Monday, July 14, 2014

Income Tax :- New Income Tax Slab through a Picture.

New Income Tax Slabs for Assessment Year 2015-16 in a photo.

Income Tax Slab

Every year with Government budget, the most common expectation an Indian citizen has is of ‘change for better’ in the Income tax slab. Income tax has been one of the oldest forms of tax, and it has been present from generations, and is never likely to disappear. So to plan your investment strategy and understand how much tax liability you will incur this year let’s have a look at the tax structure for different categories. These categories are created by the Government of India for taxation purposes, and they are based on Gender and Age.

Categories for Income Tax Slab: 
  1. Male/Female Individual below 60 years of age, and HUF (Hindu undivided Family) 
  2. All individuals over 60 years of age but under 80 years (Senior citizen) 
  3. All individuals over 80 years of age (Super Senior citizen) 
Category A:
  1. Gender: Male /Female
  2. Age: Under 60 years for the current financial year. (How to compute age for tax purpose)
  3. Date of birth: If you are born on or after 01st April 1955

A rebate of Rs 2000 will be available for individuals with income less than Rs 5 lakhs u/s 87A

To view previous Income Tax Slabs (Click Here)
Free Excel Based Income Tax Calculator for A.Y. 2015-16 (Click Here)

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