Income Tax Rates for current year 2015-2016

Income Tax Rates for current year 2015-2016 (Assessment year 2016-2017)

Income Tax Rates for Assessment year 2016-2017:

Income Tax Rates/Slab for Assessment Year 2016-17	Rates/ %age
Up to 2,50,000 Up to 2,50,000 (for women) Up to 3,00,000 (for resident individual of 60 years till 80 years)	Nil
250,001 – 5,00,000 Up to 500,000 (for resident individual of 80 years and above, Tax is nil)	10% Nil
5,00,001 – 10,00,000	20%
10,00,001 upwards	30%

Education Cess of 3% is also applicable to Income Tax computed as per above slab.

There is no change in Income tax rates for year 2015-16. It is same as last year 2014-15 (AY 2015-16).

 

Budget 2015 Highlights

 

India Budget updates:

• Jan Dhan Yojana, coal auctions and Swachch Bharat our achievements: FM
• Proposal to allocate Rs 34600 cr for MNRGA
• FM: We will finish the journey to 3% fiscal deficit in two years
• TO MERGE FMC & SEBI: FM
• Extra Rs 1000 crore to Nirbhaya Fund
• Visa on Arrival already issued to 43 countries, 150 countries to be covered of Visa on Arrival in stages
• Govt to introduce Indian-made gold coins with Ashok chakra to reduce demand for foreign coins
• Govt to incentivise credit, debit card transactions: Rupay Debit Cards to be incentivised. Move towards paperless transactions
• Tax-free infra bonds for railways and roads
• To Allocate `75 Cr For Electrical Vehicles: FM
• To Do Away With Distinction Between FPIs & FDI: FM
• National Optical Fibre Network to be extended: FM
• 3 new pharma institutes in Maharashtra, Rajasthan and Chhattishgarh: FM
• IIMs in J&K and Andhra Pradesh, IIT in Karnataka: FM
• AIIMS-like institutioins in J&K, Punjab, Himachal and Assam: FM
• Propose Accident Insurance, Pension Schemes For Poor: FM
• Armed forces to get cash boost of Rs 2 lakh crore
• Rs 1,200 crore for fast track corridor between Ahmedabad and Mumbai
• Corporate tax Rates proposed to be reduced from 30% to 25% in next 4 years
• Budget Estimates of Expenditure: 17 .77 lakh cr, of which Non Plan is 13.12 lakh cr, and Plan is 4.65 lakh crores
• Atal Pension Yojana to be launched
• nonfiling of returns, or filing of returns with inadequate information will attract RI
• benami property transaction bill to tackle black money transaction in real estate soon
• Fees from royality decreased from 25% to 10%
• Wealth tax abolised . new additional tax @ 2% from income above Rs 1 crore
• Health Insurance Premium increased from Rs 15000/- to Rs 25000/-
• Health Insurance Premium For Senior citizen increased from 15 to 30 k
• very senior citizen a(above 80 year ) Rs 30 for medical treatment.
• All contributions to Sukanya Samridhi  scheme to be tax free: Finance Minister
• Transport allowance increasing Rs 800 to Rs 1600 increase
• Service tax exemption to varist bima yojna
• Yoga included in Charitable trust
• for middleclass, for contribution to National Pension Scheme, exemption raised from Rs 1,00,000 to Rs.1,50,000 under Section 80CCD
• Individual tax payer will benefit to the extent Rs.4,44,200/- from the exemptions announced
• Rs 50,000 deduction in taxable income for contribution to NPS
• No change in Income tax slabs. Income tax rates remain same.

 

Railway Budget 2015

Key higlights of Suresh Prabhu's First Railway Budget 2015:

• No increase in rail fares
•  Railways to raise reserved ticket booking window to 120 days vs 60 days now
•  Presenting his maiden Railway Budget, Rail Minister Suresh Prabhu on Thursday announced a 24*7 helpline for Indian Railways.
• An all India 24*7 helpline 138 will be effective from 1/3/2015;
• Toll free No. 182 for security complaints," Prabhu said.
• Rs 120 crore will be spent to install lifts and escalators at major stations.
• Stressing on the need to work towards PM Narendra Modi's 'Swachh Bharat' drive, Prabhu in his budget speech said, "17,000 more toilets will be replaced by bio-toilets."
• Wi-fi to be available at 400 railway stations
• E-catering introduced in 108 trains, can order on IRCTC website
• To expand water vending machines on more stations
• On-board entertainment facility could be extended on Shatabdi trains
• Mobile charging stations will be introduced general class coaches

Other Highlights of Railway Budget.

• Feasibility report of high speed train between Mumbai and Ahmedabad expected by mid-2015
• Wagon-making scheme to be reviewed to make it easier for private investment
• To improve cleanliness & design of bed linen
• All India 24x7 grievances helpline 138 to start soon
• 7,000 more toilets to be replaced by Bio-Toilets, New toilets at 650 stations, more  vaccum toilets
• Passenger travelling unreserved  can procure a ticket within 5 minutes
• Mobile application to address complaints of people is also being developed
• Introduction of integrated ticketing will be done
• Hand-held devices for ticket checkers for moving towards paperless ticketing
• CCTVs to be introduced in select trains and suburban trains for women safety
• Online application for all recruitment process
• Projects for rail connectivity to many ports and mines
• To monetise assets rather than sell them
• To set up full-fledged Railway University in FY16

Read More on Budget 2015 Income tax changes

Income Tax Calculator App

Download Income Tax Calculator App 
from Google Play Store -

https://play.google.com/store/apps/details?id=com.taxdost.taxcalculator