INCOME TAX RATE FINANCIAL YEAR 2015-2016 (FY) ASSESSMENT YEAR 2016-2017 (AY), INCOME TAX SLAB AS PER PROPOSAL OF BUDGET 2015-16 IN INDIA

What is Income Tax Rate for Financial Year 2015-16 (FY), Assessment Year 2016-17 (AY)? Income Slab and Income tax Rate Applicable for the period from 01.04.2015 to 31.03.2016 for different categories of income tax payers as per the Budget Proposal 2015-16.

 

Individual resident aged below 60 years Senior Citizen Super Senior Citizen NRI / HUF / AOP / BOI / AJP Co-operative Society

Partnership Firm Local Authority Domestic Company Other Company

 

I. Resident Individual aged below 60 years Income tax Rates for F Y 2015-16

(Born on or after 1.4.1957)

Income Slab	Rate of Income Tax F.Y. 2015-16
The total income is less than Rs. 2,50,000/-	NIL
Total Income Exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000	Tax 10% on the amount exceeds Rs. 250000/-. Tax Credit u/s 87A - 10% of taxable income upto a maximum of Rs. 2000/-.
Total Income Exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000	Tax of Rs. 25,000+20% of the amount exceeds Rs. 5,00,000
Total Income Exceeds Rs. 10,00,000	Tax of Rs. 1,25,000+ 30% of the amount exceeds Rs. 10,00,000

Surcharge

12% of the Income Tax If the Income taxable Income exceeds Rs. 1 Crore

Education Cess

3% of the total of Income Tax and Surcharge

 

II. Senior Citizen Income Tax Rate for F Y 2015-16

(Individual resident who is of the age of 60 years or more but below the age of 80 years at any time during the previous year i.e. born on or after 1st April 1937 but before 1st April 1957)

Individuals age above 60 years but below 80 Years during the previous year

Income Slab	Rate of Income Tax F.Y. 2015-16
The total income is less than Rs. 3,00,000/-	NIL
Total Income Exceeds Rs. 3,00,000 but does not exceed Rs. 5,00,000	Tax 10% on the amount exceeds Rs. 300000/-. Tax Credit u/s 87A - 10% of taxable income upto a maximum of Rs. 2000/-.
Total Income Exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000	Tax of Rs. 20,000+20% of the amount exceeds Rs. 5,00,000
Total Income Exceeds Rs. 10,00,000	Tax of Rs. 1,20,000+ 30% of the amount exceeds Rs. 10,00,000

Surcharge

12% of the Income Tax If the Income taxable Income exceeds Rs. 1 Crore

Education Cess

3% of the total of Income Tax and Surcharge

 

III. Super Senior Citizen - Income Tax Rates for F Y 2015-16

(Individual resident who is of the age of 80 years or more at any time during the previous year i.e. born before 1st April 1937)

Individuals age above 80 years during the previous year

Income Slab	Rate of Income Tax F.Y. 2015-16
The total income is less than Rs. 5,00,000/-	NIL
Total Income Exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000	Tax of 20% of the amount exceeds Rs. 5,00,000
Total Income Exceeds Rs. 10,00,000	Tax of Rs. 1,00,000+ 30% of the amount exceeds Rs. 10,00,000

Surcharge

12% of the Income Tax If the Income taxable Income exceeds Rs. 1 Crore

Education Cess

3% of the total of Income Tax and Surcharge

 

IV. Non Resident Indian (NRI) or House of Undivided Family (HUF) or Association of Persons (AOP) or Body of Individuals (BOI) or Artificial Judicial Person (AJP) Income Tax Rates for F Y 2015-16

Income Slabs	Income Tax Rate
Where Taxable Income does not exceed Rs. 2,50,000/-	Nil
Where Taxable Income exceed Rs. 2,50,000/- but does not exceed Rs. 5,00,000/-	10% of amount by which the taxable income exceeds Rs. 2,50,000/-.
Where Taxable Income exceed Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-	Rs. 25,000/- + 20% of amount by which the taxable income exceeds Rs. 5,00,000/-
Where Taxable Income exceed Rs. 10,00,000/-	Rs. 1,25,000/- + 30% of amount by which the taxable income exceeds Rs. 10,00,000/-

Surcharge : 12% of the Income Tax, where taxable income is more than Rs. 1 crore

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

 

V. Co-operative Society - Income Tax Rates for F Y 2015-16

 

Income Slab	Rate of Income Tax
The total income is less than Rs. 10,000/-	Tax of 10% of the Income
Total Income Exceeds Rs. 10,000 but does not exceed Rs. 20,000	Tax of Rs. 1,000+20% of the amount exceeds Rs. 10,000
Total Income Exceeds Rs. 20,000	Tax of Rs. 3,000+30% of the amount exceeds Rs. 20,000

 Surcharge

12% of the Income Tax If the Income taxable Income exceeds Rs. 1 Crore

Education Cess

3% of the total of Income Tax and Surcharge  

 

VI. Partnership Firm - Income Tax Rates for Financial Year 2015-16

Income Tax : 30% of Taxable Income

Surcharge : 12% of the Income Tax, where taxable income is more than Rs. 1 crore

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

 

VII. Local Authority - Income tax Rates for Financial Year 2015-16

Income Tax : 30% of Taxable Income

Surcharge : 12% of the Income Tax, where taxable income is more than Rs. 1 crore

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

 

VIII. Domestic Company - Income Tax Rate for Financial Year 2015-16

Income Tax : 30% of Taxable Income

Surcharge : The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge

• At the rate of 7% of such income tax, provided that the taxable income exceeds Rs. 1 crore.
• At the rate of 12% of such income tax, provided that the taxable income exceeds Rs. 10 crores

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

 

IX . Other than a domestic Company - Income Tax Rates for Financial Year 2015-16

Income Tax :

• @ 50% of on so much of the taxable income as consist of (a) royalties received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st day of March, 1961 but before the 1st day of April, 1976; or (b) fees for rendering technical services received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 29th day of February, 1964 but before the 1st day of April, 1976, and where such agreement has, in either case, been approved by the Central Government.

• @ 40% of the balance

Surcharge : The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge

• At the rate of 2% of such income tax, provided that the taxable income exceeds Rs. 1 crore.
• At the rate of 5% of such income tax, provided that the taxable income exceeds Rs. 10 crores

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

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