Category Archives: Income Tax

Indian Income Tax Slab/Rates for the F.Y. – 2015-16 and A.Y. – 2016-17

Income-Tax-Dept-India

On 28th of February 2015 Finance Minister Shri Arun Jaitley announced the budget of India for the Financial Year 2015-16. The Income Tax slabs/rates for the the Financial Year 2015-16 and Assessment Year 2016-17 is discussed below:
  
  

(I) For Individuals aged below 60 years (including Woman Assessees or any NRI/ HUF/ AOP/ BOI/ AJP):
 

Income

Tax Rate

Upto 250,000 Nil
250,000 to 500,000 10% of the amount exceeding 250,000Less ( in case of Resident Individuals only ) : Tax Credit u/s 87A – 10% of taxable income upto a maximum of Rs. 2000/-.
500,000 to 1,000,000 Rs.25,000 + 20% of the amount exceeding 500,000
1,000,000 & above Rs.125,000 + 30% of the amount exceeding 1,000,000

 

(II) For Senior Citizen (Individuals aged 60 years and above but below 80 years):

Income

Tax Rate

Upto 300,000 Nil
300,000 to 500,000 10% of the amount exceeding 300,000
500,000 to 1,000,000 Rs.20,000 + 20% of the amount exceeding 500,000
1,000,000 & above Rs.120,000 + 30% of the amount exceeding 1,000,000

 

(III) For Super Senior Citizen (For Individuals aged 80 years and above):

Income

Tax Rate

Upto 500,000 Nil
500,000 to 1,000,000 20% of the amount exceeding 500,000
1,000,000 & above Rs.100,000 + 30% of the amount exceeding 1,000,000

Surcharge : 10% of the Income Tax, where taxable income is more than Rs. 1 crore.

Education Cess : 3% of the total of Income Tax and Surcharge.

Tax Credit U/S 87A: Finance Bill 2015 says nothing on the Section 87A. Hence this provision continues for AY 2016-17 as well and provides a rebate of Rs 2,000 for individual whose taxable income doesn’t exceed Rs. 500,000.

 

(IV) For Co-operative Society

Income

Tax Rate

i. Where the taxable income does not exceed Rs. 10,000/
10% of the income.
ii. Where the taxable income exceeds Rs. 10,000/- but does not exceed Rs. 20,000/-.
Rs. 1,000/- + 20% of income in excess of Rs. 10,000/-.
iii. Where the taxable income exceeds Rs. 20,000/-
Rs. 3.000/- + 30% of the amount by which the taxable income exceeds Rs. 20,000/-.

Surcharge : Where taxable income is more than Rs. 1 crore, Surcharge will be 10% of the Income Tax. (Marginal Relief in Surcharge, if applicable)

Education Cess : 3% of the Income Tax and Surcharge.

 

(V) For Firm

Income Tax Rate

Surcharge

Education Cess

30% of the taxable income. Where taxable income is more than Rs. 1 crore, Surcharge will be 10% of the Income Tax. (Marginal Relief in Surcharge, if applicable) 3% of the Income Tax and Surcharge. 

 

(VI) For Local Authority

Income Tax Rate

Surcharge

Education Cess

30% of the taxable income. Where taxable income is more than Rs. 1 crore, Surcharge will be 10% of the Income Tax. (Marginal Relief in Surcharge, if applicable) 3% of the Income Tax and Surcharge. 

 

(VII) For Domestic Company

Sl No.

Particulars

Tax Rate

Surcharge

Education Cess

Effective Tax

1.

Domestic companies (with total taxable income less than 1 Cr.)

30%

3%

30.90%

2.

Domestic companies (with total taxable income more than 1 Cr. but less than 10 Cr.)

30%

7%

3%

33.063%

3.

Domestic companies (with total taxable income more than 10 Cr.

30%

12%

3%

34.608%

 

(VIII) For Company other than a Domestic Company or Foreign Company

Sl No.

Particulars

Tax Rate

Surcharge

Education Cess

Effective Tax

1.

Foreign companies (with total income less than 1 Cr.)

40%

3%

41.20%

2.

Foreign companies (with total income more than 1 cr. but less than 10 Cr.)

40%

2%

3%

42.024%

3.

Other foreign companies

40%

5%

3%

43.26%

Income-tax-individual

Helpful Resources:

http://www.incometaxindia.gov.in/Pages/default.aspx

https://incometaxindiaefiling.gov.in/