Applicable rates of Income Tax Rates for Individuals, Hindu Undivided Family (HUF), Body of Individuals (BOI) and Association of Persons (AOP) in India is as under:
Assessment Year 2016-17, Relevant to Financial Year 2015-16
For Individuals below 60 years age (including Woman Assessees):
| Income | Tax Rate |
| Upto 250,000 | Nil |
| 250,001 to 500,000 | 10% of the amount exceeding 250,000 |
| 500,001 to 1,000,000 | Rs.25,000 + 20% of the amount exceeding 500,000 |
| 1,000,001 & above | Rs.125,000 + 30% of the amount exceeding 1,000,000 |
For Individuals aged 60 years and above but below 80 years (Senior Citizen):
| Income | Tax Rate |
| Upto 300,000 | Nil |
| 300,001 to 500,000 | 10% of the amount exceeding 300,000 |
| 500,000 to 1,000,000 | Rs.20,000 + 20% of the amount exceeding 500,000 |
| 1,000,000 & above | Rs.120,000 + 30% of the amount exceeding 1,000,000 |
For Individuals aged 80 years and above (Very Senior Citizen):
| Income | Tax Rate |
| Upto 500,000 | Nil |
| 500,000 to 1,000,000 | 20% of the amount exceeding 500,000 |
| 1,000,000 & above | Rs.100,000 + 30% of the amount exceeding 1,000,000 |
Surcharge on Income Tax: 10% of the Income Tax payable, in case the total taxable income exceeds Rs.10,000,000. Surcharge shall not exceed the amount of income that exceeds Rs.10,000,000.
Education Cess: 3% of Income Tax plus Surcharge
The surcharge is increased to 12% for income above 1 crore.
Wealth tax is abolished.
Also see Income tax slabs for Assessment Year 2014-15, Relevant to Financial Year 2013-14
Also see Income tax slabs for Assessment Year 2015-16, Relevant to Financial Year 2014-15
