Income Tax Slab Rates for the year 2014-15 & 2015-16 in India

Tax Rates For Assessment Year 2015-16 & 2016-17

1. In case of an Individual (resident or non­resident) or HUF or Association of Person or Body of Individual or any other artificial juridical person

Assessment Year 2015­-16

Taxable income Tax Rate

Up to Rs. 2,50,000                      Nil

Rs. 2,50,000 to Rs. 5,00,000 10%

Rs. 5,00,000 to Rs. 10,00,000 20%

Above Rs. 10,00,000 30%

Less: Rebate under Section 87A [see Note]

Add: Surcharge and Education Cess [see Note]

Assessment Year 2016-­17

Taxable income Tax Rate

Up to Rs. 2,50,000 Nil

Rs. 2,50,000 to Rs. 5,00,000 10%

Rs. 5,00,000 to Rs. 10,00,000 20%

Above Rs. 10,00,000 30%

Less: Rebate under Section 87A [see Note] Add: Surcharge and Education Cess [see Note]

2. In case of a resident senior citizen (who is 60 years or more at any time during the previous year but less than 80 years on the last day of the previous year)

Assessment Year 2015-­16

Taxable income Tax Rate

Up to Rs. 3,00,000 Nil

Rs. 3,00,000 ­ Rs. 5,00,000 10%

Rs. 5,00,000 ­ Rs. 10,00,000 20%

Above Rs. 10,00,000 30%

Less: Rebate under Section 87A [see Note]

Add: Surcharge and Education Cess [see Note]

Assessment Year 2016-­17

Taxable income Tax Rate

Up to Rs. 3,00,000 Nil

Rs. 3,00,000 ­ Rs. 5,00,000 10%

Rs. 5,00,000 ­ Rs. 10,00,000 20%

Above Rs. 10,00,000 30%

Less: Rebate under Section 87A [see Note]

Add: Surcharge and Education Cess [see Note]

3. In case of a resident super senior citizen (who is 80 years or more at any time during the previous year)

Assessment Year 2015­-16

Taxable income Tax Rate

Up to Rs. 5,00,000 Nil

Rs. 5,00,000 ­ Rs. 10,00,000 20%

Above Rs. 10,00,000 30%

Add: Surcharge and Education Cess [see Note]

Assessment Year 2016­-17

Taxable income Tax Rate

Up to Rs. 5,00,000 Nil

Rs. 5,00,000 ­ Rs. 10,00,000 20%

Above Rs. 10,00,000 30%

Add: Surcharge and Education Cess [see Note]

Note:

Assessment Year 2015-­16

a) Surcharge: The amount of income­tax shall be increased by a surcharge at the rate of 10% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income­ tax and surcharge shall not exceed total amount payable as income­tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).

b) Education Cess: The amount of income­tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income­tax and surcharge.

c) Secondary and Higher Education Cess: The amount of income­tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income­tax and surcharge.

d) Rebate under Section 87A: The rebate is available to a resident individual if his total income does not exceed Rs. 5,00,000. The amount of rebate shall be 100% of income­tax or Rs. 2,000, whichever is less.

Assessment Year 2016­-17

a) Surcharge: The amount of income­tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income­ tax and surcharge shall not exceed total amount payable as income­tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).

b) Education Cess: The amount of income­tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income­tax and surcharge.

c) Secondary and Higher Education Cess: The amount of income­tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income­tax and surcharge.

d) Rebate under Section 87A: The rebate is available to a resident individual if his total income does not exceed Rs. 5,00,000. The amount of rebate shall be 100% of income­tax or Rs. 2,000, whichever is less.

4. Partnership Firm 

For the Assessment Year 2015-­16 and 2016-­17, a partnership firm (including LLP) is taxable at 30%.

Add:

Assessment Year 2015-­16

a) Surcharge: The amount of income­tax shall be increased by a surcharge at the rate of 10% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income­ tax and surcharge shall not exceed total amount payable as income­tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).

b) Education Cess: The amount of income­tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income­tax and surcharge.

c) Secondary and Higher Education Cess: The amount of income­tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income­tax and surcharge.

Assessment Year 2016-­17

a) Surcharge: The amount of income­tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income­ tax and surcharge shall not exceed total amount payable as income­tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).

b) Education Cess: The amount of income­tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income­tax and surcharge.

c) Secondary and Higher Education Cess: The amount of income­tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income­tax and surcharge.

5. Local Authority 

For the Assessment Year 2015-­16 and 2016-­17, a local authority is taxable at 30%.

Add:

Assessment Year 2015­-16

d) Surcharge: The amount of income­tax shall be increased by a surcharge at the rate of 10% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income­

tax and surcharge shall not exceed total amount payable as income­tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).

e) Education Cess: The amount of income­tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income­tax and surcharge.

f) Secondary and Higher Education Cess: The amount of income­tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income­tax and surcharge.

Assessment Year 2016-­17

d) Surcharge: The amount of income­tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income­ tax and surcharge shall not exceed total amount payable as income­tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).

e) Education Cess: The amount of income­tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income­tax and surcharge.

f) Secondary and Higher Education Cess: The amount of income­tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income­tax and surcharge.

6. Domestic Company 

For the Assessment Year 2015­-16 and 2016-­17, a domestic company is taxable at 30%.

Add:

Assessment Year 2015­-16

a) Surcharge: The amount of income­tax shall be increased by a surcharge at the rate of 5% of such tax, where total income exceeds one crore rupees but not exceeding ten crore rupees and at the rate of 10% of such tax, where total income exceeds ten crore rupees. However, the surcharge shall be subject to marginal relief, which shall be as under:

(i) Where income exceeds one crore rupees but not exceeding ten crore rupees, the total amount payable as income­tax and surcharge shall not exceed total amount payable as income­tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees.

(ii) Where income exceeds ten crore rupees, the total amount payable as income­tax and surcharge shall not exceed total amount payable as income­tax on total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees.

b) Education Cess: The amount of income­tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income­tax and surcharge.

c) Secondary and Higher Education Cess: The amount of income­tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income­tax and surcharge.

Assessment Year 2016-­17

a) Surcharge: The amount of income­tax shall be increased by a surcharge at the rate of 7% of such tax, where total income exceeds one crore rupees but not exceeding ten crore rupees and at the rate of 12% of such tax, where total income exceeds ten crore rupees. However, the surcharge shall be subject to marginal relief, which shall be as under

(iii) Where income exceeds one crore rupees but not exceeding ten crore rupees, the total amount payable as income­tax and surcharge shall not exceed total amount payable as income­tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees.

(iv) Where income exceeds ten crore rupees, the total amount payable as income­tax and surcharge shall not exceed total amount payable as income­tax on total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees.

b) Education Cess: The amount of income­tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income­tax and surcharge.

c) Secondary and Higher Education Cess: The amount of income­tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income­tax and surcharge.

7. Foreign Company 

Assessment Year 2015-­16 and Assessment Year 2016­-17

Nature of Income                                                                                    Tax Rate
50%

Royalty received from Government or an Indian concern in pursuance of an

agreement made with the Indian concern after March 31, 1961, but before

April 1, 1976, or fees for rendering technical services in pursuance of an

agreement made after February 29, 1964 but before April 1, 1976 and where

such agreement has, in either case, been approved by the Central Government

Any other income                                                                                        40%

Add:

a) Surcharge: The amount of income­tax shall be increased by a surcharge at the rate of 2% of such tax, where total income exceeds one crore rupees but not exceeding ten crore rupees and at the rate of 5% of such tax, where total income exceeds ten crore rupees. However, the surcharge shall be subject to marginal relief, which shall be as under:

(i) Where income exceeds one crore rupees but not exceeding ten crore rupees, the total amount payable as income­tax and surcharge shall not exceed total amount payable as income­tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees.

(ii) Where income exceeds ten crore rupees, the total amount payable as income­tax and surcharge shall not exceed total amount payable as income­tax on total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees.

b) Education Cess: The amount of income­tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income­tax and surcharge.

c) Secondary and Higher Education Cess: The amount of income­tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income­tax and surcharge.

8. Co­operative Society 

Assessment Year 2015­-16 and Assessment Year 2016­-17

      

Taxable income                                         Tax Rate

Up to Rs. 10,000 10%

Rs. 10,000 to Rs. 20,000 20%

Above Rs. 20,000 30%

Add:

Assessment Year 2015-­16

a) Surcharge: The amount of income­tax shall be increased by a surcharge at the rate of 10% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income­ tax and surcharge shall not exceed total amount payable as income­tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).

b) Education Cess: The amount of income­tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income­tax and surcharge.

c) Secondary and Higher Education Cess: The amount of income­tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income­tax and surcharge.

Assessment Year 2016-­17

a) Surcharge: The amount of income­tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income­ tax and surcharge shall not exceed total amount payable as income­tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).

b) Education Cess: The amount of income­tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income­tax and surcharge.

c) Secondary and Higher Education Cess: The amount of income­tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income­tax and surcharge.