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: Continue reading “Income Tax Slab Rates”