A). Up to Rs.2, 50,000: – Nil
B). From Rs.2, 50,001 to Rs.5, 00,000:– 10% on taxable income which exceeds Rs. 2, 50,000/-.
C). From Rs.5, 00,001 to Rs.10, 00,000:- 20% [Rs.25, 000/-+ 20% on amount which exceeds Rs. 2, 50,000/-]
D). Above Rs.10, 00,000:- 30% [Rs. 125,000/- + 30% of the amount by which the taxable income exceeds Rs. 10, 00,000/-]
* Eligible for Tax Credit of 10% of taxable income. (maximum of Rs. 2000/-) u/s.87A up to the taxable income of Rs.500000/-.
A). Up to Rs.300000 – Nil
B). From Rs.300001 to Rs.5, 00,000 – 10% on taxable income which exceeds Rs. 300000/-.
C). From Rs.5, 00,001 to Rs.10, 00,000- 20% [Rs. 20,000/- + 20% of the amount by which the taxable income exceeds Rs. 5, 00,000/-.]
D). Above Rs.10, 00,000- 30% [Rs. 120,000/- + 30% of the amount by which the taxable income exceeds Rs. 10, 00,000/-]
* Eligible for Tax Credit of 10% of taxable income. (maximum of Rs. 2000/-) u/s.87A up to the taxable income of Rs.500000/-.
A). Up to Rs.500000: – Nil
B). From Rs.5, 00,001 to Rs.10, 00,000:- 20% on taxable income which exceeds Rs.500000/-
C). Above Rs.10, 00,000:- 30% [Rs. 100000/- + 30% of the amount by which the taxable income exceeds Rs. 10, 00,000/-].
Key tax legislations for the FY 2015-16(AY 2016-17)
Disclaimer: The tax slabs and deductions/exemption under various sections of income tax rules illustrated above are based on our understanding of current tax legislation in India. It is possible that any mistake, errors, ambiguity, inconsistency, discrepancy or doubts may inadvertently creep up in those illustrations. Such mistakes or errors noticed by anyone may please be brought to the notice of the author for the rectification. For clarifications or interpretations, if any, the readers are suggested to cross check all the facts with their tax consultants and also be guided with the original circulars or notifications issued from time to time by Income Tax Department.It is notified that the author or publisher of the article in this website cannot be held responsible for any decision taken and/or decision made on account of articles published in this website. It is further notified that no one connected directly or indirectly to this website is responsible for any damage or loss or action of any kind, in any manner, therefrom.
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