Rates of Income Tax as per Finance Act, 2015

As per the Finance Act,
2015, income-tax is required to be pay for financial year
2015-16 (i.e. Assessment Year 2016-17) at the following rates: 

 Income
Tax Slab Rates  

A.          Normal
Rates of tax:   

 
B. Rates of tax for every individual, resident in India, who is
of the age of sixty years or more but less than eighty years at any time during
the financial year:
 

Sl No	Total Income	Rate of tax
1	Where the total income does not exceed Rs. 3,00,000/-	Nil
2	Where the total income exceeds Rs. 3,00,000 but does not exceed Rs. 5,00,000/-	10 per cent of the amount by which the total income exceeds Rs. 3,00,000/-
3	Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-	Rs. 20,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-.
4	Where the total income exceeds Rs. 10,00,000/-	Rs. 1,20,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-

 
C. In case of every individual being a resident in India, who is
of the age of eighty years or more at any time during the financial year:
 

Surcharge
on Income tax:
 

Surcharge is applicable in
the case of individual or Hindu undivided family or association of persons or
body of individuals, whether incorporated or not, or every artificial juridical
person having a total income exceeding one crore rupees.
  

Education
Cess on Income tax:
 

The amount of income-tax including the surcharge if applicable
shall be increased by Education Cess on Income Tax at the rate of two
percent of the income-tax.
   

Secondary and Higher Education Cess on Income-tax:
 

In
addition education cess is chargeable at the rate of one percent of income tax
and surcharge if applicable.