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Previous Years Income Tax Slabs / Rates in India - Income Tax Act 1961


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by

Rajesh Goyal 

 

 

 

 

 

 

 

************

 

The following INCOME TAX RATES ARE applicable for the Financial Year ending March 31, 2016 (i.e. Financial Year 2015-16) - Assessment Year 2016-17)

 

Every year the income tax rates are changed and it is important to get the latest income tax rates. We give below the Income Tax Rates and Slabs applicable for the FY 2015-16 or AY 2016-17.   [As there was no change in Income Tax slabs for FY 2015-16 (i.e. AY 2016-17), the following rates were also applicable for FY 2014-15 (AY 2015-16)

 

Income Range

General (non-senior citizens) Category

Women (Below 60 years of age)

(This category is abolished from this year and is thus is same as that of  General Category

Senior Citizens (Men and Women above 60 years of age), but below 80 years

Very Senior Citizens (Men and Women above 80 years of age)

Upto Rs. 2,50,000

Nil

Nil

Nil

Nil

Rs. 2,50,001 to Rs. 3,00,000

10% *

10% *

Nil

Nil

Rs. 3,00,001 to Rs. 5,00,000

10% *

10% *

10% *

Nil

Rs. 5,00,001 to Rs. 10,00,000

20%

20%

20%

20%

Above Rs. 10,00,000

30% **

30% **

30% **

30%**

         

 

* A tax rebate of Rs 2,000 from tax calculated will be available for people having an annual income upto Rs 5 lakh.   However, this benefit of Rs2,000 tax credit will not be available if you cross the income range of Rs 5 lakh.  Thus we can say that tax payable in 10% slab will be maximum Rs23,000 (taking into account Rs 2000 tax credit), but for people who fall in income range of Rs5 lakh and above, the tax will be Rs25,000 + 20% tax on income above Rs 5 lakh;

The education cess to continue at 3 percent.

** The Surcharge @  12% for the FY 2015-16 or AS 2016-17 will be payable if the income is above Rs 1 crores).    For the FY 2014-15 it was 10% .

 

 

The following income tax RATES WERE applicable for the Financial Year ending March 31, 2013 (Financial Year 2012-13)-Assessment Year 2013-14):

 

 

Income Range

General (non-senior citizens) Category

Women (Below 60 years of age)

(This category is abolished from this year and is thus is same as that of  General Category

Senior Citizens (Men and Women above 60 years of age), but below 80 years

Very Senior Citizens (Men and Women above 80 years of age)

Upto Rs. 2,00,000

Nil

Nil

Nil

Nil

Rs. 2,00,001 to Rs. 2,50,000

10%

10%

Nil

Nil

Rs. 2,50,001 to Rs. 5,00,000

10%

10%

10%

Nil

Rs. 5,00,001 to Rs. 10,00,000

20%

20%

20%

20%

Above Rs. 10,00,000

30%

30%

30%

30%

         

 

 

 

 

The following tax rates WERE  applicable for the Financial Year ending March 31, 2012 (Financial Year 2011-12)-Assessment Year 2012-13):

 

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Income Range

General (non-senior and non-women)

Women (Below 65 years of age)

Senior Citizens (Men and Women above 60 years of age), but below 80 years

Very Senior Citizens (Men and Women above 80 years of age)

Upto Rs. 180,000

Nil

Nil

Nil

Nil

Rs. 1,80,001 to Rs. 1,90,000

10%

Nil

Nil

Nil

Rs. 190,001 to Rs. 2,50,000

10%

10%

Nil

Nil

Rs. 2,50,001 to Rs. 5,00,000

10%

10%

10%

Nil

Rs. 5,00,001 to Rs. 8,00,000

20%

20%

20%

20%

Above Rs. 800,000

30%

30%

30%

30%

         
  • Till previous year, the senior citizens were those who were above 65 years
  • The concept of Very Senior Citizen has been added only from this year (FY 2011-12)
  • Surcharge is not applicable
  • Education cess is applicable @3% on income tax

 

 

 

Click Here to View the Latest Income Tax Rate Slabs / Rates :

 

 

 

We give below the Income Tax Slabs / Income Tax Rates for various years for reference :

 

 

 

Income Tax Rates/Slabs for A.Y. (2011-12)

 

Slab (Rs.)

Tax (Rs.)

less than 1,60,000

Nil

1,60,000 to 5,00,000

(TI 1,60,000) * 10%

5,00,000 to 8,00,000

34,000 + (TI 5,00,000) * 20%

Greater than 8,00,000

94,000 + (TI 8,00,000) * 30%

Women aged 65 years or less

Slab (Rs.)

Tax (Rs.)

less than 1,90,000

Nil

1,90,000 to 5,00,000

(TI 1,90,000) * 10%

5,00,000 to 8,00,000

31,000 + (TI 5,00,000) * 20%

Greater than 8,00,000

91,000 + (TI 8,00,000) * 30%

Senior Citizens (Individuals aged above 65 years)

Slab (Rs.)

Tax (Rs.)

less than 2,40,000

Nil

2,40,000 to 5,00,000

(TI 2,40,000) * 10%

5,00,000 to 8,00,000

26,000 + (TI 5,00,000) * 20%

Greater than 8,00,000

86,000 + (TI 8,00,000) * 30%

 

 

Income Tax Rates/Slabs for A.Y. (2010-11)

Slab (Rs.)

Tax (Rs.)

less than 1,60,000

Nil

1,60,000 to 3,00,000

(TI 1,60,000) * 10%

3,00,000 to 5,00,000

14,000 + (TI 3,00,000) * 20%

Greater than 5,00,000

54,000 + (TI 5,00,000) * 30%

Women aged 65 years or less

Slab (Rs.)

Tax (Rs.)

less than 1,90,000

Nil

1,90,000 to 3,00,000

(TI 1,90,000) * 10%

3,00,000 to 5,00,000

11,000 + (TI 3,00,000) * 20%

Greater than 5,00,000

51,000 + (TI 5,00,000) * 30%

Senior Citizens (Individuals aged above 65 years)

Slab (Rs.)

Tax (Rs.)

less than 2,40,000

Nil

2,40,000 to 3,00,000

(TI 2,40,000) * 10%

3,00,000 to 5,00,000

6,000 + (TI 3,00,000) * 20%

Greater than 5,00,000

46,000 + (TI 5,00,000) * 30%

 

 

Income Tax Rates/Slabs for A.Y. (2009-10)

Slab (Rs.)

Tax (Rs.)

less than 1,50,000

Nil

1,50,000 to 3,00,000

(TI 1,50,000) * 10%

3,00,000 to 5,00,000

15,000 + (TI 3,00,000) * 20%

Greater than 5,00,000

55,000 + (TI 5,00,000) * 30%

Women aged 65 years or less

Slab (Rs.)

Tax (Rs.)

less than 1,80,000

Nil

1,80,000 to 3,00,000

(TI 1,80,000) * 10%

3,00,000 to 5,00,000

12,000 + (TI 3,00,000) * 20%

Greater than 5,00,000

52,000 + (TI 5,00,000) * 30%

Senior Citizens (Individuals aged above 65 years)

Slab (Rs.)

Tax (Rs.)

less than 2,25,000

Nil

2,25,000 to 3,00,000

(TI 2,25,000) * 10%

3,00,000 to 5,00,000

7,500 + (TI 3,00,000) * 20%

Greater than 5,00,000

47,500 + (TI 5,00,000) * 30%

 

 

Income Tax Rates/Slabs for A.Y. (2008-09)

Slab (Rs.)

Tax (Rs.)

Surcharge on Income Tax

(if TI > Rs.10 Lakhs)

less than 1,10,000

Nil

Nil

1,10,000 to 1,50,000

(TI 1,10,000) * 10%

10%

1,50,000 to 2,50,000

4,000 + (TI 1,50,000) * 20%

10%

Greater than 2,50,000

24,000 + (TI 2,50,000) * 30%

10%

Women aged 65 years or less

Slab (Rs.)

Tax (Rs.)

Surcharge on Income Tax (if

TI > Rs.10 Lakhs) (Rs.)

less than 1,45,000

Nil

Nil

1,45,000 to 1,50,000

(TI 1,45,000) * 10%

10%

1,50,000 to 2,50,000

500 + (TI 1,50,000) * 20%

10%

Greater than 2,50,000

20,500 + (TI 2,50,000) * 30%

10%

Senior Citizens (Individuals aged above 65 years)

Slab (Rs.)

Tax (Rs.)

Surcharge on Income Tax (if

TI > Rs.10 Lakhs) (Rs.)

less than 1,95,000

Nil

Nil

1,95,000 to 2,50,000

(TI 1,95,000) * 20%

10%

Greater than 2,50,000

11,000 + (TI 2,50,000) * 30%

10%

Education Cess has to be added on Income-tax and Surcharge @ 2% from AY 2004-05 and 3% from AY 2007-08

 

 

Income Tax Rates/Slabs for A.Y. (2006-07 & 2007-08)

Slab (Rs.)

Tax (Rs.)

Surcharge on Income Tax

(if TI > Rs.10 Lakhs)

less than 1,00,000

Nil

Nil

1,00,000 to 1,50,000

(TI 1,00,000) * 10%

10%

1,50,000 to 2,50,000

5,000 + (TI 1,50,000) * 20%

10%

Greater than 2,50,000

25,000 + (TI 2,50,000) * 30%

10%

Women aged 65 years or less

Slab (Rs.)

Tax (Rs.)

Surcharge on Income Tax (if

TI > Rs.10 Lakhs) (Rs.)

less than 1,35,000

Nil

Nil

1,35,000 to 1,50,000

(TI 1,35,000) * 10%

10%

1,50,000 to 2,50,000

1,500 + (TI 1,50,000) * 20%

10%

Greater than 2,50,000

21,500 + (TI 2,50,000) * 30%

10%

Senior Citizens (Individuals aged above 65 years)

Slab (Rs.)

Tax (Rs.)

Surcharge on Income Tax (if

TI > Rs.10 Lakhs) (Rs.)

less than 1,85,000

Nil

Nil

1,85,000 to 2,50,000

(TI 1,85,000) * 20%

10%

Greater than 2,50,000

13,000 + (TI 2,50,000) * 30%

10%

 

 

 

Income Tax Rates/Slabs for A.Y. (2004-05 & 2005-06)

Slab (Rs.)

Tax (Rs.)

Surcharge on Income Tax

(If TI > Rs.8.50 Lakhs) (Rs.)

less than 50,000

Nil

Nil

50,000 to 60,000

(TI 50,000) * 10%

10%

60,000 to 1,50,000

1,000 + (TI 60,000) * 20%

10%

Greater than 1,50,000

19,000 + (TI 1,50,000) * 30%

10%

Income Tax Rates/Slabs for A.Y. (2003-04)

Slab (Rs.)

Tax (Rs.)

Surcharge on Income Tax

(If TI > Rs.60,000) (Rs.)

Less than 50,000

Nil

Nil

50,000 to 60,000

(TI 50,000) * 10%

5%

60,000 to 1,50,000

1,000 + (TI 60,000) * 20%

5%

Greater than 1,50,000

19,000 + (TI 1,50,000) * 30%

5%

 

 

Income Tax Rates/Slabs for A.Y. (2002-03)

 

Slab (Rs.)

Tax (Rs.)

Surcharge on Income Tax

(If TI > Rs.60,000)

Less than 50,000

Nil

Nil

50,000 to 60,000

(TI 50,000) * 10%

2%

60,000 to 1,50,000

1,000 + (TI 60,000) * 20%

2%

Greater than 1,50,000

19,000 + (TI 1,50,000) * 30%

2%

 

 

Income Tax Rates/Slabs for A.Y. (2001-02)

Slab (Rs.)

Tax (Rs.)

Surcharge

TI > 60,000

Surcharge

TI > 1,50,000

Less than 50,000

Nil

Nil

Nil

50,000 to 60,000

(TI 50,000) * 10%

12%

17%

60,000 to 1,50,000

1,000 + (TI 60,000) * 20%

12%

17%

Greater than 1,50,000

19,000 + (TI 1,50,000) * 30%

12%

17%

 

 

 

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