Income tax slab for fy 2015-16

Updated on 28th Feb 2015

Finance minister Arun Jaitley presented the union of India budget today 28th Feb 2015 for the financial year 2015-16 and assessment year 2016-17.

The following are the highlights with respect to income tax slabs for financial year 2015-16.

There is no change in tax slabs and exemption limits. These are the same as last year

You can save additional Rs 50,000 in investing in pension funds under section 80CCC and 80CCD, so total tax free investment in pension funds now stands at Rs 1,50,000. This is in addition to Rs 1,50,000 limit in section 80C. You will be able to save / claim tax rebate  in 80C instruments like ELSS, children tution fee, PPF, housing loan interest, NSC, ULIP, Life insurance premiums etc ( see details here: section 80C deductions)

Exemption limit in health related insurance plans has been increased from existing Rs 15000 to Rs 25000

Considering the above mentioned points you can save up to Rs 6000 in your income tax payments if you are in 10% tax bracket. People in 20% tax bracket can save upto Rs 7,000 and 30% bracket upto Rs 8,000

The new income tax slabs and rates applicable for the financial year (FY) 2015-16 and assessment year (AY) 2016-17  are mentioned below:

New Income tax slab for FY 2015-16 / AY 2016-17

New Income Tax Slabs for AY 2016-17 for Resident Senior Citizens above 60 years (FY 2015-16)
S. No. Income Range Tax percentage
1 Up to Rs 3,00,000 No tax / exempt
2 3,00,001 to 5,00,000 10%
3 5,00,001 to 10,00,000 20%
4 Above 10,00,000 30%
New Income Tax Slabs for AY 2016-17 for Resident Senior Citizens above 80 years (FY 2015-16)
S. No. Income Range Tax percentage
1 Up to Rs 5,00,000 No tax / exempt
2 5,00,001 to 10,00,000 20%
3 Above 10,00,000 30%
New Income Tax Slabs for AY 2016-17 for Resident Women (below 60 years) (FY 2015-16)
1 Up to Rs 2,50,000 No tax / exempt
2 2,50,001 to 5,00,000 10%
3 5,00,001 to 10,00,000 20%
4 Above 10,00,000 30%
New Income Tax Slabs for AY 2015-16 for Others & Men (FY 2015-16)
1 Up to Rs 2,50,000 No tax / exempt
2 2,50,001 to 5,00,000 10%
3 5,00,001 to 10,00,000 20%
4 Above 10,00,000 30%

For normal category the simple calculation is as follows

  • Taxable Income in 10% slab maximum tax will be Rs  25000
  • Taxable Income in 20% slab maximum tax will be Rs  25000 + Rs 1,00,000 total Rs 1,20,000
  • Taxable Income in 30% slab minimum tax will be Rs  Rs 1,50,000

Education and other cess will be in addition to this.

As a reference the income tax rates for the previous year 2014-15 assessment year 2015-16 were as follows. You will be filing these returns this year. Please note that the late date for filing of income tax is 31st July 2015. Last year and this year income tax slabs are the same.

Old Income tax slab for FY 2014-15 / AY 2015-16

Old Income Tax Slabs for AY 2015-16 for Resident Senior Citizens above 60 years (FY 2014-15)
S. No. Income Range Tax percentage
1 Up to Rs 3,00,000 No tax / exempt
2 3,00,001 to 5,00,000 10%
3 5,00,001 to 10,00,000 20%
4 Above 10,00,000 30%
Old Income Tax Slabs for AY 2015-16 for Resident Senior Citizens above 80 years (FY 2014-15)
S. No. Income Range Tax percentage
1 Up to Rs 5,00,000 No tax / exempt
2 5,00,001 to 10,00,000 20%
3 Above 10,00,000 30%
Old Income Tax Slabs for AY 2015-16 for Resident Women (below 60 years) (FY 2014-15)
1 Up to Rs 2,50,000 No tax / exempt
2 2,50,001 to 5,00,000 10%
3 5,00,001 to 10,00,000 20%
4 Above 10,00,000 30%
Old Income Tax Slabs for AY 2015-16 for Others & Men (FY 2014-15)
1 Up to Rs 2,50,000 No tax / exempt
2 2,50,001 to 5,00,000 10%
3 5,00,001 to 10,00,000 20%
4 Above 10,00,000 30%

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