Budget 2016: No Change In Income Tax Slabs

Finance Guru Speaks: Today Union Budget 2016 has been announced.

Below are the key points for tax payers:-

Budget 2016-Tax Payers

1. Surcharge on income tax for individuals whose incomes exceeding 1 Crore per annum raised from 12% to 15%.

2. No change in income tax slabs in 2016-17 budget.

3. First-time home buyers to get additional deduction of Rs 50,000 on interest for loan upto Rs 35 lakh. The cost of house should not be more than Rs 50 lakh.

4. Deduction for rent paid will be raised from Rs 20,000 to Rs 60,000 to benefit those living in rented houses.

5. Ceiling of tax rebate for tax payers with up to Rs 5 lakh annual come to be raised to Rs 5000 from Rs 2000 currently. It means a relief of Rs 3000 per year. 

FY 2015-16 Income Tax Slabs:-

For an Individual (Male or Female) :

Income Tax Rate FY 2015-16

For a resident Senior Citizen (Age 60 to 80) :
 

Income Tax Rate FY 2015-16 for Senior Citizens

For a resident Super Senior Citizen (More than 80 years of age) :

Income Tax Rate FY 2015-16 for Super Senior Citizens

 

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