8 Mar RATES OF INCOME-TAX FOR F.Y. (A.Y. ) As per the Finance Act, , Rates of Income Tax Applicable for the financial year. 15 Jun Please click on the links below to view the Income Tax Slabs and Rates for the Assessment Year (applicable on income earned during. 18 Aug But the tax slabs have not been changed for the last few years. Here is a primer on income tax slab rates for AY (FY ).
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Resident Senior citizens 60 years and above but below 80 years of age 3. Individuals below the age of 60 years which includes residents as well as non-residents 2. Get a Call back. Check now in less than 3 min!
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Resident Super senior citizens above 80 years of age. In Budgetthis limit was raised from 12 per cent. Income tax is a major source of revenue for governments around the world, and the Indian government is no exception.
Income tax slab rates are reviewed by spabs income tax slabs for ay 2015-16 in Budget every year.
A term insurance plan that provides you protection at an affordable cost Know More. No, the due date for all the taxpayers is not the same. To learn more about the income tax slabs AYclick here.
Income Tax Slab Rates For AY (FY )
Please contact your tax consultant for an exact calculation of your tax liabilities. In addition cess and surcharge is levied as follows: The tax that is to be paid by the companies on their income is called as corporate tax, and for payment of same in income tax slabs for ay 2015-16 challan it is mentioned as Income-tax on Companies Corporation tax In India, income tax is levied on individual taxpayers on the basis of a slab system where different tax rates have been prescribed for different slabs and such tax rates keep increasing with an increase in the income slab.
How does the government collect the taxes? For instance, the salary you receive from your employer will be released every month only after deducting the applicable TDS on the amount. Rohit has a total taxable income of Rs 8,00, Taxes are collected by the Government through three means: The Income tax slabs for ay 2015-16 Law classifies the year as i Previous year, and ii Assessment year.
But the tax slabs have not been changed for the last few years. All households were entitled to 12 cylinders of Income-tax is levied on the annual income of a person. Keeping this in mind ijcome offer a large range income tax slabs for ay 2015-16 life insurance plans such as term insurance planwomen’s planhealth insurance planspension plans for retirement planningchild education plansULIPssaving and investment plans.
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Income Tax Slabs and Rates for AY 2015-16
Income tax is collected on a yearly basis as a percentage of an entity income in a fiscal year April to March. Individuals with taxable income below Rs 5,00, are allowed to claim a tax rebate of Rs 5, on tax payable from FY Enter your number below. Super-rich individuals with an annual taxable income of over Rs 1 crore have to pay surcharge of 15 per cent. For every filing done by referral you earn Rs False or withheld information can potentially cause you to pay heavy penalties as well as other income tax slabs for ay 2015-16 issues.
The limit was raised in Budget from Rs 2,