Income Tax Slab Rates for FY 2015-16 AY 2016-17

Income Tax Slab Rates for FY 2015-16 AY 2016-17

Indian Government Ups Basic Personal Income Tax Exemption Limit from Rs. 200,000 to Rs. 250,000 TEACHERS EMPLOYEES 
The Government of India has increased the basic personal income tax exemption limit from Rs. 200,000 to Rs. 250,000 for the Financial Year 2014-2015 and Assessment Year 2015-2016.
The new income tax rates or Income tax slabs are applicable for the incomes earned or generated from April 01, 2014 to March 31, 2015.
Mr. Arun Jaitley, the Finance Minister of India, announced the new personal income tax slab rates while presenting the Union Budget of India, also called the Indian General Budget, on Thursday, July 10, 2014 in New Delhi.
Here are the personal income tax slab rates for calculating your income tax for the Financial Year 2014-2015 (Assessment Year 2015-2016).

Income Tax Slabs for the Individual Male (Below 60 Years Age) for the Assessment Year 2015-2016

Sl No.Income Tax SlabIncome Tax Rate Payable
1.Rs. 0 to 250,000No Income Tax
2.Rs. 250,001 to 500,00010%
3.Rs. 500,001 to 1,000,00020%
4.Rs. 1,000,001 and above30%





Income Tax Slabs for the Individual Female (Below 60 Years Age) for the Assessment Year 2015-2016

Sl No.Income Tax SlabIncome Tax Rate Payable
1.Rs. 0 to 250,000No Income Tax
2.Rs. 250,001 to 500,00010%
3.Rs. 500,001 to 1,000,00020%
4.Rs. 1,000,001 and above30%








Income Tax Slabs for the Senior Citizen (60 to 80 Years Age) for the Assessment Year 2015-2016

Sl No.Income Tax SlabIncome Tax Rate Payable
1.Rs. 0 to 300,000No Income Tax
2.Rs. 300,001 to 500,00010%
3.Rs. 500,001 to 1,000,00020%
4.Rs. 1,000,001 and above30%









Income Tax Slabs for the Very Senior Citizen (Above 80 Years Age) for the Assessment Year 2015-2016

Sl No.Income Tax SlabIncome Tax Rate Payable
1.Rs. 0 to 500,000No Income Tax
3.Rs. 500,001 to 1,000,00020%
4.Rs. 1,000,001 and above30%



The education cess on income-tax @ 2% for fulfillment of the commitment of the Government to provide and finance universalized quality based education and 1% of additional surcharge called ‘Secondary and Higher Education Cess on tax and surcharge is proposed to be continued for the financial year 2015-16 for all taxpayers. Surcharge at the rate of 12% on individuals, HUFs, AOPs, BOIs, artificial juridical persons, firms, cooperative societies and local authorities having income exceeding Rs 1 crore.

Details of tax deductions proposed are as follows:


  1. Deduction u/s 80C Rs 1,50,000 is same.
  2. Deduction u/s 80CCD has been increased by Rs 50,000 towardsNew Pension Scheme. The total contribution has been increased from Rs 1 Lakh to Rs 1.5 Lakh
  3. Deduction on account of interest on house property loan (Self occupied property) Rs 2,00,000.
  4. Deduction u/s 80D on health insurance premium Rs 25,000, increased from Rs 15000. For Senior Citizens it has been increased to Rs 30,000 from the existing Rs 20,000. For very senior citizen above the age of 80 years, not eligible to take health insurance, deduction is allowed for Rs 30,000 toward medical expenditure.
  5. Exemption of transport allowance Rs 19,200 (Increased from Rs 800 pm to Rs 1600 pm).
  6. Payments (Interest & maturity amounts) on Sukanya Samriddhi Account Deposit Scheme is exempted from Income Tax Under Section 80c. So it comes under Exempt – Exempt – Exempt tax category. It looks better than PPF (Public Provident Fund) now.

Other Tax related proposals


  1. Tax-free infra bonds proposed for funding irrigation, rail & road infrastructure projects.
  2. Service tax rate  increased from 12.36 % to 14%.
  3. Wealth tax to be replaced with 2% additional surcharge on taxable income over Rs 1 cr.
  4. 100% TAX DEDUCTION on contributions made to SWACHH BHARAT & CLEAN GANGA initiatives.
  5. PAN must for any sale exceeding Rs 1 Lakh.
  6. Additional deduction of Rs 25,000 is allowed for differently-abled persons, increasing the limit from Rs 50,000 to Rs 75,000 (under Section 80 U) . It is also proposed to increase the limit of deduction from Rs 1 lakh to Rs 1.25 lakh in case of severe disability.
  7. Deduction limit of Rs 60,000 on expenditure on account of specified diseases is enhanced to Rs 80,000 in the case of senior citizens (Under Section 80DD of the Income Tax Act).
  8. For the benefit of senior citizens, service tax exemption will be provided on Varishta Bima Yojana.


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