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%**
|
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