Assessment Year 2016-2017

 

The following INCOME TAX RATES ARE applicable for the Financial Year ending March 31, 2016 (Financial Year 2015-16. Assessment Year 2016-17).
Every year the income tax rates are changed by Finance Bill 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)

UptoRs. 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%

 

 

 

 

 

 

 

Changes in Budget for FY 2015-16


Particulars

Existing Provisions for FY 2014-15
OR
AY 2015-16

Changes as per Budget for FY 2015-16
 OR
AY 2016-17

Surcharge on taxable income exceeding Rs. 1 Crore for Individuals, Senior Citizens, Very Senior Citizens, HUFs, AOPs, BOIs, artificial juridical persons, firms, cooperative societies and local authorities

10% of Income Tax

12% of Income Tax

Comparison of Benefits under various IT Sections

Exempted amount of transport allowance

Rs. 800/- per month

Rs. 1,600/- per month

Section 80D - Deduction for Health  Insurance premium

Rs. 15,000/-

Rs. 25,000/-

Section 80D - Deduction for Health  Insurance premium for Senior Citizens

Rs. 20,000/-

Rs. 30,000/-

Investment in SukanyaSamriddhi Scheme

-

Eligible for deduction u/s 80C and any payment from the scheme shall not be liable to tax.

Section 80DDB - Deduction in case of very senior citizens on expenditure on account of specified diseases

Rs. 60,000/-

Rs. 80,000/-

Section 80DD - Maintenance, including medical treatment of a dependent who is a person with disability

Rs. 50,000/-

Rs. 75,000/-

Section 80DD - Maintenance, including medical treatment of a dependent who is a person with severe disability

Rs. 1,00,000/-

Rs. 1,25,000/-

Section 80U - Person with disability

Rs. 50,000/-

Rs. 75,000/-

Section 80U - Person with severe disability

Rs. 1,00,000/-

Rs. 1,25,000/-

Section 80CCC - Contribution to provident fund of LIC or IRDA approved insurer

Rs. 1,00,000/-

Rs. 1,50,000/-

Section 80CCD - Contribution by the employee to National Pension Scheme (NPS)

Rs. 1,00,000/-

Rs. 1,50,000/-
The budget also proposes to provide a deduction of uptoRs. 50,000 over and above the limit of Rs. 1.50 lakh in respect of contributions made to NPS.

 

Income Tax Retrun Forms

There are different type of Income Tax Retrun as per the source of Income and as per the identity of the tax payer

You should choose a return form according to your status and nature of income from the following:

ITR NO DESCRIPTION FILE ZIP FILE

ITR1

For Individuals having Income from Salary/ Pension/ family pension & Interest

  ITR1

ITR2

For Individuals and HUFs not having Income from Business or Profession

  ITR2

ITR3

For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship

  ITR3

ITR4

For individuals & HUFs having income from a proprietary business or profession

  ITR4S

ITR5

For firms, AOPs and BOIs

   

ITR6

For Companies other than companies claiming exemption under section 11

   

ITR7

For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D)

   

ITR8

Return for Fringe Benefits

   

ITRV

Where the data of the Return of Income/Fringe Benefits in Form ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 & ITR-8 transmitted electronically without digital signature