Latest Income tax slab and Deductions for Male/ Female Senior Citizen FY 2015-16

Latest Income tax slab and Deductions for Male/ Female Senior Citizen FY 2015-16.

For Men/Women below 60 years of ageFor Senior Citizens (Age 60 years or more but less than 80 years)For Senior Citizens (Age 80 years or more)
Income LevelTax RateIncome LevelTax RateIncome LevelTax Rate
Rs. 2,50,000NilUpto Rs. 3,00,000NilUpto Rs. 5,00,000Nil
Rs. 2,50,001 – Rs. 500,00010%Rs. 3,00,001 – Rs. 500,00010%Rs. 5,00,001 – Rs. 10,00,00020%
Rs. 500,001 – Rs. 10,00,00020%Rs. 500,001 – Rs. 10,00,00020%Above Rs. 10,00,00030%
Above Rs. 10,00,00030%Above Rs. 10,00,00030% 
1. who exceeds the FY income under the slab rates can fill the return.
2. last date for filing of income tax return is usually July 31 of the Finacial year.for individuals (sometimes it extends).
3. The penalty for non-filing of income tax return  Rs.5,000/-

Example: calculating Taxes and for financial year:

IT Sections:
80D Deductions for health schemes up to 15k, 20K for senior citizen
Transport Allowance  800 per month
80DB: Deduction Senior citizen Diseases 60K,
80DD: maintenance for disability person up to 50K. Severe 1Lakh,
80CCC: PF Contribution to LIC IRDA or other Insurer. 100K, 
800CCD: Contribution by the employee to the National pension scheme, 100k.
Tax Exemptions for Children Studies and Insurance Plans.

Income tax for firms, companies, local authorities, 30% up to 1 crore, 33%1 crore above see full info somewhere else.

Income Tax Deductions and Exemptions

Income Tax SectionGross Annual SalaryHow Much Tax Can You Save?
Sec. 80CAcross all income slabsUpto Rs. 46,350/-saved on investment of Rs. 1,50,000/-
Sec. 80CCCAcross all income slabsUpto Rs.30,900/-saved on Investment of Rs.1,50,000/-
Sec. 80 D*Across all income slabsUpto 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)DUnder Sec. 10(10D), the benefits received by you are completely tax-free, subject to conditions specified there in
  • Applicable to premiums paid for all Health Insurance Plans, Critical Illness Benefit, Accelerated Sum Assured and Waiver of Premium Benefit.
    ** These calculations are illustrative and based on our understanding of current tax legislations.
  • 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