Global Markets Desciption in brief
February 18, 2016
NIFTY_Weekly_23-02-2016
Current NIFTY Trend
February 24, 2016

Current Income Tax Slab rates before budget

Currently before budget 2016, Income Tax Slabs are shown below, people are hoping “No Tax Zone” be stretched from 2.5 Lakh to 3.5 Lakh  per annum.

For Men & Women Below 60 Years Of Age

Income Tax Slab Income Tax Rate
Income upto Rs. 2,50,000             No Tax
Income between Rs. 2,50,001 – Rs. 500,000 10% of Income exceeding Rs 2,50,000
Income between Rs. 500,001 – Rs. 10,00,000 20% of Income exceeding Rs.5,00,000
Income above Rs. 10,00,000 30% of Income exceeding Rs. 10,00,000

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

Income Tax Slab Income Tax Rate
Income upto Rs. 3,00,000        No Tax
Income between Rs. 3,00,001 – Rs. 500,000 10% of Income exceeding Rs. 3,00,000
Income between Rs. 500,001 – Rs. 10,00,000 20% of Income exceeding Rs. 5,00,000
Income above Rs. 10,00,000 30% of Income exceeding Rs. 10,00,000

You can save you taxes through various means :

Sec. 80C Across all income slabs Upto Rs. 46,350/- saved on investment of Rs. 1,50,000/-
Sec. 80CCC Across all income slabs Upto Rs. 30,900/- saved on Investment of Rs.1,50,000/-
Sec. 80 D* Across all income slabs Upto Rs. 10,815/- saved on investment of Rs.35,000/-

(Inclusive of Rs. 20,000/- towards health insurance of parents who are senior
Share

Comments are closed.

Share