Income Tax rates for FY 2015-16

Income Tax rates for FY 2015-16 (Financial Year 2015-16)and AY (Assessment Year)2016-17

 

 

 

 

 

A. Individuals/HUFs/AOPs/BOI/Artificial Judicial Person

A1.  FOR RESIDENT MEN and WOMEN (Age less than or equal to 60 Years) 

Income Slab Rates (INR) Percentage Remarks
Upto 2,50,000 NIL
2,50,001 to 5,00,000 10% Tax Credit U/S 87A is available upto Rs.2000
5,00,001 to 10,00,000 20%
Above 10,00,000 30%

A2.FOR SENIOR CITIZENS (Age 60-80 Years)

Income Slab Rates (INR) Percentage Remarks
Upto Rs. 3,00,000 NIL
3,00,001 to 5,00,000 10% Tax Credit U/S 87A is available upto Rs.2000
5,00,001 to 10,00,000 20%
Above 10,00,000 30%

A3.FOR VERY SENIOR CITIZENS (Age Above 80 Years)

Income Slab Rates (INR) Percentage
Upto 5,00,000 NIL
5,00,001 to 10,00,000 20%
Above 10,00,000 30%

Surcharge of 12% on Income-tax where taxable income exceeds Rs.1 crore however margin relief  in surcharge is available , if applicable.

Education Cess is 2% on income-tax and surcharge.

Secondary and higher education cess is 1% of income-tax and surcharge.

B.Co-operative Societies

Income Slab Rates (INR) Percentage
Upto  10,000 10%
10,000 to 20,000 20%
Above 20,000 30%

Surcharge of 12% on Income-tax where taxable income exceeds Rs.1 crore however margin relief  in surcharge is available , if applicable.

Education Cess is 2% on income-tax and surcharge.

Secondary and higher education cess is 1% of income-tax and surcharge.

C.Partnership Firms including LLP

Income Tax 30%

Surcharge of 12% on Income-tax where taxable income exceeds Rs.1 crore however margin relief  in surcharge is available , if applicable.

Education Cess is 2% on income-tax and surcharge.

Secondary and higher education cess is 1% of income-tax and surcharge.

D. Local Authority

Income Tax 30%

Surcharge of 12% on Income-tax where taxable income exceeds Rs.1 crore however margin relief  in surcharge is available , if applicable.

Education Cess is 2% on income-tax and surcharge.

Secondary and higher education cess is 1% of income-tax and surcharge.

E. Domestic Company

Income Tax 30%

Surcharge of 7% of Income Tax  if total income exceeds Rs.1 crore but does not exceeding Rs.10 crores and Surcharge of 12% of Income Tax if total income exceeds Rs.10 crores on Income-tax however margin relief  in surcharge is available , if applicable.

Education Cess is 2% on income-tax and surcharge.

Secondary and higher education cess is 1% of income-tax and surcharge.

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