Income Tax Rates for Assessment year 2016-2017:
| Income Tax Rates/Slab for Assessment Year 2016-17 | Rates/ %age |
| Up to 2,50,000 Up to 2,50,000 (for women) Up to 3,00,000 (for resident individual of 60 years till 80 years) |
Nil |
| 250,001 – 5,00,000Up to 500,000 (for resident individual of 80 years and above, Tax is nil) | 10%Nil |
| 5,00,001 – 10,00,000 | 20% |
| 10,00,001 upwards | 30% |
Education Cess of 3% is also applicable to Income Tax computed as per above slab.
There is no change in Income Tax Rates for year 2015-16. It is same as last year 2014-15 (AY 2015-16).
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Comments
7 responses to “Income Tax Rates for current year 2015-2016 (Assessment year 2016-2017)”
When Govt. of India is publishing new Income Tax Return Forms 2015-2016 . This is too much . Govt. should understand the difficulty of the efficient tax payer . Be fast .
Sir, Government publish new forms in starting or may 15. You can start filing your tax return after this date.
has e filing started for 2015-2016
i have to apply for loan and submit itr returns before july to get my loan passed and disbursed why its taking so much of time this year
No it has not started yet, Income tax forms for online filiing are not yet available. For Offilne filling of tax returns forms are available. You can download income tax forms, from here.
Can we file tax return for fy 2015-16??
Income tax return for Financial year 2015-2016 can be filed from may 2016. Since income tax forms are release by income tax department in month of may only.
Last year there is a section name 80EE for showing interest on home loan but this year we didn’t find. Suggest me where to show interest on home loan this year ITR1