Income Tax Slab Rate & Deductions – AY 2016 -17 (FY 2015-16)
GOI 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 2015-16.
Tax Slab* for Financial Year 2015-16 (Assessment Year 16-17)
The income tax rates are usually revised every year during the budget. Various deductions that are allowed to a taxpayer under Section 80C, Section 80D etc.
Income Tax Slab Rate
Following are the income tax slab rates and deductions for different categories of tax payers:
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Benefits under Sec 80C*.
For Men Below 60 Years Of Age
| Income Tax Slab | Income Tax Rate |
| Income upto Rs. 2,50,000 | Nil |
| Income between Rs. 2,50,001 – Rs. 500,000 | 10% of Income exceeding Rs. 2,50,000 |
| Income between Rs. 500,001 – Rs. 10,00,000 | 20% of Income exceeding Rs. 5,00,000 |
| Income above Rs. 10,00,000 | 30% of Income exceeding Rs. 10,00,000 |
For Women Below 60 Years Of Age
| Income Tax Slab | Income Tax Rate |
| Income upto Rs. 2,50,000 | Nil |
| Income between Rs. 2,50,001 – Rs. 500,000 | 10% of Income exceeding Rs. 2,50,000 |
| Income between Rs. 500,001 – Rs. 10,00,000 | 20% of Income exceeding Rs. 5,00,000 |
| Income above Rs. 10,00,000 | 30% of Income exceeding Rs. 10,00,000 |
For Senior Citizens (Age 60 years or more but less than 80 years)
| Income Tax Slab | Income Tax Rate |
| Income upto Rs. 3,00,000 | Nil |
| Income between Rs. 3,00,001 – Rs. 500,000 | 10% of Income exceeding Rs. 3,00,000 |
| Income between Rs. 500,001 – Rs. 10,00,000 | 20% of Income exceeding Rs. 5,00,000 |
| Income above Rs. 10,00,000 | 30% of Income exceeding Rs. 10,00,000 |
For Senior Citizens (Age 80 years or more)
| Income Tax Slab | Income Tax Rate |
| Income upto Rs. 5,00,000 | Nil |
| Income between Rs. 500,001 – Rs. 10,00,000 | 20% of Income exceeding Rs. 5,00,000 |
| Income above Rs. 10,00,000 | 30% of Income exceeding Rs. 10,00,000 |
Income Tax Deductions and Exemptions
| Income Tax Section | Gross Annual Salary | How Much Tax Can You Save? | |
| Sec. 80C | Across all income slabs | Upto Rs. 46,350/-saved on investment of Rs. 1,50,000/- | |
| Sec. 80CCC | Across all income slabs | Upto Rs.30,900/-saved on Investment of Rs.1,50,000/- | |
| Sec. 80 D* | Across all income slabs | Upto Rs. 10,815/-saved on investment of Rs.35,000/-
(Inclusive of Rs. 20,000/- towards health insurance of parents who are senior citizens) |
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| Total Savings Possible ** |
Rs. 57,165/-
· Rs. 46,350/- under Sec. 80C and Sec. 80CCC and · Rs. 10,815/- under Sec. 80D · Above figures calculated for an individual with gross annual income exceeding Rs. 10,00,000/- |
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| Sec. 10 (10)D | Under Sec. 10(10D), the benefits received by you are completely tax-free, subject to conditions specified there in | ||
| · Applicable to premiums paid for all Health Insurance Plans, Critical Illness Benefit, Accelerated Sum Assured and Waiver of Premium Benefit. ** These calculations of the latest income tax slab rates in India are illustrative and based on our understanding of current tax legislations. · The above-mentioned tax benefits are subject to changes in the tax laws. Please contact your tax consultant for an exact calculation of your tax liabilities. |
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