Income Tax Rates in India for Financial Year 2015-16: Slabs and Exemptions for Assessment Year 2016-17
Income tax slabs and rates for individuals, HUF, senior citizens, super senior citizens, AOP, BOI, cooperative societies, partnership firms, local authorities and companies for FY 2015-16 (AY 2016-17).
Income Tax Rate for Individuals and Hindu Undivided Family (HUF) for FY 2015-16 / AY 2016-17
Individuals Below 60 Years and Hindu Undivided Family (HUF)
| Income Slab | Rate of Income Tax FY 2015-16 |
|---|---|
| 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/- Less: Tax Credit u/s 87A 10% of taxable income upto 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
Senior Citizen Individuals Above 60 Years but Below 80 Years During the Previous Year
| Income Slab | Rate of Income Tax FY 2015-16 |
|---|---|
| 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/- |
| 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 Less: Tax Credit u/s 87A 10% of taxable income upto maximum of Rs. 2000 |
| 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
Super Senior Citizens Above 80 Years During the Previous Year
| Income Slab | Rate of Income Tax FY 2015-16 |
|---|---|
| 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
Income Tax Rate for Association of Persons, Body of Individuals (AOP & BOI) for FY 2015-16 (AY 2016-17)
| Income Slab | Rate of Income Tax |
|---|---|
| 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/- |
| 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 Less: Tax Credit u/s 87A 10% of taxable income upto maximum of Rs. 2000 |
| 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
Income Tax Rates for Cooperative Society for FY 2015-16 (AY 2016-17)
| Income Slab | Rate of Income Tax |
|---|---|
| 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
Income Tax Rates for Partnership Firm for FY 2015-16 (AY 2016-17)
Income Tax: 30% of Taxable Income
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
Income Tax Rates for Local Authority for FY 2015-16 (AY 2016-17)
Income Tax: 30% of Taxable Income
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
Income Tax Rates for Domestic Companies (Corporate Tax Rate) for FY 2015-16 (AY 2016-17)
Income Tax: 30% of Taxable Income
Surcharge: 7% of the Income Tax If the Income taxable Income exceeds Rs. 1 Crore
1s% of the Income Tax If the Income taxable Income exceeds Rs. 10 Crore
Education Cess: 3% of the total of Income Tax and Surcharge
Income Tax Rates for Companies Other Than Domestic Companies for FY 2015-16 (AY 2016-17)
Income Tax: 50% of on so much of the total 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 Amount
Surcharge: 5% of the Income Tax If the Income taxable Income exceeds Rs. 1 Crore
10% of the Income Tax If the Income taxable Income exceeds Rs. 10 Crores
Education Cess: 3% of the total of Income Tax and Surcharge