Income Tax Slab Rate & Deductions - AY 2016 -17 (FY 2015-16)

For Men Below 60 Years Of Age

Income Tax Slab	Income Tax Rate
Income upto Rs. 2,50,000	Nil
Income between Rs. 2,50,001 - Rs. 500,000	10% of Income exceeding Rs. 2,50,000
Income between Rs. 500,001 - Rs. 10,00,000	20% of Income exceeding Rs. 5,00,000
Income above Rs. 10,00,000	30% of Income exceeding Rs. 10,00,000

For Women Below 60 Years Of Age

Income Tax Slab	Income Tax Rate
Income upto Rs. 2,50,000	Nil
Income between Rs. 2,50,001 - Rs. 500,000	10% of Income exceeding Rs. 2,50,000
Income between Rs. 500,001 - Rs. 10,00,000	20% of Income exceeding Rs. 5,00,000
Income above Rs. 10,00,000	30% of Income exceeding Rs. 10,00,000

For Senior Citizens (Age 60 years or more but less than 80 years)

Income Tax Slab	Income Tax Rate
Income upto Rs. 3,00,000	Nil
Income between Rs. 3,00,001 - Rs. 500,000	10% of Income exceeding Rs. 3,00,000
Income between Rs. 500,001 - Rs. 10,00,000	20% of Income exceeding Rs. 5,00,000
Income above Rs. 10,00,000	30% of Income exceeding Rs. 10,00,000

For Senior Citizens (Age 80 years or more)

Income Tax Slab	Income Tax Rate
Income upto Rs. 5,00,000	Nil
Income between Rs. 500,001 - Rs. 10,00,000	20% of Income exceeding Rs. 5,00,000
Income above Rs. 10,00,000	30% of Income exceeding Rs. 10,00,000

Income Tax Deductions and Exemptions

Income Tax Section	Gross Annual Salary	How Much Tax Can You Save?	Plans
Sec. 80C	Across all income slabs	Upto Rs. 46,350/-saved on investment of Rs. 1,50,000/-	All our Life Insurance Plans  Buy Life Insurance and Save Tax
Sec. 80CCC	Across all income slabs	Upto Rs.30,900/-saved on Investment of Rs.1,50,000/-	All Pension Plans Buy Pension Plans and Save Tax
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)	All the health insurance riders available with Conventional Plans
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