Individual Taxtation

Individual & NRi Taxations

The Individual & NRI taxation undergo change every year, we will try to keep you update on the same as and when change occurs.

The below INCOME TAX RATES are applicable for the Financial Year ending March 31,2018(Financial Year 2014-15)-Assessment Year 2015-16):

 

Income Range

General (non-senior citizens) Category

Women (Below 60 years of age)

(This category is abolished from this year and is thus is same as that of  General Category

Senior Citizens (Men and Women above 60 years of age), but below 80 years

Very Senior Citizens (Men and Women above 80 years of age)

Upto Rs. 2,50,000

Nil

Nil

Nil

Nil

Rs. 2,50,001 to Rs. 3,00,000

5% *

5% *

Nil

Nil

Rs. 3,00,001 to Rs. 5,00,000

10% *

10% *

10% *

Nil

Rs. 5,00,001 to Rs. 10,00,000

20%

20%

20%

20%

Above Rs. 10,00,000

30% **

30% **

30% **

30%**

 

Some of the Changes IT Act in FY 2017-18

 

  • Investment limit U/s 80C of the Income Tax Act is 1.5Lacs
  • Deduction limit on account of interest on loan in respect of self occupied House property raised from Rs.1.5 to Rs.2 Lacs
  • Personal Income Tax Exemption Limit Raised to 2.5 Lacs in case of Individual Tax payer, below age of 60 years.