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Income Tax Slabs for FY 2015

Income Tax Slabs for FY 2015-16

Income General (non-senior citizens ) Category Senior Citizens : Males and Females above 60 years of age, but below 80 years Very Senior Citizens (Males and Females above 80 years of age)
Upto Rs. 2,50,000 Nil Nil Nil
Rs. 2,50,001 >= 5,00,000 10% of teh amount exceeding Rs. 2,50,000 10% of the total amount exceeding Rs. 3,000,00 NIL
Rs. 5,00,001 >= Rs. 10,00,000 Rs.25000 + 20% of amount exceeding Rs. 5,000,00 Rs.20,000 + 20% of amount exceeding Rs. 5,000,00 20% of amount exceeding Rs. 5,000,00
Above Rs. 10,00,000 Rs. 125000 + 30% of amount exceeding Rs. 10,000,00 Rs. 120,000 + 30% of amount exceeding Rs. 10,000,00 Rs100,000 + 30% of amount exceeding Rs. 10,000,00

If income <= 5,000,00 Rebate of 2000 on calculated tax. So maximum tax payable Rs 23000 If income > 5,000,00 Tax payable : Rs 25,000 + 20% tax on income above Rs 5 lakh
Surchare : 12% if income > Rs. 1 crore
Education cess @ 3% of total tax and surcharge

Tax Exemptions

Exemptions Amount
Surcharge Taxable income > Rs. 1 Crore Individuals, Senior Citizens, Very Senior Citizens, HUFs, AOPs, BOIs, artificial juridical persons, firms, cooperative societies and local authorities 12% of Income Tax
Education 3% of (Total income tax + surcharge)
Transport allowance Rs. 1,600/- per month
Section 80D: Deduction for Medical Insurance premium Rs. 25,000/-
Section 80D Deduction for Medical Insurance premium for Senior Citizens Rs. 30,000/-
Investment in Sukanya Samriddhi Scheme Eligible for deduction u/s 80C and any payment from the scheme shall not be liable to tax.
Section 80DDB Deduction in case of very senior citizens on expenditure on account of specified diseases Rs. 80,000/-
Section 80DD(dependent/family member) Medical treatment and maintenance of a dependent person with disability Rs. 75,000/-
Section 80DD(dependent/family member) Medical treatment and maintenance of a dependent person with severe disability Rs. 1,50,000/-
Section 80U(self) Person with disability Rs. 75,000/-
Section 80U(self) Person with severe disability Rs. 1,50,000/-
Section 80CCC Contribution to provident fund of LIC or IRDA approved insurer Rs. 1,50,000/-
Section 80CCD Contribution by the employee to National Pension Scheme (NPS) Rs. 1,50,000/-

What is professional tax?

If you are a professional or a working individual of a reputed organization, then you are required to pay professional tax. Professional tax in India is a state-level duty.

In India, this tax is imposed by various states. It is imposed on business owners, working individuals, merchants and people carrying out various occupations. The following states impose this levy in India- Andhra Pradesh, Assam, Bihar, Chattisgarh, Gujarat, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Manipur, Meghalaya, Mizoram, Orissa, Puducherry, Tamil Nadu, Tripura, Jharkhand, Punjab, West Bengal, Himachal Pradesh, Jammu & Kashmir, Nagaland, Sikkim, Rajasthan, Telangana. States where professional tax is not implemented are- Arunachal Pradesh, Delhi, Goa, Haryana, Uttar Pradesh, Uttaranchal, Andaman & Nicobar, Chandigarh, Daman & Diu, Dadra & Nagar Haveli, Lakshadeep

Professional tax is levied by particular Municipal Corporations and majority of the Indian states impose this duty. It is a source of revenue for the government. The maximum amount payable per year is Rs. 2,400/- and in line with your salary, there are predetermined slabs. It is paid by every member of staff employed in private companies. It is subtracted by the employer each month and sent to the Municipal Corporation. It is compulsory as income tax. You will be eligible for income tax deduction for this payment.

Criteria in various states of India

In Maharashtra, this duty is applicable both on individuals and companies as laid down by the guidelines of the Maharashtra Professional Tax Act of 1975.

Every individual living in Maharashtra, involved in any business, profession, occupation or employment is legally responsible to pay it and has to get a Certificate of Enrolment from the Professional Authority.

As soon as you receive this certificate, you can fulfill your personal tax liability for 5 years by making a one-time payment, which is equivalent to the sum of Professional Tax for 4 years beforehand, getting relief for payment of one year. In Tamil Nadu, it is imposed by the Municipal Council on businessmen, professionals, and employed individuals.

Every company which conducts business and every individual, who is involved directly in any business, occupation, or employment in the town panchayat on the first day of the half-year for which return has been submitted, needs to pay biannual tax at the rates stipulated.

Professional Tax Slabs in Various States

Andhra Pradesh

Salary Slabs per month Payable Tax per month
Upto Rs. 5,000/- Nil
Rs. 5,000/- to Rs. 6,000/- Rs. 60/-
Rs. 6,000/- to Rs. 10,000/- Rs. 80/-
Rs. 10,000/- to Rs. 15,000/- Rs. 100/-
Rs. 15,000/- to Rs. 20,000/- Rs. 150/-
Rs. 20,000/- and above Rs. 200/-

Assam

Salary Slabs per month Payable Tax per month
Upto Rs. 3,500/- Nil
Rs. 3,501/- to Rs. 5,000/- Rs. 30/-
Rs. 5,001/- to Rs. 7,000/- Rs. 75/-
Rs. 7,001/- to Rs. 9,000/- Rs. 110/-
Rs. 9,001/- and above Rs. 208/-

Chhattisgarh

Salary Slabs per month Payable Tax per month
Upto Rs. 12,500/- Nil
Rs. 12,501/- to Rs. 16,667/- Rs. 150/-
Rs. 16,668/- to Rs. 20,833/- Rs. 180/-
Rs. 20,834/- to Rs. 25,000/- Rs. 190/-
Rs. 25,001/- & above Rs. 200/-

Gujarat

Salary Slabs per month Payable Tax per month
Upto Rs. 2,999 Nil
Rs. 3,000/- to Rs. 5,999/- Rs. 20/-
Rs. 6,000/- to Rs. 8,999/- Rs. 80/-
Rs. 9,000/- to Rs. 11,999/- Rs. 150/-
Rs 12,000/- and above Rs. 200/-

Karnataka

Salary Slabs per month Payable Tax per month
Rs. 3,000/- to Rs. 5,000/- Rs. 30/-
Rs. 5,000/- to Rs. 8,000/- Rs. 60/-
Rs. 8,000/- to Rs. 10,000/- Rs. 100/-
Rs. 10,000/- to Rs. 15,000/- Rs. 150/-
Rs. 15,000/- and above Rs. 200/-

Kerala

Salary Slabs per month Payable Tax per month
Upto Rs. 1,999/- Nil
Rs. 2000/- to Rs. 2999/- Rs. 20/-
Rs. 3000/- to Rs. 4,999/- Rs. 30/-
Rs. 5,000/- to Rs. 7,499/- Rs. 50/-
Rs. 7,500/- to Rs. 9,999 Rs. 75/-
Rs. 10,000/- to Rs. 12,499/- Rs. 100/-
Rs. 12,500/- to Rs. 16,666/- Rs. 125/-
Rs. 16,667/- to Rs. 20,833/- Rs. 166/-
Rs. 20,834/- and above Rs. 208/-

Madhya Pradesh

Salary Slabs per month Payable Tax per month
Upto Rs. 10,000/- Nil
Rs. 10,001/- to Rs. 12500/- Rs. 88/-**
Rs. 12,501/- to Rs. 15,000/- Rs. 125/-
Rs. 15,001/- & above Rs. 208/- ##
** upto Feb. Rs. 88, March Rs. 87/-  
## upto Feb Rs. 208/-, March Rs. 212/-

Maharashtra

Salary Slabs per month Payable Tax per month
Upto Rs. 2,500/- Nil
Rs. 2,500/- to Rs. 3,500/- Rs. 60/-
Rs. 3,500/- to Rs. 5,000/- Rs. 120/-
Rs. 5,000/- to Rs. 10,000/- Rs. 175/-
Rs. 10,000/- and above Rs. 200/-**
*upto Feb Rs. 200/- p.m. & Mar Rs. 300/- p.m.

Meghalaya

Salary Slabs per month Payable Tax per month
Upto Rs. 4,166/- Nil
Rs. 4,167/- to Rs. 6,250/- Rs. 16.50/-
Rs. 6,251/- to Rs. 8,333/- Rs. 25/-
Rs. 8,334/- to Rs. 12,500/- Rs. 41.50/-
Rs 12,501./- to Rs. -16,666 Rs. 62.50/-
Rs. 16,667/- to Rs. 20,833/- Rs. 33/-
Rs. 20,834/- to Rs. 25,000/- Rs. 35/-
Rs. 25,001/- and above Rs. 38/-

Orissa

Salary Slabs per month Payable Tax per month
Upto Rs. 5000/- Nil
Rs. 5,001/- to Rs. 6,000/- Rs. 30/-
Rs. 6,001/- to Rs. 8,000/- Rs. 50/-
Rs. 8,001/-to Rs. 10,000/- Rs. 75/-
Rs. 10,001/- to Rs. 15,000/- Rs. 100/-
Rs. 15,001/- to Rs. 20,000/- Rs. 150/-
Rs. 20,001/- & above Rs. 200/-

Tamil Nadu

Salary Slabs per month Payable Tax per month
Upto Rs. 3,500/- Nil
Rs. 3501/- to Rs. 5000/- Rs. 16.50/-
Rs. 5001/- to Rs. 7500/- Rs. 39/-
Rs. 7501/- to Rs. 10000/- Rs. 85/-
Rs. 10001/- to Rs. 12500/- Rs. 126.50/-
Rs. 12501/- & above Rs. 182.50/-

Tripura

Salary Slabs per month Payable Tax per month
Upto Rs. 2500/- Nil
Rs. 2501/- to Rs. 3500/- Rs. 55/-
Rs. 3501/- to Rs. 4500/- Rs. 85/-
Rs. 4501/- to Rs. 6500/- Rs. 100/-
Rs. 6501/- to Rs. 10000/- Rs. 140/-
Rs. 10001/- and above Rs. 180/-

West Bengal

Salary Slabs per month Payable Tax per month
Upto Rs. 5,000/- Nil
Rs. 5,001/- to Rs. 6,000/- Rs. 40/-
Rs. 6,001/- to Rs. 7,000/- Rs. 45/-
Rs. 7,001/- to Rs. 8,000/- Rs. 50/-
Rs. 8,001/- to Rs. 9,000/- Rs. 90/-
Rs. 9,001/- to Rs. 15,000/- Rs. 110/-
Rs. 15,001/- to Rs. 25,000/- Rs. 130/-
Rs. 25,001/- to Rs. 40,000/- Rs. 150/-
Rs. 40,001/- and above Rs. 200/-

In New Delhi

Income Tax to be imposed
Upto Rs. 1,10,000 Nil
From Rs. 1,10,000 To Rs. 1,45,000 Nil
From Rs. 1,45,000 To Rs. 1,50,000 10.00%
From Rs. 1,50,000 To Rs. 1,95,000 20.00%
From Rs. 1,95,000 To Rs. 2,50,000 20.00%
More than Rs. 2,50,000 30.00%

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