Latest Income tax slab and Deductions for Male/ Female Senior Citizen FY 2015-16.
|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%|
1. who exceeds the FY income under the slab rates can fill the return.
2. last date for filing of income tax return is usually July 31 of the Finacial year.for individuals (sometimes it extends).
3. The penalty for non-filing of income tax return Rs.5,000/-
Example: calculating Taxes and for financial year:
80D Deductions for health schemes up to 15k, 20K for senior citizen
Transport Allowance 800 per month
80DB: Deduction Senior citizen Diseases 60K,
80DD: maintenance for disability person up to 50K. Severe 1Lakh,
80CCC: PF Contribution to LIC IRDA or other Insurer. 100K,
800CCD: Contribution by the employee to the National pension scheme, 100k.
Tax Exemptions for Children Studies and Insurance Plans.
Income tax for firms, companies, local authorities, 30% up to 1 crore, 33%1 crore above see full info somewhere else.