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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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However, if you have wrongly paid taxes during a fiscal, you can claim refunds from the IT slasb for the excess funds.

Income taxes, by definition, are collected on income from various sources that an individual may earn during a fiscal year.

In Budgetthis limit was raised from 12 per cent. You have to ensure that your tax filings are in order so that you can spot excess deductions, if any.

The limit was raised in Budget from Rs 2, HDFC Life provides the latest income tax rates in India for different age groups and tax benefits offered by various life insurance policies, for the current financial year NDTV Beeps – your daily newsletter. Income-tax is levied on the annual income of a person.

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Income Tax Slabs and Rates for AY 2015-16

Hence the government has made a rule where in LPG subsidy will not be available to any consumer who earns more than Rs. In Budgetthe government announced additional deduction of Rs income tax slabs for ay 2015-16, for first time home buyers on loan up to Rs 35 lakh provided the property value is less than Income tax slabs for ay 2015-16 50 lakh.

File Now in 7 mins. August 18, Check now in less than 3 min! 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.

Income Tax slabs* Income Tax Rates FY AV

Trusted by 25 Lakh Indians. Taxpayers are broadly categorized into:.

Get a Call back. Let us call you. Taxes are collected by the Government tsx three means: A term insurance plan that provides you protection at an affordable cost Know More.

SSL Certified Site bit encryption. This has lead to a lot of disappointment among the salaried class. Individuals below the age of 60 years which income tax slabs for ay 2015-16 residents as well as non-residents 2. How does the government collect the taxes? Our vision is to provide innovative and customer-centric insurance plans that can help our customers secure their family’s future as well tas help them with other benefits such as tax savings.

Rohit wants incmoe know his tax dues for FY AY FY denotes fiscal year and lasts from April to March, while AY stands for assessment year which denotes the year you actually pay your previous years taxes in. This income has been calculated by including income from all sources such as salary, rental income, and interest income.

Invest in best performing Mutual funds for building long term wealth. Joshi Marg, Mahalaxmi, Mumbai Income tax slabs for ay 2015-16 the tax slabs have not been changed for the last few years.

income tax slab for a.y.

The government came up with the decision to limit supply of under yax fuel to cut subsidies. Resident Senior citizens 60 years and above but below 80 years of age 3.

Income Tax Rates are levied according to the divisions given above. The Income-tax Law classifies the year as i Previous year, and ii Assessment year. For the first category of individual taxpayers, the tax income tax slabs for ay 2015-16 and rates are applicable as per following. Rohit has a total taxable income of Rs 8,00, In addition cess and surcharge is levied as follows: On the Challan, what does income tax on companies and income tax other than companies mean?

How to file GST Returns? Buy Health Insurance and Save Tax. Instruments that qualify under Section 80 C include income tax slabs for ay 2015-16 provident fund, employees provident fund, tax-saving mutual funds, 5-year fixed deposits.

No, the due date for all the taxpayers is not the same. The above-mentioned tax benefits are subject to changes in the tax laws.

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