Income Tax Slabs and Rates for FY 2015-16 and AY 2016-17

While there has been no change in the personal income tax slabs for the next financial year (FY 2016-17), the government has provided some other benefits:

1. Additional Rs. 50,000 per annum interest deduction for loans upto 35 lacs sanctioned in FY 2016-17 for first time buyers where house costs doesn't exceed 50 lacs.

2. Increase the limit of deduction of rent paid from Rs. 24,000 to Rs. 60,000.

3. Increasing the ceiling of tax rebate from Rs. 2.000 to Rs. 5,000 for individuals earning less than 5 lacs per annum

We are still studying the budget and will provide a detailed analysis in the coming days.

The following INCOME TAX RATES ARE applicable for the Financial Year ending March 31, 2016 (i.e. Financial Year 2015-16) - Assessment Year 2016-17)

Every year the income tax rates are changed and it is important to get the latest income tax rates. We give below the Income Tax Rates and Slabs applicable for the FY 2015-16 or AY 2016-17.   [As there was no change in Income Tax slabs for FY 2015-16 (i.e. AY 2016-17), the following rates were also applicable for FY 2014-15 (AY 2015-16)

Income Range	General (non-senior citizens) Category	Women (Below 60 years of age) (This category is abolished from this year and is thus is same as that of  General Category	Senior Citizens (Men and Women above 60 years of age), but below 80 years	Very Senior Citizens (Men and Women above 80 years of age)
Upto Rs. 2,50,000	Nil	Nil	Nil	Nil
Rs. 2,50,001 to Rs. 3,00,000	10% *	10% *	Nil	Nil
Rs. 3,00,001 to Rs. 5,00,000	10% *	10% *	10% *	Nil
Rs. 5,00,001 to Rs. 10,00,000	20%	20%	20%	20%
Above Rs. 10,00,000	30% **	30% **	30% **	30%**