00,000   20% on amount exceeding Rs 5,00,000
 Total Income is above 10,oo,oo1 or More  30% on amount exceeding Rs 10,00,000

 

Income Tax Slab Rates for 2015-16 & 2016-17 in India

Image Credits – http://www.simpletaxindia.in/2016/03/income-tax-slab-rates-for-ay-2017-18-fy.html

Other Important Aspects

  • Tax credit of Rs. 2,000 will be provided for all those people whose income is below Rs 5 Lakhs.
  • Education-Cess (EC) & Secondary Higher Education-Cess (SHEC) remain same as 2% & 1% respectively. The Surcharge is not applicable for individual & HUFs.

 

Very soon, I will be writing about the updated Income tax slab rate for Companies and Co-Operative Societies…..Stay tuned to Incometaxsolutions.com for Latest Updates.

Do let me know If you find any mistake in this post or any other Issue related with this Post.

If you think that, this Post may turn useful to your Near & Dear ones…. Don’t forget to share it with them on Social Media Networks.

[Source – Commercevilla.com]

Incoming Search Items –

  • income tax slab rates for Male Individuals
  • income tax slab rates for Female Individuals
  • income tax slab rates for Senior Citizens
  • income tax slab rates for Super Senior Citizens

Leave a Reply

Your email address will not be published. Required fields are marked *

*