Currently before budget 2016, Income Tax Slabs are shown below, people are hoping "No Tax Zone" be stretched from 2.5 Lakh to 3.5 Lakh per annum.
For Men & Women Below 60 Years Of Age
| Income Tax Slab |
Income Tax Rate |
| Income upto Rs. 2,50,000 |
No Tax |
| 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 |
No Tax |
| 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 |
You can save you taxes through various means :
| Sec. 80C |
Across all income slabs |
Upto Rs. 46,350/- saved on investment of Rs. 1,50,000/- |
|
| Sec. 80CCC |
Across all income slabs |
Upto Rs. 30,900/- saved on Investment of Rs.1,50,000/- |
|
| Sec. 80 D* |
Across all income slabs |
Upto Rs. 10,815/- saved on investment of Rs.35,000/-
(Inclusive of Rs. 20,000/- towards health insurance of parents who are senior
|
