Income Tax Slabs for Financial Year (FY) 2015-16
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 Slab | FY 2015-16 & FY 2014-15 Tax Rate | Tax Slab | FY 2013-14 Tax Rate |
|---|---|---|---|
| Up to Rs.2,50,000 | No Tax | Up to Rs.2,00,000 | No Tax |
| Rs.2,50,000 - Rs.5,00,000 | 10% | Rs.2,00,000 - Rs.5,00,000 | 10% |
| Rs.5,00,000 - Rs.10,00,000 | 20% | Rs.5,00,000 - Rs.10,00,000 | 20% |
| Rs.10,00,000 and beyond | 30% | Rs.10,00,000 and beyond | 30% |
| Surcharge: 10% of the Income Tax, where total income exceeds Rs.1 crore. | |||
| Education cess: 3% on sum of total income tax and surcharge. | |||
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