income tax slab rates for the individuals / citizens /senior citizens in India for the financial year 2015-2016
here the below box shows you the clear chart for the income tax department slabs realed in india for the financial 2015-2016 or assessment year 2016-2017
Citizens/Individual resident aged up to 59 years old
Income Tax :
| 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 : 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/-. |
Surcharge : 12% of the Income Tax, where taxable income is more than Rs. 1 crore. (click here to check Marginal Relief in Surcharge, if applicable)
Education Cess : 3% of the total of Income Tax and Surcharge.
senior citizen resident aged more than 60 years old and below 80 years
| 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/- Less : Tax Credit u/s 87A - 10% of taxable income upto a maximum of Rs. 2000/- | 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/-. |
Surcharge : 12% of the Income Tax, where taxable income is more than Rs. 1 crore.
Education Cess : 3% of the total of Income Tax and Surcharge.