New Income Tax Slabs for AY 15-16 for Resident Super Senior Citizens above 80 years (FY 2014-15)

No. Income Range Tax percentage
1 Up to Rs 5,00,000 No tax / exempt
2 5,00,001 to 10,00,000 20%
3 Above 10,00,000 30%

New Income Tax Slabs for AY 15-16 for Resident Senior Citizens above 60 years (FY 2014-15)

No. Income Range Tax percentage
1 Up to Rs 3,00,000 No tax / exempt
2 3,00,001 to 5,00,000 10%
3 5,00,001 to 10,00,000 20%
4 Above 10,00,000 30%

Income Tax Slabs for AY 15-16 for Resident Citizens (below 60 years) (FY 2014-15)

No. Income Range Tax percentage
1 Up to Rs 2,50,000 No tax / exempt
2 2,50,001 to 5,00,000 10%
3 5,00,001 to 10,00,000 20%
4 Above 10,00,000 30%

For normal category the simple calculation is as follows

  • Taxable Income in 10% slab maximum tax will be Rs. 25000
  • Taxable Income in 20% slab maximum tax will be Rs. 25000 + Rs. 100000 total Rs. 125000
  • Taxable Income in 30% slab minimum tax will be Rs. 125000

3% Cess will be in addition to this.