Income tax slab rates in India – AY 2016-17 (FY 2015-16)

Income tax slab rates are decided and governed by Income Tax Act 1961 and are subject to change every year. Here are the income tax slab rates for the Financial Year 2015-16 (relevant to Assessment Year 2016-17)

• Income Tax Slab for Individual Tax Payers & HINDU UNDIVIDED FAMILY (HUF)(Less than 60 Years Old)– Part A

Surcharge: 12% of income tax, where the total income exceeds INR1 crore.

Higher education and secondary cess: 3% of Income Tax.

*Exemption limit for FY 2015-16 is up to INR 2,50,000 for individual & HINDU UNDIVIDED FAMILY (HUF)other than those covered in Part(B) or (C)

• Income Tax Slab for Senior Citizens (60 Years Or More but Less than 80 Years) for– Part B

Surcharge: 12% of income tax, where total income exceeds INR1 crore.

Higher education and secondary cess: 3% of Income Tax.

*Income tax exemption limit for FY 2015-16 is up to INR 3,00,000 other than those covered in Part(A) or (C)

• Income Tax Slab for Senior Citizens(80 Years Or More) – Part C

Surcharge: 12% of income tax, where the total income exceeds INR1 crore.

Higher education and secondary cess: 3% of Income Tax.

*Income tax exemption limit for FY 2015-16 is up to INR 5,00,000 other than those covered in Part(A) or (B)

• Income Tax Slab for Domestic Companies– Part D

Domestic companies are taxed at 30%.

In addition, cess and surcharge levied as follows:

Cess: 3% of corporate tax
Surcharge: Taxable income more than 1Cr. but less than 10Cr.: 7%
Taxable income is more than 10Cr. :12%

• Looking for income tax slabs for other years? Here they are:-

Income tax slab rates in India – AY 2017-18 (FY 2016-17)

Income tax slab rates in India – AY 2018-19 (FY 2017-18)

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