Income Tax Slabs & Rates for Assessment Year 2015-16

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Please find below income tax slabs and rates for assessment year 2015-16. These rates are applicable on income earned during the period 1st April 2014 to 31st March 2015.

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A. Resident Individuals below the age of 60 years or HUFor AOP or BOI  

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Income Slabs Tax Rates
i. Where the taxable income does not exceed Rs. 2,50,000/-. NIL
ii. Where the taxable income exceeds 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/-. Less (in case of Resident Individuals only) : Tax Credit u/s 87A – 10% of taxable income upto a maximum of Rs. 2000/-.
iii. Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. Rs. 25,000/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.
iv. Where the taxable income exceeds Rs. 10,00,000/-. Rs. 125,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.

** Surcharge @ 10% if taxable income exceeds Rs.1Crore and Cess @ 3% on total of income tax and surcharge.

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B. Senior Citizens

(Resident Individual 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 1934 but before 1st April 1954)

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Income Slabs Tax Rates
i. Where the taxable income does not exceed Rs. 3,00,000/-. NIL
ii. Where the taxable income exceeds Rs. 3,00,000/- but does not exceed Rs. 5,00,000/-. 10% of amount by which the taxable income exceeds Rs. 3,00,000/-. Less (in case of Resident Individuals only) : Tax Credit u/s 87A – 10% of taxable income upto a maximum of Rs. 2000/-.
iii. Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. Rs. 20,000/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.
iv. Where the taxable income exceeds Rs. 10,00,000/-. Rs. 120,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.

** Surcharge @ 10% if taxable income exceeds Rs.1Crore and Cess @ 3% on total of income tax and surcharge.

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C. Super Senior Citizens

(Resident Individual who is of the age of 80 years or more at any time during the previous year i.e. born before 1st April 1934)

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Income Slabs Tax Rates
i. Where the taxable income does not exceed Rs. 5,00,000/-. NIL
ii. Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. 20% of the amount by which the taxable income exceeds Rs. 10,00,000/-.
iii. Where the taxable income exceeds Rs. 10,00,000/-. Rs. 100,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.

** Surcharge @ 10% if taxable income exceeds Rs.1Crore and Cess @ 3% on total of income tax and surcharge.

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D. Cooperative Society

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Income Slabs Tax Rates
i. Where the taxable income does not exceed Rs. 10,000/-. 10% of the income
ii. Where the taxable income exceeds Rs. 10,000/- but does not exceed Rs. 20,000/-. Rs. 1,000 + 20% of the income in excess of Rs. 10,000/-.
iii. Where the taxable income exceeds Rs. 20,000/-. Rs. 3,000 + 30% of the amount by which taxable income exceeds Rs. 20,000/-.

** Surcharge @ 10% if taxable income exceeds Rs.1Crore and Cess @ 3% on total of income tax and surcharge.

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E. Firm and Local Authority

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Particulars Tax Rates
i. Income Tax 30% of Taxable Income
ii. Surcharge 10% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
iii. Education Cess + SHEC 3% of Total of Income tax and Surcharge.

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F. Domestic Company

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Particulars Tax Rates
i. Income Tax 30% of Taxable Income
ii. Surcharge a) 5% of Income tax if Taxable income exceeds Rs.1Crore. b) 10% of Income tax if Taxable income exceeds Rs.10Crores.
iii. Education Cess + SHEC 3% of Total of Income tax and Surcharge.

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G. Company Other than Domestic Company

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Particulars Tax Rates
i. Income Tax a) @ 50% of on so much of the taxable income as consist of (i) 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 (ii) 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. b) @40% of the balance income.
ii. Surcharge a) 2% of Income tax if Taxable income exceeds Rs.1Crore. b) 5% of Income tax if Taxable income exceeds Rs.10Crores.
iii. Education Cess + SHEC 3% of Total of Income tax and Surcharge.

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H. Marginal Relief in Surcharge

When an assessee’s taxable income exceeds Rs. 1 crore, he is liable to pay Surcharge at prescribed rates mentioned above on Income Tax payable by him. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 1 crore by more than the amount of increase in taxable income.

 

 

 

 

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