Tax Rates for Individuals financial year 2015-16

Rate of tax for Individuals for Financial year 2015-16 is as below:

Below the age of 60 years are(including Woman)

Total Income / Income Slab
Rate of Tax
0-250000 Nil
250001-500000 10% of total income exceeding Rs 2,50,000
500001-1000000 Rs 25,000 + 20% of total income exceeding Rs 5,00,000
Above 1000000 Rs 1,25,000 + 30% of total income exceeding Rs 10,00,000

Senior citizens (Aged 60 years but less than 80 years)

Total Income / Income Slab
Rate of Tax
0-300000 Nil
300001-500000 10% of total income exceeding Rs 3,00,000
500001-1000000 Rs 20,000 + 20% of total income exceeding Rs 5,00,000
Above 1000000 Rs 1,20,000 + 30% of total income exceeding Rs 10,00,000

Super senior citizens (Aged 80 and above)

Total Income / Income Slab
Rate of Tax
0-500000 Nil
500001-1000000 20% of total income exceeding Rs 5,00,000
Above 1000000 Rs 1,00,000 + 30% of total income exceeding Rs 10,00,000

Please note that the above rates exclude Surcharge of 12% on Income tax where taxable income exceeds Rs. 1 crore.
Education cess at 3% on the Income tax & Surcharge to be added.
Disclaimer : Tax benefits are subject to other provisions of the Income Tax Act, 1961 and are subject to amendments made thereto from time to time.

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