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Friday, December 18, 2015

IT Tax Slabs for 2015 - 2016

 

Income Tax Slabs for 2015 - 2016

Senior citizens between 60-80 years would get a basic exemption limit of Rs 3 lakh

Tax slab for individuals below 60 years:
Basic exemption of up to R2.5 lakh: Nil tax
R2.5 lakh-R5.0 lakh: 10 per cent plus cess
R5 lakh-R10 lakh: 20 per cent plus cess
R10 lakh and above: 30 per cent plus cess
 

Senior citizens (60-80 years)

Senior citizens between 60-80 years would get a basic exemption of R3 lakh.
R3-R5 lakh: 10 per cent plus cess
R5-R10 lakh: 20 per cent plus cess
R10 lakh above: 30 per cent plus cess

Super senior citizens (above 80 years)

Super senior citizens above 80 years would get a basic exemption of R5 lakh.
R5-R10 lakh: 20 per cent plus cess
R10 lakh and above: 30 per cent plus cess

There will be an additional surcharge of 12 per cent on income above R1 crore. This applies to all three class.

Best Tax Saver Mutual Funds for 2016 or Top ELSS Mutual Funds for 2016

1. BNP Paribas Long Term Equity Fund

2. Axis Tax Saver Fund

3. IDFC Tax Advantage (ELSS) Fund

4. ICICI Prudential Long Term Equity Fund

5. Religare Tax Plan

6. Franklin India TaxShield

7. DSP BlackRock Tax Saver Fund

8. Birla Sun Life Tax Relief 96

9. Reliance Tax Saver (ELSS) Fund

10. HDFC TaxSaver

Invest Rs 1,50,000 and Save Tax under Section 80C. Get Good Returns by Investing in ELSS Mutual Funds Online

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