Income Tax Slab [A.Y. 2016-17] and [A.Y. 2015-16]
If you are searching for the income tax slab or income tax rates for A.Y. 2016-17, A.Y. 2015-16 & A.Y. 2014-15 then you are on right place as we are going to list here income tax slab in a very simple manner. So that every layman can understand and calculate income tax in a very easy way even you will enjoy to find out other persons income tax.
Comparison of Income Tax Slab Between A.Y.2016-17 & A.Y.2015-16
1) Individual Resident Aged Below 60 Years
| Income Slabs | Income Tax Slab A.Y.2016-17 | Income Tax Slab A.Y.2015-16 | |
|---|---|---|---|
| Upto Rs.2,50,000/- | NIL | NIL | No diff |
| From Rs.2,50,001/- to Rs.5,00,000/- | 10% | 10% | NoDiff |
| From Rs.5,00,001/- to Rs.10,00,000/- | Rs. 25,000 + 20% of taxable income above Rs. 5 Lacs | Rs. 25,000 + 20% of taxable income above Rs. 5 Lacs | No Diff |
| Exceeding Rs.10,00,000/– | Rs. 1,25,000 + 30% of taxable income above Rs. 10 Lacs | Rs. 1,25,000 + 30% of taxable income above Rs. 10 Lacs | No Diff |
| Surcharge | 12% of Income Tax, if Taxable Income More than Rs.1 Crore | 10% of Income Tax, if Taxable Income More than Rs.1 Core | 2% diff in Surcharge |
| Education Cess | 3% of (Income Tax + Surcharge) | 3% of (Income Tax + Surcharge) | No Diff |
| Tax Credit U/s 87A – 10% of taxable income upto a maximum of Rs.2000/- for taxable income not exceeding Rs. 5 lacs | |||
2) Individual Resident Age of 60 Years or More But Below The Age of 80 Years
| Income Slabs | Income Tax Slab A.Y.2016-17 | Income Tax Slab A.Y.2015-16 | |
|---|---|---|---|
| Upto Rs.3,00,000/- | NIL | NIL | No diff |
| From Rs.3,00,001/- to Rs.5,00,000/- | 10% | 10% | NoDiff |
| From Rs.5,00,001/- to Rs.10,00,000/- | Rs. 20,000 + 20% of taxable income above Rs. 5 Lacs | Rs. 20,000 + 20% of taxable income above Rs. 5 Lacs | No Diff |
| Exceeding Rs.10,00,000/– | Rs. 1,20,000 + 30% of taxable income above Rs. 10 Lacs | Rs. 1,20,000 + 30% of taxable income above Rs. 10 Lacs | No Diff |
| Surcharge | 12% of Income Tax, if Taxable Income More than Rs.1 Crore | 10% of Income Tax, if Taxable Income More than Rs.1 Core | 2% diff in Surcharge |
| Education Cess | 3% of (Income Tax + Surcharge) | 3% of (Income Tax + Surcharge) | No Diff |
| Tax Credit U/s 87A – 10% of taxable income upto a maximum of Rs.2000/- for taxable income not exceeding Rs. 5 lacs | |||
3) Individual Resident Age of 80 Years or More
| Income Slabs | Income Tax Slab A.Y.2016-17 | Income Tax Slab A.Y.2015-16 | |
|---|---|---|---|
| Upto Rs.5,00,000/- | NIL | NIL | No diff |
| From Rs.5,00,001/- to Rs.10,00,000/- | 20% of taxable income above Rs. 5 Lacs | 20% of taxable income above Rs. 5 Lacs | No Diff |
| Exceeding Rs.10,00,000/– | Rs. 1,00,000 + 30% of taxable income above Rs. 10 Lacs | Rs. 1,00,000 + 30% of taxable income above Rs. 10 Lacs | No Diff |
| Surcharge | 12% of Income Tax, if Taxable Income More than Rs.1 Crore | 10% of Income Tax, if Taxable Income More than Rs.1 Core | 2% diff in Surcharge |
| Education Cess | 3% of (Income Tax + Surcharge) | 3% of (Income Tax + Surcharge) | No Diff |
| Tax Credit U/s 87A – 10% of taxable income upto a maximum of Rs.2000/- for taxable income not exceeding Rs. 5 lacs | |||
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