Income tax rates applicable for individuals, hindu undivided family huf, association of persons aop and body of individuals boi in india is as under. Download income tax calculator for fy 201415 ay 201516. Fill up the relevant details to know your tax liability for fy 201516 income tax slabs for fy 201516 ay 201617 general public income tax slab education cess of 3% surcharge of 12% on rs 1 crore plus income earners tax credit of rs 2,000 for income up to rs 5 lakhs us 87a there are no separate slab for male and female tax. You must check out the difference between the 1992 i. Incometax slab rates for individual for fy 201516 ay 2016.
Jul 11, 2014 rs,my taxable income for fy 201415 was rs 3894. Income tax department has extend the due date for filing income tax return and tax audit report all over india from 30. In union budget 202021, the news tax slab rate regime is optional and a taxpayer can choose to pay tax in the old regime. Hope, now you all know the income tax rates on partnership firm. The government announced that taxpayers with an annual income tax slab of. Government of india income tax slab rates for ay 20142015.
Assessment year 200809, relevant to financial year 200708. Income tax slabs for individuals are divided into 3 slabs. Availabilityincome tax rebate section 87a fy 201415 ay. I got promotion from 1st jan 2014 and received the pay arrears rs 104474in fy 201516 for last fy 201415. The amount of rebate is 100 per cent of income tax or rs.
The surcharge at the rate of twelve percent shall be levied if the total income of the domestic company exceeds ten crore rupees. For income tax purpose citizens above age of 60 are considered as senior citizens and above age of 80 are considered very senior citizens. Union budget 2014 has amended the basic income tax slabs for financial year 201415, however there is no change in the income tax rates, surcharge and cess. The above income tax rates are for general category men women who are below 60 years of age. Now my total income is rs 591684 including the arrears. Normal tax rates applicable to a resident individual of the age of 60 years or above at any time during the year but below the age of 80 years net income range incometax rates. Latest income tax slabs and rates for fy 201516 and ay. All the data listed above is for the fy 202021 and ay 202122. You can complete filing your incometax return in just 15 minutes using the website or the mobile. Rates of incometax in respect of income liable to tax for the assessment year 20152016.
Personal income tax rates for the financial year 20082009 and assessment year 20092010 new delhi delhi, india, november 17, 2015 indian government ups basic personal income tax exemption limit from rs. Incometax slab rates for individual for fy 201516 ay 201617 incometax slab rates for individual for fy 201415 ay 201516. The age of the individual is the factor to divide the slab rates in the income tax table. Penalty on late filing of income tax return ay 201516 and fy 201415 update.
Hdfc life provides the latest income tax slab rates and deductions in india for tax payers in different age groups and tax benefits offered by its online insurance products, for the financial year 201718. The new income tax rates or income tax slabs are effective from april 01, 20. Income tax at a glance among direct taxes, income tax is the main source of revenue. Income tax slab for fy 201516 ay 201617 there is no change in income tax slabs except additional 2% increase in cess for super rich i. People of kashmir and floodhit districts can file gstr.
Every year the income tax rates are changed and it is important to get the latest income tax rates. For individuals below 65 years age, other than woman assessees. Fy denotes fiscal year and lasts from april to march, while ay stands for assessment year which denotes the year you actually pay your previous years taxes in. In respect of income of all categories of assessees liable to tax for the assessment year 20152016, the rates of incometa. Income tax rates 20142015 for filing individual tax returns. My next question is that how should be calculated the income tax for current year. Articles explains rates of income tax in respect of income liable to tax, minimum alternative tax rate, securities transaction tax stt, commodities transaction tax ctt and dividend distribution tax ddt rates for financial year 201516 i. Latest income tax slabs and rates for fy 201516 and ay 201617. Excel tds form16 automatic certificateay 201516 download. Ay is assessment year latest income tax rates for fy 201516. It is deductible from income tax before calculating education cess. Income tax slab rates for financial year 201516 assessment. You have blocked the notification on recent updates.
We give below the income tax rates and slabs applicable for the fy 201516 or ay 201617. The age groups are up to age 60, age 60 to 80 and above age 80. Income tax rates after budget 2012 is available here income tax rate chart slabs for assessment year 201112 and earlier years has been given chart form as under in respect of individual, hufhindu undivided family,boibody of individuals so download the charts for link given below or you can read the same online as shown below. Income tax slab rates for individual for fy 201516 ay 201617 income tax slab rates for individual for fy 201415 ay 201516. Due date of filing income tax return for the ay 201516 has been extended by cbdt from 31st july 2015 to 31st august 2015. Government of india has increased the basic personal income tax exemption limit from rs. Here we present to you all income tax slab rates india for past 25 years. Income tax rates for ay 202021 get income tax slab rates for individuals, senior citizens, partnership firm, tax rates for companies, huf, aop, boi, cooperative society, etc. Income tax slab for filing tax return on income in india. Articles explains rates of income tax in respect of income liable to tax, minimum alternative tax rate, securities transaction tax stt, commodities transaction tax ctt and dividend distribution tax ddt rates for financial year 2015 16 i. Income tax slab for fy 202021 pdf download income tax. Here is a primer on income tax slab rates for ay 201617. Income tax slab rates 201718 pdf download ay 201819.
We will cover other aspects like filing of income tax return of partnership firm, assessment of partnership firms and book profit. Income tax rate chart income tax slabs as applicable for assessment year 201516 financial year 201415 for individual, huf, aop, boi, partnership firms, llp and companies. Finance bill 2014 is silent on the section 87a, which was introduced by finance bill 20 with effect from ay 201415 and provides a rebate of rs. My question is that this arrear should not be added in previous year.
Union budget has made the following changes that would affect the computation in form 16. Tax slab for financial year 201516 assessment year 1617. The amount of incometax shall be increased by a surcharge at the rate of 10% of such tax, where total income between 50 lakhs and one crore rupees above 1 crore 15% surcharge. The tax department issued a clarification after a fake order was circulating on social media about the extension of the deadline. Ca sandeep kanoi income tax rate chart income tax slabs as applicable for assessment year 201516 financial year 201415 for. Income tax is imposed on the basis of ability to pay. It helps to determine the income tax rate at which you will be taxed in india.
The basic exemption limit has been increased from rs 2 lakh to rs. But the tax slabs have not been changed for the last few years. Surcharge and education cess see note income tax slab rates 201718 pdf download. Normal tax rates applicable to a resident individual of the age of 60 years or above at any time during the year but below the age of 80 years. Hence this provision continues for ay 201516 as well. Normal rates of tax applicable to all individuals who are less than 60 years of age. Articles explains rates of incometax in respect of income liable to tax, minimum alternative tax rate, securities transaction tax stt, commodities transaction tax ctt and dividend distribution tax ddt rates for financial year 201516 i. In india, we have a progressive method of taxation, this means the more your income is the more tax you will pay income tax slab are the income slabs defined by the tax department. There are lot of changes in tax rates and cess in the last 25 years.
You can complete filing your income tax return in just 15 minutes using the website or the mobile. Ay 201617, the following rates were also applicable for fy 201415 ay 201516. Incometax slab rates for individual for fy 201516 ay. Click here to save tax with hdfc lifes various online insurance products. Tax rebate of rs 2000 to resident individuals whose total income is less than rs 5,00,000. Download income tax slab for ay 201617 in pdf, download latest income tax slab rates for fy 201516 or income tax slab rates for ay 201617. Income tax rates on partnership firm for ay 201516. Quick excel income tax calculator for fy 201516 ay 201617.
Income tax is levied on different sources of incomes like salaries, investment, interest etc. Income tax slabs and rates for assessment year 201516. The form 16 contains the computation of the income, allowable deductions and rebates, incometax paybale along with details of tax deducted and depsited by the employer. Normal tax rates applicable to a resident individual of the age of 60 years or above at any time during the year but below the age of 80 years net income range income tax rates health and education cess up to rs. Income tax rates for fy financial year 201415 ay assessment year 201516 final,for individuals,men, women, senior citizens, hufs and other categories.
Union budget 201516 and 201415 have not altered the rebate available under section 87a for fy 201516, 201415 or ay 201617, 201516 meaning thereby that effectively there will be no income tax payable up to the total income of rs. The more a taxpayer earns the more he should pay is the basic principle of charging income tax. In union budget 202021, the news tax slab rate regime is optional and a taxpayer can choose to pay tax in the old. Income tax return statistics assessment year 201516 version 1. The budget 2016 did not witness any change in the tax slabs, but the modi sarkar lessened the burden on low income group by increasing the rebate us 87a from rs 2,000 to rs 5,000 and the super.
With the help of quick excel income tax calculator for fy 201516 ay 201617 you can easily compute tax liability for an individual. Have a look at the past 25 years income tax slab rates for individuals in india. How income tax structure, slabs in budgets over last 4. Income tax slabs income tax rates fy 201415 av 201516. Incometax slab rates for individual for fy 201516 ay 201617 steps to file your indian incometax return quickly with. Income tax slab rates for ay 201617 fy 201516 ndtv. Free major itr forms for financial year 201415 itr1, itr2, itr2a, itr4s pdf files. Income tax rates on partnership firm for ay 201516 cakart. Income tax slab rates for last 25 years in india 199293.
Income tax slab rates for financial year 201516 assessment year201617. Know more about income tax slabs and rates for assessment year 201516. New income tax slabs for 201516 posted on 28 february 2015. Income tax rates for ay 201516 financial year 201415 leave a comment cancel reply. Income tax slabs and rates for fy 202021 bankbazaar.
March 1 to 15, 2016 u taxmanns corporate professionals today u vol. Download income tax slabs for individual, huf, company, aop, foreign company with surcharge details. Income tax income tax rates ay 201516 fy 2014 referencer. Income tax slabs for filing tax return for individuals and hufs.
Incometax slab rates for individual for fy 201617 ay. I got promotion from 1st jan 2014 and received the pay arrears rs 104474in fy 2015 16 for last fy 201415. The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge at the rate of 5% of such income tax, provided that the total income exceeds rs. Download income tax calculator for fy 201516 ay 201617 income tax slab for fy 201415 ay 201516 the income tax slab has changed for general public and senior citizens. Income tax rates for assessment year 20162017 previous year 201516 income tax rates.
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