Monday, December 21, 2015

FY 2015-16 tax rate applies to income earned between 1st April 2015 and 31st March 2016. Income Tax rates for individuals are same for FY 2015-16 and FY 2014-15.

  • Income Tax Rates for taxpayers less than 60 years old
Tax SlabFY 2015-16 & FY 2014-15
Tax Rate
Tax SlabFY 2013-14
Tax Rate
Up to Rs.2,50,000No TaxUp to Rs.2,00,000No Tax
Rs.2,50,000 - Rs.5,00,00010%Rs.2,00,000 - Rs.5,00,00010%
Rs.5,00,000 - Rs.10,00,00020%Rs.5,00,000 - Rs.10,00,00020%
Rs.10,00,000 and beyond30%Rs.10,00,000 and beyond30%
Surcharge: 10% of the Income Tax, where total income exceeds Rs.1 crore.
Education cess: 3% on sum of total income tax and surcharge.