Income tax is computed based on the tax payer’s Income, Gender and Age. Individual with higher income pays more taxes, similarly aged people or senior citizens are relaxed to some extant in income tax payment. These differentiation are categorized in different groups called Income Tax Slab. Every year Finance Minister declare the Income tax slab for the computation of income taxes in the Union Budget. Union Budget for year 2015-2016 was presented on 9 Feb 2016. Income Tax Slab for Financial year 2015-2016 is kept same as that of year 2014-2015.
Income Tax slab FY 2015-2016
For General Tax Payers below 60 Years of Age
Both Men & Women and HUF (Hindu Undivided Family)
Income Tax Slab (in Rs.)
Tax Rate
0 to 2,50,000
No Tax
2,50,001 to 5,00,000
10%
5,00,001 to 10,00,000
20%
Above 10,00,000
30%
Surcharge of 12% on income tax if income exceeds one crore rupeesEducation Cess of 2% and SHEC of 1% on income tax+ Surcharge
For Senior citizens of age between 60 to 80 Years
Income Tax Slab (in Rs.)
Tax Rate
0 to 300,000
No Tax
300,001 to 5,00,000
10%
5,00,001 to 10,00,000
20%
Above 10,00,000
30%
Surcharge of 12% on income tax if income exceeds one crore rupeesEducation Cess of 2% and SHEC of 1% on income tax+ Surcharge
For Very Senior citizens of age above 80 Years
Income Tax Slab (in Rs.)
Tax Rate
0 to 500,000
No Tax
5,00,001 to 10,00,000
20%
Above 10,00,000
30%
Surcharge of 12% on income tax if income exceeds one crore rupeesEducation Cess of 2% and SHEC of 1% on income tax+ Surcharge
