Income Tax filing made easy.
What is Income tax ? Income tax needs to be paid by every Individual, Hindu Undivided Family (HUF), Association of Persons (AOP), Body of Individuals (BOI), Corporate firms, Companies, and all other persons that generate income. Income Tax is calculated on the income of a person in a particular financial year i.e. from 1st April of a year to 31st March of next year. For example last financial year was from 1st April 2015 to 31st March 2016. Also known as FY 2016 or FY 2015-16. One more term is Assessment year. It is immediate next year for any financial year. For FY2015-16, Assessment year will be 2016-17. Income tax slabs for FY 2015-16 For Men Below 60 Years Of Age Income Tax Slab Income Tax Rate Income upto Rs. 2,50,000 Nil Income between Rs. 2,50,001 - Rs. 500,000 10% of Income exceeding Rs. 2,50,000 Income between Rs. 500,001 - Rs. 10,00,000 20% of Income exceeding Rs. 5,00,000 Income above Rs. 10,00