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Income Tax Rates for Individuals and HUFs for FY 2015-16 (AY 2016-17)


A. Individuals and HUFs

In case of individual and HUF:-

 Income Level / SlabsIncome Tax Rate
i. Where the total income does not exceed Rs.250,000/-. NIL
ii. Where the total income exceeds Rs.2,50,000/- but does not exceed Rs.5,00,000/-. 10% of amount by which the total income exceeds Rs. 2,50,000/-
Less ( in case of Resident Individuals only ) : Tax Credit u/s 87A - 10% of taxable income upto a maximum of Rs. 2000/-.
iii. Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/-. Rs. 25,000/- + 20% of the amount by which the total income exceeds Rs.5,00,000/-.
iv. Where the total income exceeds Rs.10,00,000/-. Rs. 125,000/- + 30% of the amount by which the total income exceeds Rs.10,00,000/-.

Surcharge : 12% On Taxpayers with annual income of more than one Crore rupee a year.

Education Cess:3% of the Income-tax.

II. In case of an individual resident who is of the age of 60 years or more at any time during the previous year:-

 Income Level / SlabsIncome Tax Rate
i. Where the total income does not exceed Rs.3,00,000/-. NIL
ii. Where the total income exceeds Rs.3,00,000/- but does not exceed Rs.5,00,000/- 10% of the amount by which the total income exceeds Rs.3,00,000/-.
Less ( in case of Resident Individuals only ) : Tax Credit u/s 87A - 10% of taxable income upto a maximum of Rs. 2000/-.
iii. Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/- Rs.20,000/- + 20% of the amount by which the total income exceeds Rs.5,00,000/-.
iv. Where the total income exceeds Rs.10,00,000/- Rs.120,000/- + 30% of the amount by which the total income exceeds Rs.10,00,000/-.

Surcharge : 12% On Taxpayers with annual income of more than one Crore rupee a year.

Education Cess:3% of the Income-tax.

III. In case of an individual resident who is of the age of 80 years or more at any time during the previous year:-

 Income Level / SlabsIncome Tax Rate
i. Where the total income does not exceed Rs.5,00,000/-. NIL
ii. Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/- 20% of the amount by which the total income exceeds Rs.5,00,000/-.
iv. Where the total income exceeds Rs.10,00,000/- Rs.100,000/- + 30% of the amount by which the total income exceeds Rs.10,00,000/-.
Education Cess:3% of the Income-tax.









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