BasuNivesh

Personal Finance Blog

Many of you already know the budget implications on your finance. However, there are few changes to this budget when it comes to tax slabs. Therefore, I thought to update the Tax Slab Rates for FY 2015-16 (AY 2016-17) considering theBudget 2015.

Individual tax slabs were not changed. Therefore, I am updating the slabs as were earlier.

Individual Tax Slabs for FY 2015-16 (AY 2016-17)

  • If income exceeds Rs.1 Cr then surcharge of 12% will be applicable.
  • Along with that 2% Education Cess and 1% (SHEC) Secondary and Higher Education Cess will continue.

Below is the chart about Capital Gain Tax for FY 2015-16 (AY 2016-17)

Capital Gains Tax for FY 2015-16 (AY 2016-17)

Tax effect on Dividend received by holders–

Equity oriented-NIL and Debt oriented-Nil

Security Transaction Tax (STT) Rates for FY 2015-16 (AY 2016-17)

Security Transaction Tax (STT) for FY 2015-16

Hope above information will be suffice to an individual to know about the tax he need to pay. A detailed explanation about the budget can be viewed at my earlier post “Budget 2015-20 Changes that affect your Personal Finance“.

About Basavaraj Tonagatti

Basavaraj Tonagatti is the man behind this blog. He is SEBI Registered Investment Adviser who is practicing Fee-Only Financial Planning Process and also an Independent Certified Financial Planner (CFP), engaged in blogging since 7 years. BasuNivesh blog is ranked as one among India's Top 10 Personal Finance Blog. He is not associated with any Financial product/service provider. The purpose of this blog is to "Spread personal finance awareness and make them to take informed financial decisions." Please note that the views given in this Blog/Comments Section/Forum are clarifications meant for reference and guidance of the readers to explore further on the topics/queries raised and take informed decisions. These should not be construed as investment advice or legal opinion."

Reader Interactions

Comments

  1. harish

    Hi Sir,
    Is it possible to explain about what and all the percentage of tax benefits we can get from salary based on common allowances like
    HRA( if it is rs.15000), Conveyance(if it is rs.5000), misc allowance(if it is rs.10000), that is how many percentage of tax benefits we can get from above allowances apart from our personal investment like lic and debt like education loans.

    Reply

  2. pattabhi suri

    How the age of senior or super senior citizen determined? please specify “born before —–” for assessment year 2016-17
    Thanks
    pattabhi Suri

    Reply

  4. chandra

    Hello Basu,

    Can you throw some light on 20% on Indexation with example?. I do not much about Debt Mutual Funds.
    Besides that could you please have one article about Gilt funds like is this right time now to get it into this?

    Thanks in advance

    Reply

  6. Nageswara Rao Thota

    My wife, Mrs TVPG Hymavathy is the holder of IDBI Federal Incomesurance Endowment and Money back Plan- 135 N01vo1. An amount of Rs 10,265.24 is being collected monthly from her bank account by ECS. She IS NOT WORKING and is a HOUSEWIFE.
    I would request you to clarify whether the amount paid by her towards that policy can be claimed as deduction from my income under Section 80C clause (i) of the Income Tax Act for the financial year 2015-16 (AY 2016-17) as this section permits any sums paid or deposits paid in the previous year by an assesse to keep in force an insurance on the life of the individual, the wife or husband or any child of such individual.
    Thank you very much

    Reply

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