Income Tax Slab India 2015-16

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Income Tax Slab 2015 - 16 for Resident Male

Net income range Income-tax rates Surcharge Education cess Secondary and higher education cess
Up to Rs. 2,50,000 Nil Nil Nil Nil
Rs. 2,50,000 – Rs. 5,00,000 10% of (total income minus Rs. 2,50,000) [see Note 1] Nil 2% of income-tax 1% of income-tax
Rs. 5,00,000 – Rs. 10,00,000 Rs. 25,000 + 20% of (total income minus Rs. 5,00,000) Nil 2% of income-tax 1% of income-tax
Rs. 10,00,000 – Rs. 1,00,00,000 Rs. 1,25,000 + 30% of (total income minus Rs. 10,00,000) Nil 2% of income-tax 1% of income-tax
Above Rs. 1,00,00,000 Rs. 28,25,000 + 30% of (total income minus Rs. 1,00,00,000) 10% of income-tax [see Note 2] 2% of income-tax and surcharge 1% of income-tax and surcharge

 

Notes :

1. Rebate under section 87A - A resident individual (whose net income does not exceed Rs. 5,00,000) can avail a rebate under section 87A. It is deductible from income tax before calculating education cess. The amount of rebate is 100 per cent of income-tax or Rs. 2,000, whichever is less.

2. Surcharge - Surcharge is 10 per cent of income-tax if net income exceeds Rs. One crore. It is subject to marginal relief (in the case of a person having a net income of exceeding Rs. 1 crore, the amount payable as income-taxon tax and surcharge shall not exceed the total amount payable as income-tax on total income of Rs. 1 crore by more than the amount of income that exceeds Rs. 1 crore).

3. Education cess - It is 2 per cent of income-tax and surcharge.

4. Secondary and higher education cess - It is 1 per cent of income-tax and surcharge.

• Alternate minimum tax - Tax payable by a non-corporate assessee cannot be less than 18.5 per cent (+SC+EC+SHEC) of "adjusted total income" as per section 115JC

 


 

Income Tax Slab 2015 - 16 for Resident Female

 

Net income range Income-tax rates Surcharge Education cess Secondary and higher education cess
Up to Rs. 2,50,000 Nil Nil Nil Nil
Rs. 2,50,000 – Rs. 5,00,000 10% of (total income minus Rs. 2,50,000) [see Note 1] Nil 2% of income-tax 1% of income-tax
Rs. 5,00,000 – Rs. 10,00,000 Rs. 25,000 + 20% of (total income minus Rs. 5,00,000) Nil 2% of income-tax 1% of income-tax
Rs. 10,00,000 – Rs. 1,00,00,000 Rs. 1,25,000 + 30% of (total income minus Rs. 10,00,000) Nil 2% of income-tax 1% of income-tax
Above Rs. 1,00,00,000 Rs. 28,25,000 + 30% of (total income minus Rs. 1,00,00,000) 10% of income-tax [see Note 2] 2% of income-tax and surcharge 1% of income-tax and surcharge

 

Notes :

1. Rebate under section 87A - A resident individual (whose net income does not exceed Rs. 5,00,000) can avail rebate under section 87A. It is deductible from income-tax before calculating education cess. The amount of rebate is 100 per cent of income-tax or Rs. 2,000, whichever is less.

2. Surcharge - Surcharge is 10 per cent of income-tax if net income exceeds Rs. 1 crore. It is subject to marginal relief (in the case of a person having a net income of exceeding Rs. 1 crore, the amount payable as income tax and surcharge shall not exceed the total amount payable as income-tax on total income of Rs. 1 crore by more than the amount of income that exceeds Rs. 1 crore).

3. Education cess - It is 2 per cent of income-tax and surcharge.

4. Secondary and higher education cess - It is 1 per cent of income-tax and surcharge.

• Alternate minimum tax - Tax payable by a non-corporate assessee cannot be less than 18.5 per cent (+SC+EC+SHEC) of "adjusted total income" as per section 115JC

 


 

 

Income Tax Slab 2015 - 16 for Senior Citizens

 
Net income range Income-tax rates Surcharge Education cess Secondary and higher education cess
Up to Rs. 2,50,000 Nil Nil Nil Nil
Rs. 2,50,000 – Rs. 5,00,000 10% of (total income minus Rs. 2,50,000) [see Note 1] Nil 2% of income-tax 1% of income-tax
Rs. 5,00,000 – Rs. 10,00,000 Rs. 25,000 + 20% of (total income minus Rs. 5,00,000) Nil 2% of income-tax 1% of income-tax
Rs. 10,00,000 – Rs. 1,00,00,000 Rs. 1,25,000 + 30% of (total income minus Rs. 10,00,000) Nil 2% of income-tax 1% of income-tax
Above Rs. 1,00,00,000 Rs. 28,25,000 + 30% of (total income minus Rs. 1,00,00,000) 10% of income-tax [see Note 2] 2% of income-tax and surcharge 1% of income-tax and surcharge

 

Notes :

1. Rebate under section 87A - A resident individual (whose net income does not exceed Rs. 5,00,000) can avail rebate under section 87A. It is deductible from income-tax before calculating education cess. The amount of rebate is 100 per cent of income-tax or Rs. 2,000, whichever is less.

2. Surcharge - Surcharge is 10 per cent of income-tax if net income exceeds Rs. 1 crore. It is subject to marginal relief (in the case of a person having a net income of exceeding Rs. 1 crore, the amount payable as income tax and surcharge shall not exceed the total amount payable as income-tax on total income of Rs. 1 crore by more than the amount of income that exceeds Rs. 1 crore).

3. Education cess - It is 2 per cent of income-tax and surcharge.

4. Secondary and higher education cess - It is 1 per cent of income-tax and surcharge.

• Alternate minimum tax - Tax payable by a non-corporate assessee cannot be less than 18.5 per cent (+SC+EC+SHEC) of "adjusted total income" as per section 115JC

 


 

Income Tax Slab 2015 - 16 for Super Senior Citizens

For a resident super senior citizen (who is 80 years or more at any time during the previous year, i.e., born before April 1, 1935)—

 

Net income range Income-tax rates Surcharge Education cess Secondary and higher education cess
Up to Rs. 5,00,000 Nil Nil Nil Nil
Rs. 5,00,000 – Rs. 10,00,000 20% of (total income minus Rs. 5,00,000) Nil 2% of income-tax 1% of income-tax
Rs. 10,00,000 – Rs. 1,00,00,000 Rs. 1,00,000 + 30% of (total income minus Rs. 10,00,000) Nil 2% of income-tax 1% of income-tax
Above Rs. 1,00,00,000 Rs. 28,00,000 + 30% of (total income minus Rs. 1,00,00,000) 10% of income-tax [see Note 2] 2% of income-tax and surcharge 1% of income-tax and surcharge

 

Notes :

1. Rebate under section 87A - A resident individual (whose net income does not exceed Rs. 5,00,000) can avail rebate under section 87A. It is deductible from income-tax before calculating education cess. The amount of rebate is 100 per cent of income-tax or Rs. 2,000, whichever is less.

2. Surcharge - Surcharge is 10 per cent of income-tax if net income exceeds Rs. 1 crore. It is subject to marginal relief (in the case of a person having a net income of exceeding Rs. 1 crore, the amount payable as income tax and surcharge shall not exceed the total amount payable as income-tax on total income of Rs. 1 crore by more than the amount of income that exceeds Rs. 1 crore).

3. Education cess - It is 2 per cent of income-tax and surcharge.

4. Secondary and higher education cess - It is 1 per cent of income-tax and surcharge.

• Alternate minimum tax - Tax payable by a non-corporate assessee cannot be less than 18.5 per cent (+SC+EC+SHEC) of "adjusted total income" as per section 115JC

 

 

Today, every person is worried about saving income tax, by making the right tax saving investment within the last 2 months of the financial year. As per the income tax act established in 1961, every person in India whose annual income crosses the maximum exemption limit will have to pay income tax. Every person has to pay income tax to the state and central government.

 

There are two types of income tax:

  1. Direct Tax: Direct tax is a tax that is directly collected from the taxpayer. For instance: wealth tax, income tax, etc.
  2. Indirect Tax: Indirect tax is paid by the third party i.e. VAT tax, service tax. Service tax is mainly charged to the individual. For example, if an item price is Rs 150, then its last price would be Rs 110 after VAT and this extra price of Rs10 will be paid by the individual person.

 

Tips to save your tax:

1. Insurance: Buy an insurance plan to save income tax.
2. House rent: If you are staying on rent then, you can add the rent to take the rebate on income tax.
3. Travelling expenses: If you are using your own vehicle, then you can show the travelling expenses to take the rebate on income tax.