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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