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Income Tax Rates For Assessment Year 2015-16

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Income Tax Rates For Assessment Year 2015-16
Income Tax Slabs For Assessment Year 2015-16, Income Tax Rates For Assessment Year 2015-16, Income Tax Slabs For Financial Year 2014-2015, Income Tax Rates For Financial Year 2014-2015

Income Tax Rate Chart / Income Tax Slabs as Applicable for Assessment Year 2015-16 / Financial Year 2014-15 for Individual, HUF(Hindu Undivided Family) , AOP(Association of Persons), BOI(Body of Individuals)

Below are Income Tax Rates For Assessment Year 2015-16, Income Tax Rates For Financial Year 2014-15:

For Individuals below 60 years age (including Woman Assessees):

Income Tax Rate
Upto 250,000 Nil
250,000 to 500,000 10% of the amount exceeding 200,000
500,000 to 1,000,000 Rs.25,000 + 20% of the amount exceeding 500,000
1,000,000 & above Rs.125,000 + 30% of the amount exceeding 1,000,000


For Individuals aged 60 years and above but below 80 years (Senior Citizen):

Income Tax Rate
Upto 300,000 Nil
300,000 to 500,000 10% of the amount exceeding 300,000
500,000 to 1,000,000 Rs.20,000 + 20% of the amount exceeding 500,000
1,000,000 & above Rs.120,000 + 30% of the amount exceeding 1,000,000


For Individuals aged 80 years and above (Very Senior Citizen):

Income Tax Rate
Upto 500,000 Nil
500,000 to 1,000,000 20% of the amount exceeding 500,000
1,000,000 & above Rs.100,000 + 30% of the amount exceeding 1,000,000

Tax Credit: A rebate of Rs. 2,000 for every person whose income doesn’t exceed Rs. 500,000.

Surcharge on Income Tax: 10% of the Income Tax payable, in case the total taxable income exceeds Rs.10,000,000. Surcharge shall not exceed the amount of income that exceeds Rs.10,000,000.

Education Cess: 3% of Income Tax plus Surcharge