INCOME TAX EXEMPTION LIMIT
Finance Minister has presented Budget 2015-16 on 28-02-2015. There has been no change in the tax rates, basic income tax exemption limit or tax slabs For Individuals, HUF, AoP and BoI,
The Income Tax Slabs and rates for FY 2015-16 or AY 2016-17 are as under:
(a)For Individuals (both male or female) HUF, AoP or BoI:
| Income Slabs | Rates |
| Up to Rs. 250000/- | Nil |
| From 250001 to Rs. 500000 | 10% |
| From 500001 to Rs. 1000000 | 20% |
| Above Rs. 1000000 | 30% |
(b) Senior Citizens (60 years or more but less than 80 years)
| Income Slabs | Rates |
| Up to Rs. 300000/- | Nil |
| From 300001 to Rs. 500000 | 10% |
| From 500001 to Rs. 1000000 | 20% |
| Above Rs. 1000000 | 30% |
(c)Super Senior Citizens (80 Years or more)
| Income Slabs | Rates | |
| Up to Rs. 500000/- | Nil | |
| From 500001 to Rs. 1000000 | 20% | |
| Above Rs. 100000 | 30% | |
Rebate section 87A for AY 2016-17 is over and above the above Slabs http://abcaus.in/incometax/rebatesection87aavailabilityay201516.html
Surcharge – 12% if the http://abcaus.in/articles/income-tax/gross-total-income.html exceeds Rs. 1 crores
Education Cess on income-tax- 2%
Secondary and Higher Education Cess- 1%
INCOME TAX EXEMPTION LIMIT
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