Income tax slab rates for last 25 years in india 199293 to. Income tax slabs and tax rates in india for fy 202021. Income tax rate for last 15 years for individual, huf. Personal income tax slab changes recommended by the direct tax committee with the union budget 2020 approaching, a report has been prepared by the central direct tax committee. My query is why i should pay the penalty, since the law is made on 1st april 2017 onwords and not to prior to that. 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. Income tax slab rates assessment year 201516 accounting. Income tax slab rates for financial year 2014 assessment. For assessment year 20152016, additional surcharge called the education cess on income tax and secondary and higher education cess on income tax shall continue to be levied at the rate of two per cent. Income tax slab rates for last 25 years in india 199293. Calculation of income tax for salaried employees bnn lakshmaji rao, assistant accounts officer.
Who is 60 years or more at any time during the previous year,but less than 80 year as on the last day of the previous year i. Click here for income tax rates for assessment year 201516. Ay is assessment year latest income tax slab rates for fy 201617. Apr 17, 2015 before explaining the due date to file income tax return for assessment year 2015 16 financial year 201415,we have provided the persons who are required to file income tax return. But the tax slabs have not been changed for the last few years. The basic exemption limit has been increased from rs 2 lakh to rs.
Today we are providing income tax slab rates for assessment year 201617. Deductions under sections 80 ce available for individuals would be discussed in the upcoming blogs on tax planning for ay 201516. The new tax regime offers lower tax rates and new tax slabs and simultaneously removes tax exemptionsdeductions and will result in lower tax outgo for taxpayers, according to the finance minister. Various examples of calculation of income tax learn. The finance minister has introduced many changes in the income tax slab rate for financial year 20192020 ay 20202021.
Detailed split for general, women, senior citizen etc are provided. Apr 18, 2015 income tax forms for assessment year 2015 2016 is released by income tax department for assessment year 2015 2016, every person not being a co. The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge. Tax rebate of rs 2000 to resident individuals whose total income is less than rs 5,00,000surcharge. For the purpose of ascertainment of the applicable tax slab, an individual can be classified as follows. 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. Rates of income tax in respect of income liable to tax for the financial year 20152016 assessment year 20162017 there is no change in the basic tax rate and exemption limit for individual, hindu undivided family, association of person, body of individuals and artificial juridical person in assessment year 201617 in comparison to a. As per the report, changes have been suggested in the current direct tax system. Income tax rates on partnership firm for ay 201516 cakart. Income tax rates for ay 202021 get income tax slab rates for individuals, senior citizens, partnership firm, tax rates for companies, huf, aop, boi, cooperative society, etc. Income tax slab rates for financial year 201516 assessment year 201617. Mar 21, 2017 income tax slab rate for the fy 201415 and assessment year 201516, rate chart of income tax after budget 2014. Income tax slabs income tax rates fy 201415 av 201516. Income tax rates on partnership firm for ay 201516.
The following income tax slabs are applicable for the financial year 201819 i. As there was no change in income tax slabs for fy 201516 i. The more a taxpayer earns the more he should pay is the basic. Singapore citizen sc or singapore permanent resident spr who resides in singapore except for temporary absences. In previous article, we have given frequently asked questions on income tax return filing and complete details on pan or permanent account number. Income tax at a glance among direct taxes, income tax is the main source of revenue. Income tax slab every year amendments are made to the income tax act by proposing a finance bill which directly decides the threshold limits for various tax rates. Union budget 2014 has amended the basic income tax slabs for financial year 201415, however there is no change in the income tax rates, surcharge and cess. Here is quick guide of tax bracket for individuals depending on the income. Tax deduction for physically disabled persons income tax. Saturday, september 6th, 2014 amritesh no responses 35 views. Income tax is imposed on the basis of ability to pay.
Income tax slab rates for ay 2021 income tax slabs. Income tax ratesslab for assessment year 201617 previous year 201516 income tax rates for financial year 201415 and 20152016 are same, there is. Income tax amendment for the assessment year 201415. General rate slab rate for individual resident aged below 60 yearsnri huf aop boi income slabs tax rates where the taxable income does not exceed rs. Incometax slab rates for individual for fy 201516 ay 201617 you can complete filing your incometax return in just 15 minutes using the website or the mobile app. Income tax slabs 202021 new income tax slabs, brackets. Income tax slabs and rates for fy 202021 bankbazaar. Government of india has increased the basic personal income tax exemption limit from rs. The more a taxpayer earns the more he should pay is the basic principle of charging income tax. However, there have been no changes made to the income tax slabs. For individuals below 60 years age including woman assessees. Education cess of 3% is also applicable to income tax computed as per above slab. Under the exisitng tax regime, the basic tax exemption limit for an individual depends on their age and residential status.
Income tax slab rates for assesment year 201718 financial. Individual, hindu undivided family, association of persons, body of individuals, artificial juridical person. There are lot of changes in tax rates and cess in the last 25 years. Jul 14, 2016 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. Incometax slab rates for individual for fy 201415 ay. Latest updates the latest income tax slabs for 20182019 can be found here income tax slabs 201819. For the assessment year 201415 and 201516, a local authority is taxable at 30 %.
Income tax slabs are reintroduced in union budget 201415 and no big change in the tax slabs for the financial year 201415 and assessment year 2015 16. Hope, now you all know the income tax rates on partnership firm. Income tax slab rates change every year after the announcement of budget. Financial year 2015 16 assessment year 201617 every year the income tax rates are changed and it is important to get the latest income tax rates. 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.
Download income tax calculator for free for previous year 2014 2015. For assessment year 20152016, tax deduction under section 80u will be rs 50000 or rs 00 as the case may be. Download it slabs from fy 200809 to fy 201516 file in pdf. Nov 18, 2011 income tax rates after budget 2012 is available here income tax rate chart slabs for assessment year 201112 and earlier years has been given chart form as under in respect of individual, hufhindu undivided family,boibody of individuals so download the charts for link given below or you can read the same online as shown below.
You will be treated as a tax resident for a particular year of assessment ya if you are a. Income tax slabs and rates for assessment year 201516. The amount of incometax shall be increased by a surcharge at the rate of 10% of such tax, where total income exceeds one crore rupees. The new income tax rates or income tax slabs are effective from april 01, 20. Income tax slabs and rates for assessment year 201516 cakart. Normal rates of tax applicable to all individuals who are less than 60 years of age. Rates of income tax in respect of income liable to tax for the financial year 20152016 assessment year 20162017 income tax slab for financial year 201516 budget 2015. Income tax slab rates for financial year 201516 assessment. Here is a primer on income tax slab rates for ay 201617. Calculate your tax based on the tax slabs for year 20152016. Free major itr forms for financial year 201415 itr1, itr2, itr2a, itr4s pdf files. Professional tax for the financial year 201516 monday, march 30th, 2015 amritesh 179 responses 53 views professional tax is a tax levied by the various state governments of india on salaried individuals, working in government or nongovernment entities, or in practice of any profession, including chartered accountants, doctors, lawyers etc or. Individual, hindu undivided family, association of persons, body of.
The tax slab rates for individual below 60 years and for nri aop boi hufajp. India income tax slabs 20152016 for general tax payers and women. Assessment year 201920, in case of a unit located in an ifsc which derives its income solely in convertible foreign exchange, the rate of amt under section 115jf shall be at the rate of 9% instead of existing rate of 18. Examples relating to calculation of income tax relating to financial year 201415 assessment year 201516 illustration. The new and revised income tax slabs and rates applicable for the financial year fy 201112 and assessment year ay 2012 are mentioned below. Income tax slab for filing tax return on income in india. We give below the income tax rates and slabs applicable for the fy 2015 16 or ay 201617. The income tax slab rates are usually revised every year during the budget.
Income tax rate for last 15 years for individual, huf, aop and boi last updated on june 3, 2014 by editorial staff income tax rate is a percentage specified in the finance bill as a rate to be charged on the taxable income of financial year to which the finance bill is relevant. Income tax rates for fy financial year 201415 ay assessment year 2015 16 final, for individuals,men, women, senior citizens, hufs and other categories surcharge and education cess. Some of the highlights of income tax slab rates for fy 201920 assessment year 202021 income tax slab rates help you decide whether your income is taxable or not. 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 income tax slab fy 1920 is a set of predetermined rates based on which a taxpayers income is assessed. Assessment year ay 201516 income tax slabs and rates for the assessment year 201516 applicable on income earned during 01.
Articles explains rates of incometax in respect of income liable to tax, minimum alternative tax rate, securities transaction tax stt. Which tax regime old or newwould be beneficial and result in lower tax payable for each individual is likely to depend on hisher income. Income tax slabs for financial year 201516 or assessment. For assessment year 20182019 financial year 20172018 individual resident aged below 60 years i. Assessment year 2015 16 income tax slab rates for 1. Resident individual of the age of 60 years or above at any time during the year but below the age of 80 years. Latest income tax slabs and rates for fy 201516 and ay 201617. Assessment year 2014, relevant to financial year 2012. Jul 11, 2014 today i have gone to income tax department to file the return financial year 201415 assessment year 2015 16, whereas the income tax officer has told me to pay penalty rs. Rates of income tax in respect of income liable to tax for the financial year 2015 2016 assessment year 20162017 income tax slab for financial year 2015 16 budget 2015. Please click on the links below to view the income tax also written shortly as i. For the assessment year 201415 and 201516, a partnership firm including llp is taxable at 30 %.
For individuals below 65 years age, other than woman assessees. Assessment year 200809, relevant to financial year 200708. Income tax rates depend on an individuals tax residency status. Income tax income tax rates ay 201516 fy 2014 referencer. The following income tax rates are applicable for the financial year ending march 31, 2016 i. Income tax slabs for financial year 201415 and assessment. Oct 14, 2019 government of india has increased the basic personal income tax exemption limit from rs.
X, aged 45 years, submitted the details of his income and investment for financial year 201415, as under. Income tax slabs are reintroduced in union budget 201415 and no big change in the tax slabs for the financial year 201415 and assessment year 201516. Income tax slabs for financial year 2015 16 or assessment year 201617. Given below are the latest income tax slabs applicable for financial year 202021 assessment year 202122 in the exisitng tax regime.
Assessment year 201516, relevant to financial year 201415. Income tax slab rates for financial year 2014 assessment year 201415. Government of india income tax slab rates for ay 20142015. Income tax slabs and rates for assessment year 201516 at cakart. Assessment year 201516 i individual assessees including women assessees. New income tax slab for ay 12 new income tax slabs for ay 12 for resident senior citizens above 60 years fy 201112. Tax slab for financial year 201516 assessment year 1617.
Income tax rates applicable for individuals, hindu undivided family huf, association of persons aop and body of individuals boi in india is as under. Know more about income tax slabs and rates for assessment year 2015 16. Incometax slab rates for individual for fy 201516 ay 2016. Due date to file income tax return assessment year 201516.
1154 754 1263 451 1239 933 1542 715 983 1020 115 873 1137 37 1001 1023 1134 65 80 1420 1075 760 2 1121 197 1017 803 819 509 751 1068 1074 1086 101