New Delhi, Feb 29: In order to provide relief to individual taxpayers and to stimulate consumption and encourage savings and keeping in view the lower inflation rate, Union Finance Minister Arun Jaitley continues with the status quo on income tax slab in the Union Budget 2016. Arun Jaitley announced that no changes will be made in the current income tax slab.

Prime Minister Narendra Modi government in its interim budget presented in July last year had increased the tax exemption by Rs 50,000 from 2 lakh to 2.5 lakh in the tax slab for the financial year 2015-16. At present, Rs 2.5-5 lakh income is taxed at 10 per cent, Rs 5-10 lakh at 20 per cent and the 30 per cent rate is levied on income above Rs 10 lakh. There will be no change in the income tax slab for the next fiscal. (ALSO READ: Live Union Budget 2016 News Updates)

Following is the table of the income tax provisions proposed by Finance Minister Arun Jaitley in the Budget 2016-17:

Tax slab of Men Below 60 Years Of Age for the financial year 2015-16:

Income Tax Slab

Income Tax Rate

Income upto Rs. 2,50,000Nil
Income between Rs. 2,50,001 – Rs. 500,00010% of Income exceeding Rs. 2,50,000
Income between Rs. 500,001 – Rs. 10,00,00020% of Income exceeding Rs. 5,00,000
Income above Rs. 10,00,00030% of Income exceeding Rs. 10,00,000

Tax slab of Women Below 60 Years Of Age for the financial year 2015-16:

Income Tax Slab

Income Tax Rate

Income upto Rs. 2,50,000Nil
Income between Rs. 2,50,001 – Rs. 500,00010% of Income exceeding Rs. 2,50,000
Income between Rs. 500,001 – Rs. 10,00,00020% of Income exceeding Rs. 5,00,000
Income above Rs. 10,00,00030% of Income exceeding Rs. 10,00,000

Tax slab of Senior Citizens for the financial year 2015-16 (Age 60 years or more but less than 80 years):

Income Tax Slab

Income Tax Rate

Income upto Rs. 3,00,000Nil
Income between Rs. 3,00,001 – Rs. 500,00010% of Income exceeding Rs. 3,00,000
Income between Rs. 500,001 – Rs. 10,00,00020% of Income exceeding Rs. 5,00,000
Income above Rs. 10,00,00030% of Income exceeding Rs. 10,00,000

For Senior Citizens (Age 80 years or more)

Income Tax Slab

Income Tax Rate

Income upto Rs. 5,00,000Nil
Income between Rs. 500,001 – Rs. 10,00,00020% of Income exceeding Rs. 5,00,000
Income above Rs. 10,00,00030% of Income exceeding Rs. 10,00,000