Take This Quiz & Predict Your Score in the coming CA CS or CMA Exam!
  • How important it is for you to pass the exam in this attempt?
  • What percentage of course you have finished well so far roughly?
  • How many hours you study in a day?
  • How many times you have revised the topics you have finished
  • Have you taken online or pen drive or live class from a renowned faculty?
  • What percentage of the classes you have watched?
  • Have you attempted mock tests or practice tests yet?
  • Are you planning to attempt mock tests conducted by external bodies- ICAI, ICSI, ICMAI or other institute?
  • How many tests you have taken?
  • Did you manage to finish the test papers on time?
  • Are you strictly following study material provided by the exam conducting authority such as ICAI/ICSI/ICMAI/Other Body?
  • How is your health in general?
  • How is your food habit?
  • Any interest in yoga or exercise or play sports regularly?
  • Planning to sleep well nights before the exams?
  • Planning to have light food and water before exams?

Section 4 Income Tax Basics 1

Section IV: Income Tax Basics

2. How much tax do I have to pay?

Add up all your income from the heads listed above. This is your gross total income. From your gross total income, deductions under Section 80 are allowed to be claimed. The resulting number is the income on which you have to pay tax.

Your tax is calculated as per the slabs mentioned below.

Income Tax Rates for taxpayers under 60 years of age in FY 2015-16, FY 2014-15 and FY 2013-14

Tax SlabFY 2015-16
FY 2014-15
Tax Rate
Tax SlabFY 2013-14
Tax Rate
Upto Rs.2,50,000No TaxUpto Rs.2,00,000No Tax
Rs.2,50,000 – Rs.5,00,00010%Rs.2,00,000 – Rs.5,00,00010%
Rs.5,00,000 – Rs.10,00,00020%Rs.5,00,000 – Rs.10,00,00020%
Rs.10,00,000 and beyond30%Rs.10,00,000 and beyond30%
Surcharge: 10% of the Income Tax, where total income exceeds Rs.1 crore.
Education cess: 3% on sum of total income tax and surcharge.

The minimum tax exemption limit for senior citizens — those who are 60 years or older — is at Rs.3,00,000 for FY 2015-16, FY 2014-15; and Rs.2,50,000 for FY 2013-14.

Rohit’s total taxable income for FY 2015-15 is Rs.8,00,000. How will the tax slabs be applied to him?

Rohit’s total taxable income for FY 2015-15 is Rs.8,00,000. How will the tax slabs be applied to him?

Income up to Rs.2,50,000Nil
Income between Rs.5,00,000 – Rs.2,50,00010% of (Rs.5,00,000 – Rs.2,50,000) = Rs.25,000
Income between Rs.10,00,000 – Rs.5,00,00020% of (Rs.8,00,000 – Rs.5,00,000) = Rs.60,000
TotalRs. 85,000
Education Cess
(3% on sum of total income tax)
Tax PayableRs. 87,550

Section IV: Income Tax Basics



At CAKART you will get everything that you need to be successful in your CA CS CMA exam – India’s best faculty video classes (online or in pen drive) most popular books of best authors (ebooks hard copies) best scanners and all exam related information and notifications.Visit and chat with our counsellors any time. We are happy to help you make successful in your exams.


Click Here to download FREE CA CS CMA Text Books.

Leave a comment

Your email address will not be published. Required fields are marked *