Income Tax Exemption Limit New Slabs and Rates

Excel for
Chartered Accountants

For Individuals, HUF, AoP and BoI, Income Tax Slabs for AY 2015-16 and AY 2014-15 are as under:

For AY 2015-16

(a) For Individuals (both male or female) HUF, AoP or BoI:

Income Slabs	Rates
Up to Rs. 250000/-	Nil
From 250001 to Rs. 500000	10%
From 500001 to Rs. 1000000	20%
Above Rs. 1000000	30%

(b) Senior Citizens (60 years or more but less than 80 years)

Income Slabs	Rates
Up to Rs. 300000/-	Nil
From 300001 to Rs. 500000	10%
From 500001 to Rs. 1000000	20%
Above Rs. 1000000	30%

(c) Super Senior Citizens (80 Years or more)

Income Slabs	Rates
Up to Rs. 500000/-		Nil
From 500001 to Rs. 1000000		20%
Above Rs. 100000		30%

Rebate section 87A for AY 2015-16 is over and above the above Slabs Read more >>
Surcharge – 10% if the total income exceeds Rs. 1 crores
Education Cess on income-tax- 2%
Secondary and Higher Education Cess- 1%

For AY 2014-15

(a) For Individuals (both male or female) HUF, AoP or BoI:

Income Slabs	Rates
Up to Rs. 200000/-	Nil
From 200001 to Rs. 500000	10%
From 500001 to Rs. 1000000	20%
Above Rs. 100000	30%

(b) Senior Citizens (60 years or more but less than 80 years

Income Slabs	Rates
Up to Rs. 250000/-		Nil
From 250001 to Rs. 500000		10%
From 500001 to Rs. 1000000		20%
Above Rs. 100000		30%

(c) Super Senior Citizens (80 Years or more)

Income Slabs	Rates
Up to Rs. 500000/-		Nil
From 500001 to Rs. 1000000		20%
Above Rs. 100000		30%

Surcharge – 10% if the total income exceeds Rs. 1 crores
Education Cess on income-tax- 2%
Secondary and Higher Education Cess- 1%