Income tax slabs and claiming yr 2015-16

Your income range is between 250000 to 500000 only.

As per income tax rules, tax payable is 10% on amount between 250000 to 500000.  Upto 250000 No tax.

However under Sec80C savings are allowed upto 1,50,000.00 like LIC,ULIP,ELSS,PLI,PPF,NSCs etc.  The income after deducting the savings becomes taxable income.  Then only the above tax slab applies.

Your income is at the range of 2,50,001 - Rs. 500,000. According to the Income Tax Slab Rate,  2015-2016 Income Tax Rate for Men below 60 Years of age is 10% of Income exceeding Rs. 2,50,000

The table below shows income tax slab rate of 2015-2016

For Men Below 60 Years Of Age

For Women Below 60 Years Of Age

For Senior Citizens (Age 60 years or more but less than 80 years)

For Senior Citizens (Age 80 years or more)