Budget 2015-16 : What Change of Personal Income Tax Rate?

No change in rate of Personal Income tax, Budget 2015-16

ASSESSMENT YEAR 2016-17  

(RELEVANT TO FINANCIAL YEAR 2015-16)

 IncomeTax Slab for an Individual

 (Resident and below 60 years) or HUF / AOP / BOI / AJP

Income Slabs..	Tax Rates...
Total income up to Rs. 2.5 Lakh	--
Total income above Rs. 2.5 Lakh and below Rs.5 Lac	10% on amount exceeding Rs. 2.5 Lac
Total income above Rs. 5 Lac and below Rs.10 Lakh	20% on Income exceeding Rs. 5 Lakh + Rs. 25,000
Total income more than Rs. 10 Lakh	30% on Income exceeding Rs. 10 Lakh + Rs. 1,25,000

* under section 87A the Individual having taxable income up to Rs. 5 Lakh, can claim 

rebate, on the Actual Tax amount subject to a maximum of Rs.2,000 . Where the 

Taxable Income exceeds Rs. 1 crore, Surcharge at 12% of Income tax is applicable

Income Tax Slab for Senior Citizen (Resident & above 60 years but below 80 years)

Income Slabs	Tax Rates
Total income up to Rs. 3 Lakh	0%
Total income above Rs. 3.00 Lakh and below Rs.5 Lakh	10% on amount exceeding Rs. 3.00 Lakh
Total income above Rs. 5 Lac and below Rs.10 Lakh	20% on Income exceeding Rs. 5 Lakh + Rs. 20,000
Total income more than Rs. 10 Lakh	30% on Income exceeding Rs. 10 Lakh + Rs. 1,20,000

* under section 87A the Individual having taxable income up to Rs. 5 Lakh, can claim rebate, on the Actual Tax amount subject to a maximum of Rs.2,000 . Where the Taxable Income exceeds Rs. 1 crore, Surcharge at 12% of Income tax is applicable. The amount of Income-tax shall be increased by Education Cess of 3% on Income-tax.

 Income Tax Slab for Very Senior Citizen

(Resident & above 80 years)

Income Slabs	Tax Rates
Total income up to Rs. 5 Lakh	0% Tax
Total income above Rs. 5 Lakh and below Rs.10 Lakh	20% on Income exceeding Rs. 5 Lakh
Total income more than Rs. 10 Lakh	30% on Income exceeding Rs. 10 Lakh + Rs. 1 Lakh

* Under section 87A the Individual having taxable income up to Rs. 5 Lakh, can claim rebate, on the Actual Tax amount subject to a maximum of Rs.2,000 . Where the Taxable Income exceeds Rs. 1 crore, Surcharge at 12% of Income tax is applicable. The amount of Income-tax shall be increased by Education Cess of 3% on Income-tax.

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