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Bharat Raj (Self Employed)     06 February 2016

Income tax slabs and claiming yr 2015-16

Hi

My Income range is between Rs. 2,50,001 - Rs. 500,000 please explain the tax slabs for the year 2015-16 and also help me claiming the same.

 



Learning

 2 Replies

Durgaprasad vemparala   11 February 2016

Your income range is between 250000 to 500000 only.

As per income tax rules, tax payable is 10% on amount between 250000 to 500000.  Upto 250000 No tax.

However under Sec80C savings are allowed upto 1,50,000.00 like LIC,ULIP,ELSS,PLI,PPF,NSCs etc.  The income after deducting the savings becomes taxable income.  Then only the above tax slab applies.

Manjaly   16 February 2016

Your income is at the range of 2,50,001 - Rs. 500,000. According to the Income Tax Slab Rate,  2015-2016 Income Tax Rate for Men below 60 Years of age is 10% of Income exceeding Rs. 2,50,000

 

The table below shows income tax slab rate of 2015-2016

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

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