Income Tax Rates of Individuals for Financial Year 2015–16 & AY 2016–17
Individual Tax Rates
Male/ Female
| Slabs | Tax Rates (Male) | Tax Rates (Females) |
| Taxable Income upto 2,50,000 | Nil | Nil |
| Rs. 2,50,000 to 5,00,000 | 10% | 10% |
| Rs. 5,00,000 to Rs. 10,00,000 | 20% | 20% |
| Above Rs. 10,00,000 | 30% | 30% |
Senior Citizen
| Slabs | Tax Rates |
| Taxable Income upto 3,00,000 | Nil |
| Rs. 3,00,000 to 5,00,000 | 10% |
| Rs. 5,00,000 to Rs. 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
Super Senior Citizen
| Slabs | Tax Rates |
| Taxable Income upto 5,00,000 | Nil |
| Rs. 5,00,000 to Rs. 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
In Addition to That:
Surcharge: 12% of the Income Tax if Taxable Income Exceeds Rs. 1 Crore.
Education Cess: 3% of the Total Income Tax & Surcharge
Note: Relief under section 87A is available to a resident Individual if his total income does not exceed Rs. 5,00,000. The relief available shall be 100% of income-tax or Rs.2,000 whichever is less.