Income Tax Slab [A.Y. 2016-17] & [A.Y. 2015-16]

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If you are searching for the income tax slab or income tax rates for A.Y. 2016-17, A.Y. 2015-16  & A.Y. 2014-15 then you are on right place as we are going to list here income tax slab in a very simple manner. So that every layman can understand and calculate income tax in a very easy way even you will enjoy to find out other persons income tax.

Income Tax Slab For A.Y.2015-16 & A.Y.2016-17

income tax slab ay2015-16 and ay 2016-17

Comparison of Income Tax Slab Between A.Y.2016-17 & A.Y.2015-16

1) Individual Resident Aged Below 60 Years

Income SlabsIncome Tax Slab A.Y.2016-17Income Tax Slab A.Y.2015-16 
Upto Rs.2,50,000/-NILNILNo diff
From Rs.2,50,001/- to Rs.5,00,000/-10%10%NoDiff
From Rs.5,00,001/- to Rs.10,00,000/-
Rs. 25,000 + 20% of taxable income above Rs. 5 Lacs

Rs. 25,000 + 20% of taxable income above Rs. 5 Lacs
No Diff
Exceeding Rs.10,00,000/--
Rs. 1,25,000 + 30% of taxable income above Rs. 10 Lacs

Rs. 1,25,000 + 30% of taxable income above Rs. 10 Lacs
No Diff
Surcharge12% of Income Tax, if Taxable Income More than Rs.1 Crore10% of Income Tax, if Taxable Income More than Rs.1 Core2% diff in Surcharge
Education Cess3% of (Income Tax + Surcharge)3% of (Income Tax + Surcharge)No Diff
Tax Credit U/s 87A - 10% of taxable income upto a maximum of Rs.2000/- for taxable income not exceeding Rs. 5 lacs

2) Individual Resident Age of 60 Years or More But Below The Age of 80 Years

Income SlabsIncome Tax Slab A.Y.2016-17Income Tax Slab A.Y.2015-16 
Upto Rs.3,00,000/-NILNILNo diff
From Rs.3,00,001/- to Rs.5,00,000/-10%10%NoDiff
From Rs.5,00,001/- to Rs.10,00,000/-Rs. 20,000 + 20% of taxable income above Rs. 5 LacsRs. 20,000 + 20% of taxable income above Rs. 5 LacsNo Diff
Exceeding Rs.10,00,000/--Rs. 1,20,000 + 30% of taxable income above Rs. 10 LacsRs. 1,20,000 + 30% of taxable income above Rs. 10 LacsNo Diff
Surcharge12% of Income Tax, if Taxable Income More than Rs.1 Crore10% of Income Tax, if Taxable Income More than Rs.1 Core2% diff in Surcharge
Education Cess3% of (Income Tax + Surcharge)3% of (Income Tax + Surcharge)No Diff
Tax Credit U/s 87A - 10% of taxable income upto a maximum of Rs.2000/- for taxable income not exceeding Rs. 5 lacs

3) Individual Resident Age of 80 Years or More 

Income SlabsIncome Tax Slab A.Y.2016-17Income Tax Slab A.Y.2015-16 
Upto Rs.5,00,000/-NILNILNo diff
From Rs.5,00,001/- to Rs.10,00,000/-20% of taxable income above Rs. 5 Lacs20% of taxable income above Rs. 5 LacsNo Diff
Exceeding Rs.10,00,000/--Rs. 1,00,000 + 30% of taxable income above Rs. 10 LacsRs. 1,00,000 + 30% of taxable income above Rs. 10 LacsNo Diff
Surcharge12% of Income Tax, if Taxable Income More than Rs.1 Crore10% of Income Tax, if Taxable Income More than Rs.1 Core2% diff in Surcharge
Education Cess3% of (Income Tax + Surcharge)3% of (Income Tax + Surcharge)No Diff
Tax Credit U/s 87A - 10% of taxable income upto a maximum of Rs.2000/- for taxable income not exceeding Rs. 5 lacs

Income Tax Slab for A.Y. 2015-16 (F.Y. 2014-15)

 IncomeTax Rates
i)Income up to 2.5 lakhNIL
ii)Income From 2.5 Lakh to 5 Lakh10% on income over Rs. 2.5 Lakh
iii)Income from 5 Lakh to 10 LakhRs. 25,000/- plus 20% on above income 5 lakh
iv)Income above 10 lakhRs. 1 lakh 25 thousand plus 30% on income above 10 lakh
v)Surcharge will be applicable @ 10% when total taxable income is over 1 crore
vi)3% Education Cess, Secondary & Higher Education Cess will be applicable on income tax & surcharge

Income Tax Slabs for Indviduals for 60 years or above but below 80 years A.Y.2015-16

 IncomeTax Rates
i)Income up to 3 lakhNIL
ii)Income From 3 Lakh to 5 Lakh10% on income over Rs. 3 Lakh
iii)Income from 5 Lakh to 10 LakhRs. 20,000/- plus 20% on above income 5 lakh
iv)Income above 10 lakhRs. 1 lakh 20 thousand plus 30% on income above 10 lakh
Surcharge will be applicable @ 10% when total taxable income is over 1 crore.
3% education cess will be applicable on income tax & surcharge

Income Tax Slab for Individuals Over 80 Years A.Y.2015-16

 IncomeTax Rates
i)Income up to 5 LakhNIL
ii)Income From 5 Lakh to 10 Lakh20% on income over Rs.5 Lakh
iii)Income above 10 lakhRs. 1 lakh plus 30% on income above 10 lakh
Surcharge will be applicable @ 10% when total taxable income is over 1 crore.
3% education cess will be applicable on income tax & surcharge

Income Tax Slab for A.Y. 2014-15 (F.Y. 2013-14)

Income Tax Slab for Individuals who are below than 60 years of age

 IncomeTax Rates
i)Income up to 2 lakhNIL
ii)Income From 2 Lakh to 5 Lakh10% on income over Rs. 2 Lakh; Less: Tax Credit - 10% of taxable income up to Rs.2000/- maximum
iii)Income from 5 Lakh to 10 LakhRs. 30,000/- plus 20% on above income 5 lakh
iv)Income above 10 lakhRs. 1 lakh 30 thousand plus 30% on income above 10 lakh
v)Surcharge will be applicable @ 10% when total taxable income is over 1 crore.
vi)3% education cess will be applicable on income tax & surcharge

Income Tax Slab for Individuals who are 60 years or over 60 years but below 80 years of age

 IncomeTax Rates
i)Income up to 2 .5 lakhNIL
ii)Income From 2.5 Lakh to 5 Lakh10% on income over Rs. 2.5 Lakh
iii)Income from 5 Lakh to 10 LakhRs. 25,000/- plus 20% on above income 5 lakh
iv)Income above 10 lakhRs. 1 lakh 25 thousand plus 30% on income above 10 lakh
Surcharge will be applicable @ 10% when total taxable income is over 1 crore.
3% education cess will be applicable on income tax & surcharge

Income Tax Slab for Individuals who are over 80 years of age

 IncomeTax Rates
i)Income up to 5 LakhNIL
ii)Income From 5 Lakh to 10 Lakh20% on income over Rs.5 Lakh
iii)Income above 10 lakhRs. 1 lakh plus 30% on income above 10 lakh
Surcharge will be applicable @ 10% when total taxable income is over 1 crore.
3% education cess will be applicable on income tax & surcharge

Download Image for Income Tax Slab A.Y. 2014-15 (Click on the image and save as image to download)

income tax slab 2014-15

Income Tax Slab for Individuals (A.Y. 2013-14) (F.Y. 2012-13)

To find out income tax through the income tax slab for A.Y. 2013-14, you have to find out the category in which you belong. There are total 9 categories of persons described by the income tax act/income tax department. So all have different income tax rates according to their category.

Categories of persons

Individuals

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  • Persons who are below than 60 years of age.
  • Persons who are more than 60 years of age but below than 80 years. They comes under senior citizens category.
  • Person who are more than 80 years of age. They comes under very senior citizens category.

Corporate

  • Association of Person & Body of Individuals
  • Firms
  • Co-Operative Society
  • Local Authorities
  • Domestic Companies
  • Other Companies

We have listed here only the income tax slab for individuals for A.Y. 2013-14 or A.Y.2012-13). In other words if you belong to the category of Individuals and wants to calculate the income tax for the income earned during the year from 1-4-2012 to 31-3-2013, then this income tax rates applicable to you.

income tax slab fy 2012-13 ay 2013-14

Income Tax Slab for Individuals (Below Than 60 Years of age)

If your income is Rs. 2,00,000/- (Two Lakh) then your tax is NIL

If your income is more than Rs. 2,00,000 (Two Lakh) and below than or Rs.5,00,000/- (Five Lakh)  – Tax is 10% of amount which exceeds Rs. 2,00,000/- (Two Lakh)

If your income is more than Rs. 5,00,000/- (Five Lakh) and below than or Rs. 10,00,000/- (Ten Lakh) – Tax is Rs.30,000/- (Thirty Thousand) + 20 % of amount which exceeds Rs. 5,00,000/- (Five Lakh)

If your income is more than Rs. 10,00,000/- (10 Lakh) – Tax is Rs.1,30,000/- (One Lakh Thirty Thousand) + 30% of amount which exceeds Rs. 10,00,000/- (Ten Lakh)

Total tax = Tax + 3% of Tax.

So, education cess will be 3% of income tax irrespective of income.

Income Tax slab for individuals who has 60 years of age or more but below than 80 years of age between (1-4-2012 to 31-3-2013)

If your income is Rs. 2,50,000/- (Two Lakh) then your tax is NIL

If your income is more than Rs. 2,50,000 (Two Lakh Fifty Thousand) and below than or Rs.5,00,000/- (Five Lakh)  – Tax is 10% of amount which exceeds Rs. 2,50,000/- (Two Lakh Fifth Thousand)

If your income is more than Rs. 5,00,000/- (Five Lakh) and below than or Rs. 10,00,000/- (Ten Lakh) – Tax is Rs.25,000/- (Twenty Five Thousand) + 20 % of amount which exceeds Rs. 5,00,000/- (Five Lakh)

If your income is more than Rs. 10,00,000/- (Ten Lakh) – Tax is Rs.1,25,000/- (One Lakh Twenty Five Thousand) + 30% of amount which exceeds Rs. 10,00,000/- (10 Lakh)

Total tax = Tax + 3% of Tax.

So, education cess will be 3% of income tax irrespective of income.

Income Tax slab for individuals who has 80 years (Senior Citizens) of age between (1-4-2012 to 31-3-2013)

If your income is Rs. 5,00,000/- (Five Lakh) then your tax is NIL

If your income is more than Rs. 5,00,000/- (Five Lakh) and below than or Rs. 10,00,000/- (Ten Lakh) – Tax is 20 % of amount which exceeds Rs. 5,00,000/- (Five Lakh)

If your income is more than Rs. 10,00,000/- (Ten Lakh) – Tax is Rs.1,00,000/- (One Lakh) + 30% of amount which exceeds Rs. 10,00,000/- (10 Lakh)

Total tax = Tax + 3% of Tax.

So, education cess will be 3% of income tax irrespective of income.

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33 COMMENTS

  1. aprt from 80c, any other option to save tax, who is earning above 10 lakhs, please let me know, it would be great help!

  2. My annual income is 8 lacs , and my tax is coming to 96000/- approx. can u please tell me how to save maximum of this . some thing like 100% tax saving, if any.

    • you can get rebarte under sec.80c of rs 150000 in which include lic,ppf,tution fees,insurance of any bank,tax saving fdr,repayment of loan.and your saving bank interest also exempt under section 80TTA.Without this you can claim mediclaim u/s 80 D and donation also u/s 80 G.

  3. this is a few details
    please give 2-4 example
    how you calculate total
    income than rebate u/s
    last total income & total tax
    payble or refundeble

  4. Dear Sir,
    My salary is Rs 320000/- p.a, my savings under 80 c is Rs 1 lakh, i get Rs 50000/- p.a as interest from Rs 5 lakhs fixed deposit kept in bank,
    ‘ does iam eligible to give Form 15G to the bank to get exemption of tds for Rs 5 lakhs fixed deposit a/c , as my taxable limit crosses Rs 2 lakhs’
    kindly advice me, sir
    thank u..

  5. I would like to know the Tax rates for A.O.P. for the F. Y. 2013-14 and 2014-15.

    I would also like to know if i have a interest income in A. O. P. say about Rs. 75,000 then if i have paid the salary for accounting charges like Rs. 20,000 , then net income will be Rs. 55,000
    So my question is how the income tax calculate on this for the above two Financial Years.

    I hope you will help me out to understand.
    Thanks

    • if interest income is ur hand so taxable in ur income.
      if the interest recd from aop it will also show as well as income less : expences(accountancy charges-cheque/draft payment)

  6. had a doubt..
    i am an individual and wish to do some business online and i open it with my individual bank account!
    so my question is will i be taxed for entire turnover amount of my business?
    ex:- i own a data entry site! so i get money from clints and advertisers and pay for my users!
    lets say i get 10 lacks from clints and i pay 6 lacks for members as there remuneration! so will i need to pay tax for entire 10 lacks?
    if so how much percentage???

    • no way
      income recd from client is ur gross totall income
      income tax applicable on net income from bussiness (gross totall income- operating expences )

  7. It is very good ready recker for all type of people. But some people asked small clarification, If you clarify it would be nice.

  8. when referring to “Slabs of Income”, in the Table of Income tax to be paid, it would have been extremely helpful if you had clarified that the Slabs referred to “Net Income” slabs and not “Gross Income”

  9. Pl correct the error in the coloured table for senior citizens below 80 years the second stage upto 5 laks attracts 10% pl verify

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