United States of America, Korea Republic, Tanzania and Malaysia will take part in the tournament, besides hosts India.
All the five teams would be playing against each other in a round-robin format with the top two making it to the final to be played on May 25. All the matches will be played at Tilak Maidan at Vasco.
AIFF General Secretary Kushal Das said that the purpose of the tournament was to "get a sense of how the Under-16 team is shaping up".
"The Tournament will provide us further clarity of what we need to improve further," he added.
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Goa will also host the AFC Under-16 Finals from September 15 to October 2, the draw of which is slated to be held in Goa on May 26.
India despite being the hosts had qualified for the AFC Under-16 Finals on merit on the basis of their performance in the AFC U-16 Qualifiers in Tabriz in September last year. The four semifinalists from the AFC Under-16 Finals will gain a direct entry to the 2017 Under-17 World Cup.
May 15: Tanzania vs USA (4pm); India vs Malaysia (8pm).
May 17: India vs Tanzania (4pm); Malaysia vs Korea (8pm).
May 19: Korea vs Tanzania (4pm); USA vs India (8pm).
May 21: USA vs Korea (4pm); Tanzania vs Malaysia (8pm).
May 23: Malaysia vs USA (4pm); Korea vs India (8pm).
May 25: Third Place play-off (4pm); Final (8pm).