Mutual Fund Taxation and Related Queries

Here are the personal income tax slab rates for calculating your income tax for the Financial Year 2014-2015 (Assessment Year 2015-2016).

Income Tax Slabs for the Individual Male (Below 60 Years Age) for the Assessment Year 2015-2016

Sl No.	Income Tax Slab	Income Tax Rate Payable
1.	Rs. 0 to 250,000	No Income Tax
2.	Rs. 250,001 to 500,000	10%
3.	Rs. 500,001 to 1,000,000	20%
4.	Rs. 1,000,001 and above	30%

Income Tax Slabs for the Individual Female (Below 60 Years Age) for the Assessment Year 2015-2016

Sl No.	Income Tax Slab	Income Tax Rate Payable
1.	Rs. 0 to 250,000	No Income Tax
2.	Rs. 250,001 to 500,000	10%
3.	Rs. 500,001 to 1,000,000	20%
4.	Rs. 1,000,001 and above	30%

Income Tax Slabs for the Senior Citizen (60 to 80 Years Age) for the Assessment Year 2015-2016

Sl No.	Income Tax Slab	Income Tax Rate Payable
1.	Rs. 0 to 300,000	No Income Tax
2.	Rs. 300,001 to 500,000	10%
3.	Rs. 500,001 to 1,000,000	20%
4.	Rs. 1,000,001 and above	30%

Income Tax Slabs for the Very Senior Citizen (Above 80 Years Age) for the Assessment Year 2015-2016

Sl No.	Income Tax Slab	Income Tax Rate Payable
1.	Rs. 0 to 500,000	No Income Tax
3.	Rs. 500,001 to 1,000,000	20%
4.	Rs. 1,000,001 and above	30%

Income Tax Deductions and Exemptions

Income Tax Section	Gross Annual Salary	How Much Tax Can You Save?
Sec. 80C	Across all income slabs	Upto Rs. 46,350/- saved on investment of Rs. 1,50,000/-
Sec. 80CCC	Across all income slabs	Upto Rs. 30,900/- saved on Investment of Rs.1,50,000/-
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)
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
The above-mentioned tax benefits are subject to changes in the tax laws. Please contact your tax consultant for an exact calculation of your tax liabilities.

MF Taxation Detail for 2015-2016