Income Tax Rates for AY 2016-16 (FY 2016-15),income tax slab for ay 2016-16 pdf,Income Tax slabs after Budget 2016,income tax slab for ay 2016-16 in pdf formatThere is no change in income tax rates, surcharge and educational cess. To provide relief to small and marginal tax payers, personal income tax exemption limit is being raised from Rs. 2 lakh to Rs. 2.5 lakh. For senior citizens, the exemption limit will be Rs. 3 lakh. Further, the investment limit under Section 80C of the Income-tax Act is being raised from Rs. 1 lakh to Rs. 1.5 lakh. Deduction limit for interest on housing loan (for self-occupied house property) goes up from Rs. 1.5 lakh to Rs. 2 lakh.
Check Simple Income Tax calculator for Fy 2016-15
ASSESSMENT YEAR 2016-16 RELEVANT TO FINANCIAL YEAR 2016-15
1. Tax Slab for an Individual (resident & below 60 years) or HUF/AOP/BOI/AJP
Income Slabs
Tax Rates
Total income up to Rs. 2.5 Lac
0% Tax
Total income above Rs. 2.5 Lac and below Rs.5 Lac
10% on amount exceeding Rs. 2.5 Lac
Total income above Rs. 5 Lac and below Rs.10 Lac
20% on Income exceeding Rs. 5 Lac + Rs. 25,000
Total income more than Rs. 10 Lac
30% on Income exceeding Rs. 10 Lac + Rs. 1,25,000
* u/s 87A the Individual having taxable income up to Rs. 5 Lac , can claim rebate, on the Actual Tax amount subject to a maximum of Rs.2,000
Where the Taxable Income exceeds Rs. 1 crore, Surcharge @ 10% of Income tax is applicable
2. Tax Slab for an Individual (resident & above 60 years but below 80 years)
Income Slabs
Tax Rates
Total income up to Rs. 3.00 Lac
0% Tax
Total income above Rs. 3.00 Lac and below Rs.5 Lac
10% on amount exceeding Rs. 3.00 Lac
Total income above Rs. 5 Lac and below Rs.10 Lac
20% on Income exceeding Rs. 5 Lac + Rs. 20,000
Total income more than Rs. 10 Lac
30% on Income exceeding Rs. 10 Lac + Rs. 1,20,000
* u/s 87A the Individual having taxable income up to Rs. 5 Lac , can claim rebate, on the Actual Tax amount subject to a maximum of Rs.2,000
Where the Taxable Income exceeds Rs. 1 crore, Surcharge @ 10% of Income tax is applicable
3. Tax Slab for an Individual (resident & above 80 years)
Income Slabs
Tax Rates
Total income up to Rs. 5 Lac
0% Tax
Total income above Rs. 5 Lac and below Rs.10 Lac
20% on Income exceeding Rs. 5 Lac
Total income more than Rs. 10 Lac
30% on Income exceeding Rs. 10 Lac + Rs. 1 Lac
Where the Taxable Income exceeds Rs. 1 crore, Surcharge @ 10% of Income tax is applicable
EDUCATION CESS
The amount of Income-tax shall be increased by Education Cess of 3% on Income-tax.
Other Changes
Kissan Vikas patra Reintroduced
PPF Limit Increased to Rs 150000/-
2 % TDS on payment of Taxable Life insurance maturity amount.
Dividend distribution tax Increased
Check Simple Income Tax calculator for Fy 2016-15
ncome Tax Slab for A.Y. 2016-16 (F.Y. 2016-15)
Income
Tax Rates
i) Income up to 2.5 lakh NIL
ii) Income From 2.5 Lakh to 5 Lakh 10% on income over Rs. 2.5 Lakh
iii) Income from 5 Lakh to 10 Lakh Rs. 25,000/- plus 20% on above income 5 lakh
iv) Income above 10 lakh Rs. 1 lakh 25 thousand plus 30% on income above 10 lakh
v) Surcharge will be applicable @ 10% when total taxable income is over 1 crore
vi) 3% Education Cess, Secondary & Higher Education Cess will be applicable on income tax & surcharge
Income Tax Slabs for Indviduals for 60 years or above but below 80 years A.Y.2016-16
Income
Tax Rates
i) Income up to 3 lakh NIL
ii) Income From 3 Lakh to 5 Lakh 10% on income over Rs. 3 Lakh
iii) Income from 5 Lakh to 10 Lakh Rs. 20,000/- plus 20% on above income 5 lakh
iv) Income above 10 lakh Rs. 1 lakh 20 thousand plus 30% on income above 10 lakh
Surcharge will be applicable @ 10% when total taxable income is over 1 crore.
3% education cess will be applicable on income tax & surcharge
Income Tax Slab for Individuals Over 80 Years A.Y.2016-16
Income
Tax Rates
i) Income up to 5 Lakh NIL
ii) Income From 5 Lakh to 10 Lakh 20% on income over Rs.5 Lakh
iii) Income above 10 lakh Rs. 1 lakh plus 30% on income above 10 lakh
Surcharge will be applicable @ 10% when total taxable income is over 1 crore.
3% education cess will be applicable on income tax & surcharge
Income Tax Slab for A.Y. 2016-15 (F.Y. 2016-14)
Income Tax Slab for Individuals who are below than 60 years of age
Income
Tax Rates
i) Income up to 2 lakh NIL
ii) Income From 2 Lakh to 5 Lakh 10% on income over Rs. 2 Lakh; Less: Tax Credit - 10% of taxable income up to Rs.2000/- maximum
iii) Income from 5 Lakh to 10 Lakh Rs. 30,000/- plus 20% on above income 5 lakh
iv) Income above 10 lakh Rs. 1 lakh 30 thousand plus 30% on income above 10 lakh
v) Surcharge will be applicable @ 10% when total taxable income is over 1 crore.
vi) 3% education cess will be applicable on income tax & surcharge
Income Tax Slab for Individuals who are 60 years or over 60 years but below 80 years of age
Income
Tax Rates
i) Income up to 2 .5 lakh NIL
ii) Income From 2.5 Lakh to 5 Lakh 10% on income over Rs. 2.5 Lakh
iii) Income from 5 Lakh to 10 Lakh Rs. 25,000/- plus 20% on above income 5 lakh
iv) Income above 10 lakh Rs. 1 lakh 25 thousand plus 30% on income above 10 lakh
Surcharge will be applicable @ 10% when total taxable income is over 1 crore.
3% education cess will be applicable on income tax & surcharge
Income Tax Slab for Individuals who are over 80 years of age
Income
Tax Rates
i) Income up to 5 Lakh NIL
ii) Income From 5 Lakh to 10 Lakh 20% on income over Rs.5 Lakh
iii) Income above 10 lakh Rs. 1 lakh plus 30% on income above 10 lakh
Surcharge will be applicable @ 10% when total taxable income is over 1 crore.
3% education cess will be applicable on income tax & surcharge
Download Image for Income Tax Slab A.Y. 2016-15 (Click on the image and save as image to download)
Check Simple Income Tax calculator for Fy 2016-15
ASSESSMENT YEAR 2016-16 RELEVANT TO FINANCIAL YEAR 2016-15
1. Tax Slab for an Individual (resident & below 60 years) or HUF/AOP/BOI/AJP
Income Slabs
Tax Rates
Total income up to Rs. 2.5 Lac
0% Tax
Total income above Rs. 2.5 Lac and below Rs.5 Lac
10% on amount exceeding Rs. 2.5 Lac
Total income above Rs. 5 Lac and below Rs.10 Lac
20% on Income exceeding Rs. 5 Lac + Rs. 25,000
Total income more than Rs. 10 Lac
30% on Income exceeding Rs. 10 Lac + Rs. 1,25,000
* u/s 87A the Individual having taxable income up to Rs. 5 Lac , can claim rebate, on the Actual Tax amount subject to a maximum of Rs.2,000
Where the Taxable Income exceeds Rs. 1 crore, Surcharge @ 10% of Income tax is applicable
2. Tax Slab for an Individual (resident & above 60 years but below 80 years)
Income Slabs
Tax Rates
Total income up to Rs. 3.00 Lac
0% Tax
Total income above Rs. 3.00 Lac and below Rs.5 Lac
10% on amount exceeding Rs. 3.00 Lac
Total income above Rs. 5 Lac and below Rs.10 Lac
20% on Income exceeding Rs. 5 Lac + Rs. 20,000
Total income more than Rs. 10 Lac
30% on Income exceeding Rs. 10 Lac + Rs. 1,20,000
* u/s 87A the Individual having taxable income up to Rs. 5 Lac , can claim rebate, on the Actual Tax amount subject to a maximum of Rs.2,000
Where the Taxable Income exceeds Rs. 1 crore, Surcharge @ 10% of Income tax is applicable
3. Tax Slab for an Individual (resident & above 80 years)
Income Slabs
Tax Rates
Total income up to Rs. 5 Lac
0% Tax
Total income above Rs. 5 Lac and below Rs.10 Lac
20% on Income exceeding Rs. 5 Lac
Total income more than Rs. 10 Lac
30% on Income exceeding Rs. 10 Lac + Rs. 1 Lac
Where the Taxable Income exceeds Rs. 1 crore, Surcharge @ 10% of Income tax is applicable
EDUCATION CESS
The amount of Income-tax shall be increased by Education Cess of 3% on Income-tax.
Other Changes
Kissan Vikas patra Reintroduced
PPF Limit Increased to Rs 150000/-
2 % TDS on payment of Taxable Life insurance maturity amount.
Dividend distribution tax Increased
Check Simple Income Tax calculator for Fy 2016-15
ncome Tax Slab for A.Y. 2016-16 (F.Y. 2016-15)
Income
Tax Rates
i) Income up to 2.5 lakh NIL
ii) Income From 2.5 Lakh to 5 Lakh 10% on income over Rs. 2.5 Lakh
iii) Income from 5 Lakh to 10 Lakh Rs. 25,000/- plus 20% on above income 5 lakh
iv) Income above 10 lakh Rs. 1 lakh 25 thousand plus 30% on income above 10 lakh
v) Surcharge will be applicable @ 10% when total taxable income is over 1 crore
vi) 3% Education Cess, Secondary & Higher Education Cess will be applicable on income tax & surcharge
Income Tax Slabs for Indviduals for 60 years or above but below 80 years A.Y.2016-16
Income
Tax Rates
i) Income up to 3 lakh NIL
ii) Income From 3 Lakh to 5 Lakh 10% on income over Rs. 3 Lakh
iii) Income from 5 Lakh to 10 Lakh Rs. 20,000/- plus 20% on above income 5 lakh
iv) Income above 10 lakh Rs. 1 lakh 20 thousand plus 30% on income above 10 lakh
Surcharge will be applicable @ 10% when total taxable income is over 1 crore.
3% education cess will be applicable on income tax & surcharge
Income Tax Slab for Individuals Over 80 Years A.Y.2016-16
Income
Tax Rates
i) Income up to 5 Lakh NIL
ii) Income From 5 Lakh to 10 Lakh 20% on income over Rs.5 Lakh
iii) Income above 10 lakh Rs. 1 lakh plus 30% on income above 10 lakh
Surcharge will be applicable @ 10% when total taxable income is over 1 crore.
3% education cess will be applicable on income tax & surcharge
Income Tax Slab for A.Y. 2016-15 (F.Y. 2016-14)
Income Tax Slab for Individuals who are below than 60 years of age
Income
Tax Rates
i) Income up to 2 lakh NIL
ii) Income From 2 Lakh to 5 Lakh 10% on income over Rs. 2 Lakh; Less: Tax Credit - 10% of taxable income up to Rs.2000/- maximum
iii) Income from 5 Lakh to 10 Lakh Rs. 30,000/- plus 20% on above income 5 lakh
iv) Income above 10 lakh Rs. 1 lakh 30 thousand plus 30% on income above 10 lakh
v) Surcharge will be applicable @ 10% when total taxable income is over 1 crore.
vi) 3% education cess will be applicable on income tax & surcharge
Income Tax Slab for Individuals who are 60 years or over 60 years but below 80 years of age
Income
Tax Rates
i) Income up to 2 .5 lakh NIL
ii) Income From 2.5 Lakh to 5 Lakh 10% on income over Rs. 2.5 Lakh
iii) Income from 5 Lakh to 10 Lakh Rs. 25,000/- plus 20% on above income 5 lakh
iv) Income above 10 lakh Rs. 1 lakh 25 thousand plus 30% on income above 10 lakh
Surcharge will be applicable @ 10% when total taxable income is over 1 crore.
3% education cess will be applicable on income tax & surcharge
Income Tax Slab for Individuals who are over 80 years of age
Income
Tax Rates
i) Income up to 5 Lakh NIL
ii) Income From 5 Lakh to 10 Lakh 20% on income over Rs.5 Lakh
iii) Income above 10 lakh Rs. 1 lakh plus 30% on income above 10 lakh
Surcharge will be applicable @ 10% when total taxable income is over 1 crore.
3% education cess will be applicable on income tax & surcharge
Download Image for Income Tax Slab A.Y. 2016-15 (Click on the image and save as image to download)
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