Income Tax Slab Rate for FY 2015-16 (AY 2016-17)

Every year Income Tax Slab Rate may / may not change. For the FY 2015-16 (AY 2016-17) Income Tax Slab Rate has not changed.

The below table gives you clear idea about Income tax slabs  rates for all Tax payer categories. (For general category, Senior Citizens & Very Senior Citizens).

Apart from this there is educational cess and higher educational cess which is 3%.

Applicability of Surcharge :

Surcharge is applicable to individuals at the rate of 12% if the income exceeds Rs. 1 crore. 

Claim Tax Exemption upto Rs. 4,40,000 Rupees

Plan your Tax Savings. You can claim Tax exemption upto Rupees 4,40,000/- during Financial Year 2015-16 (AY 2016-17). Here is how you can claim the aforesaid amount as Tax Exemption.

Deductions under 80C	Rs. 1,50,000
Deductions under 80CCD for contribution to NPS	Rs. 50,000
Interest on house property loan	Rs. 2,00,000
Exemption with new transportation allowance of Rs. 1,600 per month	Rs. 19,200
New deductible health insurance premium ( 80D )	Rs. 25,000
Total	Rs. 4,44,200

              So plan from now and save Tax legally..