Income Tax rates for the Financial year 2015-16

RATES OF TAXES

  •          FOR INDIVIDUALS/ HINDU UNDIVIDED FAMILY/ ASSOCIATION OF PERSONS/ BODY
    OF INDIVIDUALS:

(In this case, individual means who is Resident in India and
below the age of 60 years at any time during the financial year and all
non-resident individuals regardless of age limit, also all resident as well as
non-resident HUF, AOP, BOI.)

INCOME SLABS (Rs.)

TAX RARES

SURCHRGE

0- 2,50,000

Nil (basic exemption limit)

NA

2,50,000-5,00,000

10% of income exceeding Rs. 2,50,000.

NA

5,00,001-10,00,000

Rs. 25,000 plus 20% of income exceeding Rs. 5,00,000.

NA

10,00,001- 1,00,00,000

Rs. 1,25,000 plus 30% of income exceeding Rs. 10,00,000.

NA

1,00,00,001 and above

Rs. 28,25,000 plus 30% of income exceeding Rs. 1,00,00,000.

12%

 The Education Cess @ 2% and Secondary and Higher Secondary
Education Cess @ 1% are also levied on the aggregate value of income tax.

  •          FOR RESIDENT INDIVIDUAL OF THE AGE 60 YEARS OR MORE BUT LESS THAN 80
    YEARS AT ANY TIME DURING THE FINANCIAL YEAR.

INCOME SLABS (Rs.)

TAX RATES

SURCHARGE

0-3,00,000

Nil (basic exemption limit)

NA

3,00,001-5,00,000

10% of income exceeding Rs. 3,00,000.

NA

5,00,001-10,00,000

Rs. 20,000 plus 20% of income exceeding Rs. 5,00,000

NA

10,00,001-1,00,00,000

Rs. 1,20,000 plus 30% of income exceeding Rs. 10,00,000.

NA

1,00,00,001 and above

Rs. 28,20,000 plus 30% of income exceeding Rs. 1,00,00,000.

12%

 

The Education Cess @ 2% and Secondary and Higher Secondary
Education Cess @ 1% are also levied on the aggregate value of income tax.

 

  •          FOR RESIDENT INDIVIDUAL OF THE AGE OF 80 YEARS OR MORE AT ANY TIME
    DURING THE FINANCIAL YEAR:

INCOME SLABS (Rs.)

TAX RATES

SURCHRGE

0-5,00,000

Nil (basic exemption limit)

NA

5,00,001-10,00,000

20% of income exceeding Rs. 5,00,000

NA

10,00,001-1,00,00,000

Rs. 1,00,000 plus 30% of income exceeding Rs. 10,00,000

NA

1,00,00,001 and above

Rs. 28, 00,000 plus 30% of income exceeding Rs.

1, 00,00,000.

12%

 

The Education Cess @ 2% and Secondary and Higher Secondary
Education Cess @ 1% are also levied on the aggregate value of income tax.

  •         FOR CO-OPERATIVE SOCIETIES:

INCOME SLABS

TAX RATES

SURCHARGE

0-10,000

10%

NA

10,001-20,000

Rs. 1,000 plus 20% of income above Rs. 10,000

NA

20,001-1,00,00,000

Rs. 3,000 plus 30% of income above Rs. 20,000.

NA

1,00,00,001 and above

Rs. 29,97,000 plus 30% of income above Rs. 1,00,00,000.

12%

 

The Education Cess @ 2% and Secondary and Higher Secondary
Education Cess @ 1% are also levied on the aggregate value of income tax.

  •          FOR LOCAL AUTHORITIES:

Local Authorities are taxable at the flat rate of 30%.
Surcharge has been increased from 10% to 12% where the total income exceeds Rs.
1,00,00,000. Education Cess is applicable at the rate of 2% and Secondary and
Higher Education Cess is applicable at 1% on income tax.

  •          FOR PARTNERSHIP FIRMS:

Partnership firms are taxable at the rate 30%. Surcharge has
been increased from 10% to 12% where the total income exceeds Rs. 1,00,00,000.
Education Cess is applicable at the rate of 2% and Secondary and Higher
Education Cess is applicable at 1% on income tax.

  •           FOR CORPORATES:

Sr. No.

Particulars

Tax Rates

Surchrge

1.

Domestic companies having total income less than Rs. 1 crore

30%

NA

2.

Domestic companies having total income more than 1 crore but less
than 10 crores

30%

7%

3.

Other domestic companies (having total income more than 10 crores)

30%

12%

4.

Foreign companies having total income less than 1 crore

40%

NA

5.

Foreign companies having total income more than Rs. 1 crore but less
than 10 crores

40%

2%

6.

Other foreign companies (Having total income more than 10 Crores.)

40%

5%

 The Education Cess @ 2% and Secondary and Higher Secondary
Education Cess @ 1% are also levied on the aggregate value of income tax.

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