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Income Tax Structure 2015-16 – No change in Income Tax Exemption Limit

No change in Income Tax Exemption Limit – More Income Tax exemption for health insurance and Transport Allowance

We provide here the Income Tax Structure for the financial year 2015-16 (Assessment Year 2016-17)

1. No change in Slab rate for Individuals.

 

2. Transport allowance exemption increased from Rs.800 to Rs.1600.

 

3. Medical Insurance exemption increased from Rs.15000 to Rs.25000

 

4. Extra Cess of 2% for ‘Swacch Bharat Abhiyan’.

 

5. Corporate Slab rate changed from 30% to 25% for forthcoming 4 years.

 

6. Abolishment of Wealth tax.

 

7. 2% surcharge for Super rich individuals (having annual income more than Rs. 1 Crore).

 

8. Sukanya Smridhi Scheme eligible for Section 80C and interest would be tax free.

 

9. PAN card mandatory for transaction above Rs. 100000.(i) The rates of income-tax in the case of every individual (other than those mentioned in (ii) and (iii) below)

Upto Rs. 2, 50,000 Nil.
Rs. 2,50,001 to Rs. 5,00,000 10 per cent.
Rs. 5,00,001 to Rs. 10,00,000 20 per cent.
Above Rs. 10,00,000 30 per cent.

(ii)  In the case of every individual, being a resident in India, who is of the age of sixty years or more but less than eighty years at any time during the previous year,-

Upto Rs. 3,00,000 Nil.
Rs.3,00,001 to Rs. 5,00,000 10 per cent.
Rs. 5,00,001 to Rs.10,00,000 20 per cent.
Above Rs. 10,00,000 30 per cent.

(iii) in the case of every individual, being a resident in India, who is of the age of eighty years or more at anytime during the previous year,-

Upto Rs. 5,00,000 Nil.
Rs. 5,00,001 to Rs. 10,00,000 20 per cent.
Above Rs. 10,00,000 30 per cent.

Other Budget 2014 highlights relating to Income tax 2014-15

  • Personal tax exemption limit raised to Rs 2.5 lakh from current Rs 2 lakh for taxpayers below 60 years
  • Senior citizens’ tax exemption limit hiked from Rs 2.5 lakh to Rs 3 lakh
  • No change in surcharge for corporates, individuals
  • Education Cess to stay at current 3%
  • Investment limit under Section 80C hiked to Rs 1.5 lakh from current Rs 1 lakh
  • Exemption on housing loans interest on self-occupied property increased from Rs 1.5 lakh to 2 lakh
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