Income Tax Slab & Deductions FY 2015-16

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For Men/Women below 60 years of age For Senior Citizens (Age 60 years or more but less than 80 years) For Senior Citizens (Age 80 years or more)
Income Level Tax Rate Income Level Tax Rate Income Level Tax Rate
Rs. 2,50,000 Nil Upto Rs. 3,00,000 Nil Upto Rs. 5,00,000 Nil
Rs. 2,50,001 – Rs. 500,000 10% Rs. 3,00,001 – Rs. 500,000 10% Rs. 5,00,001 – Rs. 10,00,000 20%
Rs. 500,001 – Rs. 10,00,000 20% Rs. 500,001 – Rs. 10,00,000 20% Above Rs. 10,00,000 30%
Above Rs. 10,00,000 30% Above Rs. 10,00,000 30%

Income Tax Deductions and Exemptions

Income Tax Section Gross Annual Salary How Much Tax Can You Save?
Sec. 80C Across all income slabs Upto Rs. 46,350/- saved on investment of Rs. 1,50,000/-
Sec. 80CCC Across all income slabs Upto Rs. 30,900/- saved on Investment of Rs.1,50,000/-
Sec. 80 D* Across all income slabs Upto Rs. 10,815/- saved on investment of Rs.35,000/-

(Inclusive of Rs. 20,000/- towards health insurance of parents who are senior citizens)
Total Savings
Possible **
Rs. 57,165/-
  • Rs. 46,350/- under Sec. 80C and Sec. 80CCC and
  • Rs. 10,815/- under Sec. 80D
  • Above figures calculated for an individual with gross annual income exceeding Rs. 10,00,000/-
Sec. 10 (10)D Under Sec. 10(10D), the benefits received by you are completely tax-free, subject to conditions specified there in
  • Applicable to premiums paid for all Health Insurance Plans, Critical Illness Benefit, Accelerated Sum Assured and Waiver of Premium Benefit.
    ** These calculations are illustrative and based on our understanding of current tax legislations.
  • The above-mentioned tax benefits are subject to changes in the tax laws. Please contact your tax consultant for an exact calculation of your tax liabilities.

Note: These tax calculations are based on present tax legislations, which are subject to change Under section 80CCE, The aggregate deductions from income under Sections 80C, 80CCC and 80CCD (applicable in case of central government employees only) should not exceed Rs 1.5 lakhs (except an additional saving of Rs.50,000 under section 80CCD (1B) per assessment year – applicable FY 2015-16/AY 2016-17 onwards).

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