Income Tax Exemption Limit 2015-16

The Union Budget presented for the financial year 2015-16 outlined various provisions related to taxation, including the basic income tax exemption limit for individual taxpayers.

The income tax exemption limit is the amount of income below which an individual is not required to pay income tax. This limit is revised periodically during the presentation of the annual budget.

Budget 2015-16 Income Tax Details

For the budget year 2015-16, the basic income tax exemption limit for resident individuals below the age of 60 years was set at a specific amount. This limit helps in determining the tax liability for a large number of taxpayers.

As per the provisions applicable for the assessment year 2016-17 (corresponding to the financial year 2015-16), the basic exemption limit for income tax was:

• Basic Income Tax Exemption Limit (Individuals < 60 years): Rs. 2,50,000 (Rupees Two Lakhs Fifty Thousand)

This means that if a person's total income for the financial year 2015-16 was Rs. 2.5 Lakhs or less, they were not liable to pay income tax.