What is income tax slab for Fy 2015 16?
What is income tax slab for Fy 2015 16?
| INCOME SLABS | INCOME TAX RATES |
|---|---|
| Upto Rs. 3,00,000 | NIL |
| Rs. 3,00,000 to 5,00,000 | 10% of the amount exceeding Rs.3,00,000 |
| Rs. 5,00,000 to 10,00,000 | Rs. 20,000 + 20% of the amount exceeding Rs. 5,00,000 |
| Rs. 10,00,000 & above | Rs. 1,20,000 + 30% of the amount exceeding Rs. 10,00,000 |
What is the income tax slab for Fy 2016 17?
For Individuals Below 60 Years Of Age
| Income Level | Tax Rate |
|---|---|
| Rs. 2,50,000 | Nil |
| Rs. 2,50,001 – Rs. 500,000 | 10% |
| Rs. 500,001 – Rs. 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
What is the meaning of previous year?
The year in which income is earned is known as the previous year. In layman language the current financial year is known as the previous year. The financial year starts from 1st April and end on 31st March of the next year. Though from subsequent years your previous year will always be your financial year.
What is U S 87A?
Rebate under Section 87A provides for a lower tax payment from individuals earning below a specified limit. According to the Income Tax Department, “An individual who is resident in India and whose total income does not exceed Rs. 3,50,000 is entitled to claim rebate under section 87A.
Which is the tax slab for FY 2014-15?
1. 2. income tax, income tax return, tax filing, income tax slab, tax rate, tax slab, ay 2015-16, fy 2014-15 This article explains about the various income tax, surcharge and education cess applicable to an Indivudal of different age for the financial year 2014-15 or assessment year 2015-16. Not filed yet?
What is the income tax slab in India?
(ii) In the case of every individual, being a resident in India, who is of the age of sixty years or more but less than eighty years at any time during the previous year,— i. Where the total income does not exceed Rs. 3,00,000/-.
What are the tax slab rates for individual?
Rate of Surcharge applicable Individual is as under 1. 2. * Marginal Relief is available if Surcharge is more than incremental income. Education Cess and Higher Secondary Education Cess are required to be paid additionally along with Income-tax by all assessee. Rates of Education Cess and Higher Secondary Education Cess are as under.
Which is the tax slab for a senior citizen?
Income tax slabs for a.y. 2015-16 and f.y. 2014-15 for senior citizen (age of 60 years or more but not reached age of 80 years): 10% if total income is more than Rs. 1 Crore. (Marginal relief in surcharge if available.) 3% on total income tax and surcharge. 10% if total income is more than Rs. 1 Crore. (Marginal relief in surcharge if available.)
What is income tax slab for Fy 2015 16? INCOME SLABS INCOME TAX RATES Upto Rs. 3,00,000 NIL Rs. 3,00,000 to 5,00,000 10% of the amount exceeding Rs.3,00,000 Rs. 5,00,000 to 10,00,000 Rs. 20,000 + 20% of the amount exceeding Rs. 5,00,000 Rs. 10,00,000 & above Rs. 1,20,000 + 30% of the amount exceeding Rs.…