-
December 27, 2021
Income tax slab rates are decided and governed by Income Tax Act 1961 and are subject to change every year. Here are the income tax slab rates for the Financial Year 2015-16 (relevant to Assessment Year 2016-17)
- Income Tax Slab for Individual Tax Payers & HINDU UNDIVIDED FAMILY (HUF)(Less than 60 Years Old)– Part A
| Income Tax Slab | Tax Rate |
| Income up to Rs 2,50,000* | No tax |
| Income from Rs 2,50,000 – Rs 5,00,000 | 10% |
| Income from Rs 5,00,000 – 10,00,000 | 20% |
| Income more than Rs 10,00,000 | 30% |
Surcharge: 12% of income tax, where the total income exceeds INR1 crore.
Higher education and secondary cess: 3% of Income Tax.
*Exemption limit for FY 2015-16 is up to INR 2,50,000 for individual & HINDU UNDIVIDED FAMILY (HUF)other than those covered in Part(B) or (C)
- Income Tax Slab for Senior Citizens (60 Years Or More but Less than 80 Years) for– Part B
| Income Tax Slab | Tax Rate |
| Income up to Rs 3,00,000* | No tax |
| Income from Rs 3,00,000 – Rs 5,00,000 | 10% |
| Income from Rs 5,00,000 – 10,00,000 | 20% |
| Income more than Rs 10,00,000 | 30% |
Surcharge: 12% of income tax, where total income exceeds INR1 crore.
Higher education and secondary cess: 3% of Income Tax.
*Income tax exemption limit for FY 2015-16 is up to INR 3,00,000 other than those covered in Part(A) or (C)
- Income Tax Slab for Senior Citizens(80 Years Or More) – Part C
| Income Tax Slab | Tax Rate |
| Income up to Rs 5,00,000* | No tax |
| Income from Rs 5,00,000 – 10,00,000 | 20% |
| Income more than Rs 10,00,000 | 30% |
Surcharge: 12% of income tax, where the total income exceeds INR1 crore.
Higher education and secondary cess: 3% of Income Tax.
*Income tax exemption limit for FY 2015-16 is up to INR 5,00,000 other than those covered in Part(A) or (B)
- Income Tax Slab for Domestic Companies– Part D
Domestic companies are taxed at 30%.
In addition, cess and surcharge levied as follows:
Cess: 3% of corporate tax
Surcharge: Taxable income more than 1Cr. but less than 10Cr.: 7%
Taxable income is more than 10Cr. :12%
- Looking for income tax slabs for other years? Here they are:-
Income tax slab rates in India – AY 2017-18 (FY 2016-17)
Income tax slab rates in India – AY 2018-19 (FY 2017-18)
Are you yet to file your Income-tax return? Please get in touch with our Income tax experts here.
ITR filing
Filing of Income Tax return is necessary if you have earned any income. File your ITR with EbizFiling.
About Ebizfiling -
Reviews
Chandrashekhar Nimmalwar
28 Oct 2020(Translated by Google) Ebizfiling has a company providing support for time period service and proper guidance. It is my personal experience at present. Chandrashekhar Nimmalwar. Today Aas Family Foundation (Original) ईबिज फायलीग की सेवा समय अवधि कार्य प्रणाली एव उचित मार्गदर्शन के लिए सहायता प्रदान कम्पनी है।यह मेरा वर्तमान में नीजी अनुभव है। चन्द्रशेखर निममलवार। आज आस परिवार फाउंडेशन
HARIHARAN JEYARAMAN
17 Aug 2017Begining day one the focus was on how to help the customer i.e me. Be it the way the process is explained or timely updates on the process or how to be on time in ensuring the documentation is done, the team was very professional. I would definitely recommend this team and definitely use their service again and again.
Himitha
23 Sep 2018Very helpful ,quick and responsive team members .Thank you for your amazing work .
April 2, 2024 By Team Ebizfiling
Compliance Calendar For The Month of April 2024 As the new financial year begins in April, businesses and taxpayers around the country have new opportunities and responsibilities. It provides an excellent opportunity for strategic planning and budgeting, allowing businesses to […]
March 19, 2024 By Team Ebizfiling
All You Need To Know About HSN Code Of Horticulture Introduction Horticulture, encompassing the cultivation of plants for food, medicine, and aesthetic purposes, stands as a pivotal sector within agriculture, playing a vital role in economic sustenance and human welfare. […]
March 8, 2024 By Siddhi Jain
Section 194B of Income Tax Act, 1961: Prize, Betting, Lottery Winning Tax Introduction In the present day, there is a wide range of game shows, including the popular Kaun Banega Crorepati (KBC) and Fear Factor, as well as reality shows […]