It is our duty to pay tax when our annual income exceeds a certain amount of rupees. The income tax rates are usually revised every year during the budget.
In order to provide relief to individual taxpayers and to stimulate consumption and encourage savings and keeping in view the lower inflation rate, various deductions that are allowed to a taxpayer under Section 80C, 80CCC and 80CCD. You may be interested to read also Different sections in Income Tax

Following is the table of the income tax provisions proposed by Finance Minister for the financial year 2015-16 in the Budget(Assessment Year) 2016-17:

Tax slab of Men Below 60 Years Of Age

Income Slab Tax Rate
Upto Rs. 250,000 Nil
Between Rs. 250,001 – Rs. 500,000 10% of Income exceeding Rs. 250,000
Between Rs. 500,001 – Rs. 1,000,000 20% of Income exceeding Rs. 500,000
Above Rs. 1,000,000 30% of Income exceeding Rs. 1,000,000

Tax slab of Women Below 60 Years Of Age

Income Slab Tax Rate
Upto Rs. 250,000 Nil
Between Rs. 250,001 – Rs. 500,000 10% of Income exceeding Rs. 250,000
Between Rs. 500,001 – Rs. 1,000,000 20% of Income exceeding Rs. 500,000
Above Rs. 1,000,000 30% of Income exceeding Rs. 1,000,000

Tax slab of Senior Citizens (Age 60 years or more but less than 80 years)

Income Slab Tax Rate
Upto Rs. 300,000 Nil
Between Rs. 300,001 – Rs. 500,000 10% of Income exceeding Rs. 300,000
Between Rs. 500,001 – Rs. 1,000,000 20% of Income exceeding Rs. 500,000
Above Rs. 1,000,000 30% of Income exceeding Rs. 1,000,000

For Senior Citizens (Age 80 years or more)

Income Slab Tax Rate
Upto Rs. 500,000 Nil
Between Rs. 500,001 – Rs. 1,000,000 20% of Income exceeding Rs. 500,000
Above Rs. 1,000,000 30% of Income exceeding Rs. 1,000,000

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