Income tax slab fy 2015-16 in pdf

Finance bill 2015 is silent on the section 87a, which was introduced by finance bill 20 with effect from ay 201415 and provides a rebate of rs. There is a proposal of 4% heath and education cess in place of earlier 3% education cess on the income tax. Under the new income tax rates and slabs, individual taxpayers will have to pay 10 percent tax on income between rs 5 lakh and rs 7. Surcharge of 7% is applicable if total income exceeds 1 crore. In india, income tax is charged based on an individuals income. Ay is assessment year latest income tax rates for fy 201516. We give below the income tax rates and slabs applicable for the fy 201516 or ay 201617. Income tax slab rates for individual for fy 201516 ay 201617.

The income tax slab fy 1920 is a set of predetermined rates based on which a taxpayers income is assessed. However, the total amount payable as income tax and surcharge on total income exceeding one crore rupees but not exceeding ten crore rupees, shall not exceed the total amount payable as income tax on a total income of one crore rupees, by more than the amount of income that exceeds one crore rupees. Income tax slab rates for last 25 years in india 199293. Income tax slabs for the individual male below 60 years age for the assessment year 20152016 sl no. But the tax slabs have not been changed for the last few years. Finance bill 2014 is silent on the section 87a, which was introduced by finance bill 20 with effect from ay 201415 and provides a rebate of rs. However, income tax slabs and rates for the fy 201920 remain unchanged. However, the total amount payable as incometax and surcharge on total income exceeding one crore rupees but not exceeding ten crore rupees, shall not exceed the total amount payable as incometax on a total income of one crore rupees, by more than the amount of income that exceeds one crore rupees. Income tax slabs and rates proposed for financial year 201920 as per interim budget 2019, individual taxpayers having taxable annual income up to rs.

Latest income tax slabs and rates for fy 201516 and ay 201617. This rebate will be available under section 87a of the income tax act from fy 201920 onwards. These tax rates are based on the range of income called income slabs. Additional surcharge on income tax secondary and higher education cess on income tax. Income tax slabs fy 202021 ay 202122 february 15, 2020 union budget 2020. Hence this provision continues for ay 201516 as well. Fill up the relevant details to know your tax liability for fy 201516 income tax slabs for fy 201516 ay 201617 general public income tax slab education cess of 3% surcharge of 12% on rs 1 crore plus income earners tax credit of rs 2,000 for income up to rs 5 lakhs us 87a there are no separate slab for male and female tax. There will be no surcharge on income tax payments by individual taxpayers during fy 201112 ay 2012.

Ca sandeep kanoi income tax rate chart income tax slabs as applicable for assessment year 201516 financial year 201415 for. As there was no change in income tax slabs for fy 201516 i. Incometax slab rates for individual for fy 201516 ay 201617. However the maximum professional tax that can be levied by any state till date is rs 2500. Even the lowest tax rate has gone down from 20% to 5%. Income tax slabs ay 201415 fy 2014 income tax slabs ay 201516 fy 201415 income tax slabs ay 201617 fy 201516 income tax slabs ay 201718 fy 201617 income tax slabs ay 201819 fy 201718 income tax slabs ay 201920 fy 201819 income tax slab rates for ay 201011 fy 200910 resident male individuals aged less than 65 years. A rebate of rs 12,500 will be available for all taxpayers with taxable income up to rs 5 lakh. The tax slabs tend to undergo a change during every budget. The income tax slab for fy 201415 ay 201516 are no different from income tax slab for fy 14. There is a proposal to hike standard deduction by rs 10,000 to rs 50,000 from rs 40,000. Income tax rates slabs for financial year 201516 assessment year 201617 for male individuals below 60 years resident of india income tax rates up to 250000. Here is a primer on income tax slab rates for ay 201617 fy 201516.

Income tax is imposed on the basis of ability to pay. Requirement for obtaining evidence particulars by employer for tdssection 192. Income tax slab rate for the fy 201415 and assessment year 201516, rate chart of income tax after budget 2014. As per the budget 2019 announcement, no changes in the income tax slabs and rates have been proposed. Latest income tax slabs and rates for fy 201516 and ay. Every year the income tax rates are changed and it is important to get the latest income tax rates. Rs 12,500 or 100% of income tax whichever is lower for individuals with income below rs 5 lakhs. Income tax rates for assessment year 20162017 previous year 201516.

The finance minister has announced the changes in the tax slab structure in union budget for 2017. The exemption limit for income tax has also increased more than 10 times from rs. Knowing your income tax slab rate helps you get an idea of how much tax you will be paying in a year. Incometax slab rates for individual for fy 201516 ay. Income tax slab rates 202021 pdf download ay 202021. As proposed in the new tax regime, 70 tax exemptions will be removed but the income between rs 5 lakh and rs 7.

Under section 87a of the income tax act, taxpayers with income up to. The amount of income tax shall be increased by education cess on income tax at the rate of two percent of the income tax. Income tax slabs income tax rates and deductions for fy. Following are the income tax slab rates and deductions in india for different categories of tax.

Surcharge of 12 % is applicable if total income exceeds 10 crores. Free major itr forms for financial year 201415 itr1, itr2, itr2a, itr4s pdf files. Given below are the various tables for the latest income tax slabs for the fy 20202021. Income tax slab every year amendments are made to the income tax act by proposing a finance bill which directly decides the threshold limits for various tax rates. To reduce this burden of tax litigation, indian tax authorities. Income tax slab for fy 201415 income tax taxes free. Minor changes has been made in tds rates for fy 201516 by finance minister in budget. Earlier employer may collect such evidence which he deems fit to allow deduction or set off of house property income from salary income to employee,now department will. The information is compiled from the income tax act 2000 and finance bill 2015 and is intended to provide users as a quick reference of nepalese income tax rates. Tax slab for financial year 201516 assessment year 1617. Find updated latest income tax slab rates in india for individuals, company, nri, huf, llps. Key factors based on which, income tax slabs are applicable include. Ay 201617, the following rates were also applicable for fy 201415 ay 201516.

The rate at which professional tax is charged is based on the income slabs set by the respective state governments. Union budget 201516 and 201415 have not altered the rebate available under section 87a for fy 201516, 201415 or ay 201617, 201516 meaning thereby that effectively there will be no income tax payable up to the total income of rs. Highest tax rate including surcharge has come down from 56% in fy 199091 to 30. Individual, hindu undivided family, association of persons, body of individuals, artificial juridical person. Income tax slab rates for ay 201617 fy 201516 ndtv. Income tax rates for fiscal year 201516 this article gives an overview of nepalese income tax tariff based on the finance bill 2015. Income tax slabs income tax rates income tax limit. Union budget 2020 has proposed a new tax structure by slashing income tax rates and rejigging the income tax slabs to reduce total tax liability by individuals. Articles explains rates of incometax in respect of income liable to tax, minimum alternative tax rate, securities transaction tax stt. Income tax rate chart income tax slabs as applicable for assessment year 201516 financial year 201415 for individual, huf, aop, boi, partnership firms, llp and companies. Income tax slab rates fy 201516 alternative minimum tax amt alternative minimum tax is applicable on all persons other than companies. Availabilityincome tax rebate section 87a fy 201415 ay. Detailed article on the income tax slabs rates for fy 201415 and ay 201516.

Incometax slab rates for individual for fy 201415 ay. Income tax slabs and rates for the financial year 201516. The finance minister during his budget speech has announced that there will be no change in the structure of the income tax rates for individuals. The tax is calculated according to the income tax slabs announced by the government every year in the budget. This year the honorable finance minsiter of india, piyush goyal has. The more a taxpayer earns the more he should pay is the basic principle of charging income tax.