Income tax slabs and rates for assessment year 201516 cakart. Income tax slab rates for financial year 2015 16 have not been changed much in budget 2015. Ca sandeep kanoi income tax rate chart income tax slabs as applicable for. Union budget 201516 presented by arun jaitley, did not alter the tax slabs, nor did he change the tax exemption limit. Benefits available to salaried employees in ay 201516. Income tax slabs income tax rates fy 201415 av 201516. Income tax at a glance among direct taxes, income tax is the main source of revenue. In respect of income of all categories of assessees liable to tax for the assessment year 20152016, the rates of incometax have been. Union budget 2020 has proposed a new tax structure by slashing income tax rates and rejigging the income tax slabs to reduce total tax liability by individuals. Up to 2,00,000 up to 2,00,000 for women up to 2,50,000 for resident individual of 60 years till 80 years.
For example, any income you earned between 1st april, 2015 to 31st march, 2016 will fall in the financial year of 201516 that also be denoted as fy 201516. Income tax slabs for financial year 201516 or assessment. Senior citizen individual resident who is of the age of 60 years or more but below the age of 80 years at any time during the previous year. Articles explains rates of incometax in respect of income liable to tax, minimum alternative tax rate, securities transaction tax stt, commodities transaction tax ctt and dividend distribution tax ddt rates for financial year 201516 i. Federal board of revenue has issued new tax rate slabs for salary income to be applicable during 201718. Oct 14, 2019 government of india has increased the basic personal income tax exemption limit from rs. As there was no change in income tax slabs for fy 2015 16 i. New income tax slabs for ay 1415 for resident senior citizens above 60 years. For the purpose of ascertainment of the applicable tax slab, an individual can be classified as follows. Net income range income tax rates health and education cess up to rs.
The tax slab rates for individual below 60 years and for nri aop boi hufajp. Income tax slab rates for financial year 201516 assessment. This new tax system is optional and will coexist with the old one with three slabs and various exemptions and deductions available to the taxpayer. Fbr updates tax rate slabs for salary income customs today. Income tax slab rates for last 25 years in india 199293 to.
The amount of incometax shall be increased by a surcharge at the rate of 10% of such tax, where total income between 50 lakhs and one crore rupees above 1 crore 15% surcharge. Fbr updates tax rate slabs for salary income reported by. Tax slab for financial year 201516 assessment year 1617. Apr 17, 2015 penalty on late filing of income tax return ay 2015 16 and fy 201415 update. Tds rate chart fy 201516 ay 201617 budget 201516 amendments. Ay 201617, the following rates were also applicable for fy 201415 ay 201516. Income tax ratesslab for assessment year 201415 previous year 2014 rates %age.
Hdfc life provides the latest income tax slab rates and deductions in india for tax payers in different age groups and tax benefits offered by its. The latest free income tax calculator to calculate your latest tax and to compare your tax savings from previous year can be found here free income tax calculator for calculating tax for 201819. Income tax slabs and rates for assessment year 201516. In respect of income of all categories of assessees liable to tax for the assessment year 2015 2016, the rates of incometax have been specified in part i of the first schedule to the bill. In case of the employee employed at the foreign diplomatic of nepal only 25% of the. Download income tax slab for ay 201617 in pdf, download latest income tax slab rates for fy 201516 or income tax slab rates for ay 201617.
Latest updates the latest income tax slabs for 20182019 can be found here income tax slabs 201819. Paripatra2014 income tax paripatra income tax 202014. Ay 201617, the following rates were also applicable for fy 201415 ay 2015 16. Income tax slab rates for fy 201617 ay 201718 budget. Where the income of an individual chargeable under the head. Income tax slab rates for financial year 201516 have not been changed much in budget 2015. Arun jaitley, the finance minister of india, announced the new personal income tax slab rates while presenting the union budget of india, also called the indian general budget, on thursday, july 10, 2014 in new delhi. For income tax purpose citizens above age of 60 are considered as senior citizens and above age.
As there was no change in income tax slabs for fy 201516 i. Income tax rate chart income tax slabs as applicable for assessment year 2015 16 financial year 201415 for individual, huf, aop, boi, partnership firms, llp and companies. You must check out the difference between the 1992 i. Union budget 2015 16 presented by arun jaitley, did not alter the tax slabs, nor did he change the tax exemption limit. Income tax return filing forms for ay 201617 fy 201516. Fill up the relevant details to know your tax liability for fy 201516 income tax slabs for fy 201516 ay 201617 general public income tax slab education cess of 3% surcharge of 12% on rs 1 crore plus income earners tax credit of rs 2,000 for income up to rs 5 lakhs us 87a there are no separate slab for male and female tax. For the reason that this money is very important for progress. Every year the income tax rates are changed and it is important to get the latest income tax rates. Income tax rates 20142015 for filing individual tax returns. Income tax slabs 202021, 201920 income tax rates in india. However, it is proposed to reduce the basic tax rate in the case of companies from 30% to 25% over the next four years, starting from next. Oct 20, 2015 income tax slab rates for financial year 2015 16 assessment year 201617 are same as the income tax slab rate for financial year 201415 assessment year 2015 16. Fy 201415 note the new government has presented the budget for ay 2015 16 on 10. Surcharge and education cess see note income tax slab rates 201718 pdf download.
Apr 08, 2015 find the income tax slab rates for the last 7 years all at one place 1 f. Income tax slab rate for individuals, hindu undivided families, association of persons and body of individuals for ay 20162017fy 2015 2016. Apr 14, 2020 income tax slabs ay 201415 fy 2014 income tax slabs ay 2015 16 fy 201415 income tax slabs ay 201617 fy 2015 16 income tax slabs ay 201718 fy 201617 income tax slabs ay 201819 fy 201718 income tax slabs ay 201920 fy 201819 income tax slab rates for ay 201011 fy 200910 resident male individuals aged less than 65 years. Government of india income tax slab rates for ay 20152016. Fm jaitley reduced the tax rate to 5% for the tax slab bracket of rs 2.
Incometax slab rates for individual for fy 201516 ay 201617. The income group with annual earning of less than rs. New income tax slab for financial year 201516 mytaxcafe. Under this new tax regime, there is no higher tax exemption limit for senior citizens between the age of 60 and 80 or for super senior citizens above the age of 80. We give below the income tax rates and slabs applicable for the fy 2015 16 or ay 201617. We give below the income tax rates and slabs applicable for the fy 201516 or ay 201617.
In respect of income of all categories of assessees liable to tax for the assessment year 20152016, the rates of incometax have been specified in part i of the first schedule to the bill. Income tax service tax key highlights for fy 201516 ay 201617 click here section 87a rebate availability for fy 201516 ay 201617 click here income tax basic exemption limit slab fy. My question is that this arrear should not be added in previous year. Here is a primer on income tax slab rates for ay 201617.
Income tax circular 2014 circular, income tax 2012 amendment of income tax ordinance section 19. Rates of income tax in respect of income liable to tax for the assessment year 20152016. Income tax rates slab for assessment year 201415 previous year 2014 rates %age. Personal income tax rates for the financial year 20082009 and assessment year 20092010 new delhi delhi, india, november 17, 2015 indian government ups basic personal income tax exemption limit from rs. Select, 202122, 202021, 201920, 201819, 201718, 201617, 201516. Articles explains rates of income tax in respect of income liable to tax, minimum alternative tax rate, securities transaction tax stt, commodities transaction tax ctt and dividend distribution tax ddt rates for financial year 2015 16 i.
The union budget 2020 has brought new income tax slabs regime with reduced rates for those foregoing 70 tax exemptions and deductions under a simplified tax regime. Apr 04, 2016 for example, any income you earned between 1st april, 2015 to 31st march, 2016 will fall in the financial year of 2015 16 that also be denoted as fy 2015 16. Although there is no change in the existing tax rate yet new government had increased the minimum limit from rs. I got promotion from 1st jan 2014 and received the pay arrears rs 104474in fy 2015 16 for last fy 201415. The new income tax rates or income tax slabs are applicable for the incomes earned or generated from april 01, 2014 to march 31, 2015. An additional cess of 4% will be levied for health and education on the tax calculated as per the above income tax slabs. Income tax slab rates 201718 pdf download ay 201819. Income tax slabs ay 201415 fy 2014 income tax slabs ay 201516 fy 201415 income tax slabs ay 201617 fy 201516 income tax slabs ay 201718 fy 201617 income tax slabs ay 201819 fy 201718 income tax slabs ay 201920 fy 201819 income tax slab rates for ay 201011 fy 200910 resident male individuals aged less than 65 years. Mar 19, 2019 download income tax slab for ay 201617 in pdf, download latest income tax slab rates for fy 201516 or income tax slab rates for ay 201617. There were no changes in the tax slab from last 2 years in tax slabs. Penalty on late filing of income tax return ay 201516 and fy 201415 update.
Assessment year ay once the financial year ends, then you calculate the income and try to file the it return. Now pakistan govt tries different tactics to improve the collection of tax. Income tax is imposed on the basis of ability to pay. Rates of income tax in respect of income liable to tax for the assessment year 2015 2016. The new figures of income tax slab rates for salaried class in pakistan 202021 will provide a huge amount of money in govt fisc. Aug 14, 2019 latest income tax slab rates for fy 201617. Download income tax calculator for fy 201415 ay 201516. Income tax slab rates for the last 7 years yash shindes blog. Download income tax calculator for fy 201516 ay 201617 income tax slab for fy 201415 ay 201516 the income tax slab has changed for general public and senior citizens. Government of india has increased the basic personal income tax exemption limit from rs. Find the income tax slab rates for the last 7 years all at one place 1 f.
Government of india income tax slab rates for ay 20142015. Income tax department has extend the due date for filing income tax return and tax audit report all over india from 30. Income tax slab rates for financial year 201516 assessment year 201617 are same as the income tax slab rate for financial year 201415 assessment year 201516. Due date to file income tax return assessment year 201516. For assessment year 201819 there is a reduction in it rate from 30% to 25%, for the businesses with an annual turn over of less than rs. Income tax slabs for financial year 201718 assessment year 1718. For income tax purpose citizens above age of 60 are considered as senior citizens and above age of 80 are considered very senior citizens. Income tax service tax key highlights for fy 2015 16 ay 201617 click here section 87a rebate availability for fy 2015 16 ay 201617 click here income tax basic exemption limit slab fy 2015 16 click here. Rates of incometax in respect of income liable to tax for the assessment year 20152016. Taxable income rate of tax 1 where the taxable income does not exceed rs.
Now my total income is rs 591684 including the arrears. Income tax slabs income tax rates and deductions for fy 2017. Fy 201415 note the new government has presented the budget for ay 201516 on 10. I got promotion from 1st jan 2014 and received the pay arrears rs 104474in fy 201516 for last fy 201415. Oct 14, 2014 here we present to you all income tax slab rates india for past 25 years. As proposed in the new tax regime, 70 tax exemptions will be removed but the income between rs 5 lakh and rs 7. The more a taxpayer earns the more he should pay is the basic principle of charging income tax. Income tax slabs for individuals are divided into 3 slabs.
The finance minister has proposed to tax the super rich by increasing surcharge from 10% to 12% if the income earned is more than rs. Income tax slab rates for salaried class in pakistan 202021. The income tax department never asks for your pin numbers, passwords or similar access information for credit cards, banks or other financial accounts through email the income tax department appeals to taxpayers not to respond to such emails and not to share information relating to their credit card, bank and other financial accounts. But the tax slabs have not been changed for the last few years. Paripatra2014 income tax paripatra income tax202014. Here is quick guide of tax bracket for individuals depending on the income. Latest income tax slabs and rates for fy 201516 and ay 201617.
Budget 201516 income tax slab changes under general category. My next question is that how should be calculated the income tax for current year. Hdfc life provides the latest income tax slab rates in india for different age groups and tax benefits offered by various life insurance policies, for the financial year 201718. Download income tax slabs for individual, huf, company, aop, foreign company with surcharge details. Individual, hindu undivided family, association of persons, body of individuals, artificial juridical person. Incometax slab rates for individual for fy 201516 ay. Income tax slab rate for individuals, hindu undivided families, association of persons and body of individuals for ay 20162017fy 20152016. Here we present to you all income tax slab rates india for past 25 years. For general tax payers including women income slab tax rate 0 to 2,50,000 no tax 2,50,001 to 5,00,000 10% 5,00,001 to 10,00,000 20% above 10,00,000 30% b.
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