The below given income tax slab is applicable for financial year 2015 – 16 and assessment year 2016 – 17.
Income tax slab for Financial year 2015 -16 & Assessment year 2016 – 17
(Amounts are in Indian rupees)
For Men and Women:
| Rate | Men | Women |
| Exemption limit | Up to 2,50,000 | Up to 2,50,000 |
| 10% of taxable income | Income between 2,50,001 to 5,00,000 | Income between 2,50,001 to 5,00,000 |
| 20% of taxable income | Income between 5,00,001 to 10,00,000 | Income between 5,00,001 to 10,00,000 |
| 30% of taxable income | Income more than 10,00,000 | Income more than 10,00,000 |
For Senior citizens (Age between 60 and 80) and super senior citizens (Age above 80):
| Rate | Senior citizens | Super senior citizens (Aged 80 and above) |
| Exemption limit | Up to 3,00,000 | Up to 5,00,000 |
| 10% of taxable income | Income between 3,00,001 to 5,00,000 | Nil up to 5,00,000 |
| 20% of taxable income | Income between 5,00,001 to 10,00,000 | Income between 5,00,001 to 10,00,000 |
| 30% of taxable income | Income more than 10,00,000 | Income more than 10,00,000 |
Surcharge: 12% of the tax amount, where taxable income is more than INR 1 crore.
Education Cess : 3% of tax amount and Surcharge.
Rebate: As per section 87A of Income tax act 1961, rebate of INR 2,000 will be given to those individual tax payers whose total taxable income doesn’t exceed INR 5,00,000.