Income tax slab changes under general category of individuals in budget 2015 16 indian union budget is being declared on 28 th february, 2015. Individual residents who are above 80 yrs of age the tax on total income is exempted upto rs 5,00,000. As there was no change in income tax slabs for fy 201516 i. We give below the income tax rates and slabs applicable for the fy 2015 16 or ay 201617. Income tax rates for assessment year 20162017 previous year 201516. Several websites offer income tax calculators in an excel sheet format which can be downloaded. Income tax slab rates for last 25 years in india 199293 to. Income tax slabs and rates for the financial year 201516. Income tax slab rates assessment year 201516 accounting. Latest income tax slabs and rates for fy 201516 and ay 201617.
The finance minister has proposed to tax the super rich by increasing surcharge from 10% to 12% if the income earned is more than rs. Income tax slab rates for financial year 201516 assessment. The amount of incometax shall be increased by a surcharge at the rate of 10% of such tax, where total income exceeds one crore rupees. Income tax slab rates for fy 201617 ay 201718 budget. Professional tax is levied by the state government on salaried individuals, or in practice of any profession, or carry out some form of business. Find updated latest income tax slab rates in india for individuals, company, nri, huf, llps. As per the finance act, rates of income tax applicable for the financial year. Incometax slab rates for individual for fy 201516 ay. Incometax slab rates for individual for fy 201516 ay 201617. What would be the rate of increase in limit of income tax slab during forthcoming financial year 2015 16 for co operative societies. Hdfc life provides the latest income tax slab rates in india for different age groups and tax benefits offered by various life insurance policies, for the financial year 201718. Income tax financial year 20202021 ay 202122 march 31, 2020. Can i file belated income tax return financial year 201415 now ie. The following income tax rates are applicable for the financial year ending march 31, 2016 i.
We provide you the latest income tax rates in india for everyone and tax benefits for the current financial year 201617, to know more about income tax slab. Income tax slab rates for financial year 201516 have not been changed much in budget 2015. Income tax slabs fy 202021 ay 202122 february 15, 2020. Tds calculation sheet in excel and slabs for fy 201516 and. Financial year 2015 16 assessment year 201617 every year the income tax rates are changed and it is important to get the latest income tax rates. Income tax slabs for financial year fy 201516 sa post. 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.
Income tax slab rates for fy 2015 16 ay 201617 are as under. Co simple income tax calculator fy 2015 16 xls download archive. Deductions under sections 80 ce are available for individuals would be discussed in the upcoming blogs on tax planning for financial year 2015 16. Rates of income tax in respect of income liable to tax for the financial year 2015 2016 assessment year 20162017 there is no change in the basic tax rate and exemption limit for individual, hindu undivided family, association of person, body of individuals and artificial juridical person in assessment year 201617 in comparison to a. Download pdf files for form 15g, form 15h, form 60, form 61. Income tax slabs are reintroduced in union budget 201415 and no big change in the tax slabs for the financial year 201415 and assessment year 2015 16. The income tax for senior citizens is calculated based on the basic salary, house rent allowance, fixed allowances, and other sources of income. Ay is assessment year latest income tax rates for fy 2015 16. For income tax purpose citizens above age of 60 are considered as senior citizens and above age of 80 are considered very senior citizens. Income tax rates for individuals are same for fy 2015 16 and fy 201415. Today we are providing income tax slab rates for assessment year 201617.
The above income tax rates are for general category men women who are below 60 years of age. Income tax slab rates ay 201920, fy 201819, income tax. Apr 18, 2015 income tax forms for assessment year 2015 2016 is released by income tax department for assessment year 2015 2016, every person not being a co. Income tax rates for financial year 201415 and 20152016 are same, there is no change in tax rates, rates %age. Mar 30, 2015 please find attached the excel file containing income tax calculator as modified by finance bill 2015 presented on 28th february 2015. Income tax slabs for financial year 201415 and analysis year. The more a taxpayer earns the more he should pay is the basic principle of charging income tax. There is a rebate of 2000 rupees for the income bracket of 200000500000. Income tax slabs for financial year 201718 assessment year 1718. Various examples of calculation of income tax learn accounts. Here is quick guide of tax bracket for individuals depending on the income. 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. But the tax slabs have not been changed for the last few years. For the assessment year 201415 and 201516, a local authority is taxable at 30 %.
The latest free income tax calculator to calculate your latest tax and to compare your tax savings from previous year can be found here free income tax calculator for calculating tax for 201819. In previous article, we have given frequently asked questions on income tax return filing and complete details on pan or permanent account number. Rates of income tax in respect of income liable to tax for the financial year 20152016 assessment year 20162017 there is no change in the basic tax rate and exemption limit for individual, hindu undivided family, association of person, body of individuals and artificial juridical person in assessment year 201617 in comparison to a. Senior citizen individual resident who is of the age of 60 years or more but below the age of 80 years at any time during the previous year. Budget 201516, changes in income tax slabs for cooperative. Small savings schemes interest rates fy 202021 april 11, 2020. It slabs from fy 200809 to fy 201516 income tax caclubindia.
If an assessee is employed under more than one employer during the year, each of the employers shall issue part a of the certificate in form no. Income tax at a glance among direct taxes, income tax is the main source of revenue. Indian citizens expect a hike in income tax limit from last year figure, based on inflation rate of 201415 and other parameters. Income tax slabs are reintroduced in union budget 201415 and no big change in the tax slabs for the financial year 201415 and assessment year 201516. Income tax slabs and rates for fy 202021 bankbazaar. A individuals born on or after 1st april, 1956 age less than 60 years. Save tax with hdfc lifes various online insurance products.
Or else to known the latest amendments for the person having salary income, slab rates, importance of tds and much more keep reading. Income tax rates slabs for financial year 201516 learn. The finance minister has proposed to tax the super rich by increasing surcharge from 10% to 12 % if the income earned is more than rs. Income tax circular 2014 circular, income tax 2012 amendment of income tax ordinance section 19.
Personal income tax rates for the financial year 20082009 and assessment year 20092010 new delhi delhi, india, november 17, 2015 indian government ups basic personal income tax exemption limit from rs. New income tax slab for financial year 201516 mytaxcafe. Professional tax rates for the financial year 202021. Calculate his income tax liability for financial year 201415 assessment year 2015 16. All assessees are required to file income tax return each year if they have taxable income of more than rs. Latest updates the latest income tax slabs for 20182019 can be found here income tax slabs 201819. Income tax slab for fy 201516 ay 201617 there is no change in income tax slabs except additional 2% increase in cess for super rich i. Income tax slab rates for financial year 2015 16 have not been changed much in budget 2015. Assessment year 2015 16 income tax slab rates for 1. The tax slab rates for individual below 60 years and for nri aop boi hufajp. Ca sandeep kanoi income tax rate chart income tax slabs as applicable. Income tax slabs for financial year 2015 16 or assessment year 201617. Income tax slabs for filing tax return for individuals and hufs.
From financial year 200708 onwards, an additional surcharge is chargeable at the rate of one per cent of income tax not including the education cess on income tax. Union budget 2014 has amended the basic income tax slabs for financial year 201415, however there is no change in the income tax rates, surcharge and cess. Income tax slab for filing tax return on income in india. Income tax slabs for ay 201516 ebook download 8 mar rates of income tax for f. Paripatra2014 income tax paripatra income tax 202014. Ay is assessment year latest income tax slab rates for fy 201617. Income tax calculation for senior citizens fy 202021. Income tax slabs for financial year 201415 and assessment. Incometax slab rates for individual for fy 201415 ay. Income tax slabs for financial year 201516 or assessment. State wise professional tax rates for the financial year 202021 has been updated.
Hdfc life provides the latest income tax rates in india for different age groups and tax benefits offered by various life insurance policies, for the current financial year 201415. Dec 20, 2015 fy 2015 16 tax rate applies to income earned between 1 st april 2015 and 31 st march 2016. Nov 18, 2011 income tax rates after budget 2012 is available here income tax rate chart slabs for assessment year 201112 and earlier years has been given chart form as under in respect of individual, hufhindu undivided family,boibody of individuals so download the charts for link given below or you can read the same online as shown below. The above income tax calculator contains the rate of tax for last 19 financial year i. Cooperative societies expect a hike in income tax limit from last year figure, based on inflation rate of 201415 and other parameters. Normal rates of tax applicable to all individuals who are less than 60 years of age. Budget 201516 income tax slab changes under general category. The basic exemption limit has been increased from rs 2 lakh to rs.