What is Income Tax Rates in India for Financial Year 2015-16? What are the slabs and Exemptions for Assessment Year 2016-17 (FY 2015-16?

 

 

Income Tax Rate for Individuals and House of Undivided Family HUF for the F. Y 2015-16 A. Y. 2016-17

Individuals age below 60 years and Hindu Undivided Family (H.U.F)

 

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/-

 

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 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/-

 

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 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

 

 

Income Tax Rate for Association of Persons, Body of Individuals (AOP & BOI) For F Y 2015-16 (A Y 2016-17)

 

Income Slab

Rate of Income Tax

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/-

 

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 the Financial Year 2015-16 (A Y 2016-17)

 

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

 

Income Tax Rates for Partnership Firm for the Financial Year 2015-2016 (A Y 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 the Financial Year 2015-2016 (A Y 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 Financial Year 2015-2016 (A Y 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 the Financial Year 2015-2016 (A Y 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