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Income Tax Slab Rates for 2015-16 for Individual

Income Tax Slab Rates for 2015-16 for Individual

Income Tax is tax levied by the Government on the personal income or business income of individual.It is an annual tax on income. Person whose income exceeds the maximum amount, which is exempt from income tax, is an assessee, and shall be chargeable to the income tax at the rate or rates prescribed under the finance act.
The Income tax slab rates for individuals are divided into three categories
CATEGORY A—Individual below 60 years of age
CATEGORY B—Individuals over 60 years of age but under 80 years (Senior citizen)
CATEGORY C— Individuals over 80 years of age (Super Senior citizen)

INCOME TAX SLAB RATES FOR A.Y. 2015-16
CATEGORY A—Individual below 60 years of age

Income upto 2.5 lakhs —-NIL
Income from 2.5 lakhs to 5 lakhs—-10% on income
Income from 5 lakhs to 10 lakhs —-20% on income above 5 lakhs
Income above 10 lakh —-30% on income above 10 lakhs

CATEGORY B—Individuals over 60 years of age but under 80 years (Senior citizen)

Income upto 3 lakhs —-NIL
Income from 3 lakhs to 5 lakhs —-10% on income exceeding 3 lakhs
Income from 5 lakhs to 10 lakhs —-20% on income exceeding 5 lakhs
Income above 10 lakh —-30% on income exceeding 10 lakhs

CATEGORY C— Individuals over 80 years of age (Super Senior citizen)

Income upto 5 lakhs —-NIL
Income from 5 lakhs to 10 lakhs —-20% on income exceeding 5 lakhs
Income above 10 lakh —-30% on income exceeding 10 lakhs

NOTE– FOR ALL THE CATEGORIES
1–A rebate u/s 87A of Rs 2000 will be available for individuals with income less than Rs 5 lakhs
2–The amount of rebate shall be 100% of income-tax or Rs. 2,000, whichever is less.
3–Surcharge @ 10% for A.Y 2015-16 whose total income exceeds 1 crore
4–3% Education cess, Secondary & Higher Education Cess will be applicable on income tax & surcharge

Income Tax Slab Rates for 2015-16 for Individual

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Income Tax Slab Rates for 2015-16 for Individual

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