Your income is taxed according to income tax slab rates. Tax slabs have not changed since financial year FY 2014-15 (assessment year AY 2015-16).
 Income tax slab rates are same for these 3 financial years – FY 2014-15, FY 2015-16 and FY 2016-17.

INCOME TAX SLAB RATES FOR F.Y 2015-16(A.Y 2016-17)
 

Income tax slab for individual tax payers & HUF ( less than 60 years old) (both men and women)

Income up to Rs 2,50,000 No Tax
Income up to Rs 2,50,000- 500000 10%
Income from Rs 5,00,000-1000000 20%
Income more than Rs 10,00,000 30%

Surcharge: 12% of income tax, where total income exceeds Rs.1 crore
Cess: 3% on total of income tax + surcharge



Income tax slab for senior citizens(60 years old or more but less than 80 years)(both men and women)


Income up to Rs 3,00,000 No Tax
Income up to Rs 3,00,000 - Rs 500000 10%
Income from Rs 5,00,000 - Rs. 1000000 20%
Income more than Rs 10,00,000 30%

Surcharge: 12% of income tax, where total income exceeds Rs.1 crore
Cess: 3% on total of income tax + surcharge



Income tax slab for super senior citizens (80 years old or more) (both men and women)


Income up to Rs 2,50,000 No Tax
Income up to Rs 5,00,000 No Tax
Income up to Rs 5,00,000 - Rs. 10,00,000 20%
Income more than Rs 10,00,000 30%

Surcharge: 12% of income tax, where total income exceeds Rs.1 crore
Cess: 3% on total of income tax + surcharge



Some incomes are taxed at special rates


Short term capital gains from assets (Other than shares & mutual funds) At Income Tax Slab rates listed above
Long term capital gains from assets (Other than shares & mutual funds 20%
Short term capital gains on shares and equity mutual funds 15%
Long term capital gains on shares and equity mutual funds NIL
Long term capital gains on shares and equity mutual funds NIL
Short term capital gains on debt mutual funds At Income Tax Slab rates listed above
Long term capital gains on shares and equity mutual funds At 20% with indexation


Income tax slab for Non Residential Indians


Income up to Rs 2,50,000 No Tax
Income up to Rs 2,50,000- 500000 10%
Income from Rs 5,00,000-1000000 20%
Income more than Rs 10,00,000 30%

 

Note: Difference in rates as per age is not applicable for NRIs