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INCOME TAX EXEMPTION LIMIT

 INCOME TAX EXEMPTION LIMIT

IT 1

 

 

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 SlabsRates
Up to Rs. 250000/-Nil
From 250001 to Rs. 50000010%
From 500001 to Rs. 100000020%
Above Rs. 100000030%

(b)   Senior Citizens (60 years or more but less than 80 years)

Income SlabsRates
Up to Rs. 300000/-Nil
From 300001 to Rs. 50000010%
From 500001 to Rs. 100000020%
Above Rs. 100000030%

(c)Super Senior Citizens (80 Years or more)

Income SlabsRates
Up to Rs. 500000/-Nil
From 500001 to Rs. 100000020%
Above Rs. 10000030%

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-Rates-for-FY-2015-16-for-all-categories

 

INCOME TAX EXEMPTION LIMIT

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 INCOME TAX EXEMPTION LIMIT

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