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