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Income Tax Slab F.Y 2015-16


Income Tax Rates for Assessment Year 2015-16

1. Individual resident below 60 years of age (i.e. born on or after 1st April 1956) or any Non resident individual, HUF, AOP, BOI or Artificial Judicial Person

S no. Income Slabs Tax Rates
1. Where the total income does not exceed Rs. 2,50,000/-. NIL
2. Where the total income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/-. 10% of amount by which the total income exceeds Rs. 2,50,000/-.
Rebate under section 87A is also allowed.
3. Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. Rs. 25,000/- + 20% of the amount by which the total income exceeds Rs. 5,00,000/-.
4. Where the total income exceeds Rs. 10,00,000/-. Rs. 1,25,000/- + 30% of the amount by which the total income exceeds Rs. 10,00,000/-.

Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore.  Marginal relief is allowed from surcharge.Education Cess : 3% of the Income Tax and Surcharge

2. Individual resident 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 1936 but before 1st April 1956)

S no. Income Slabs Tax Rates
1. Where the total income does not exceed Rs. 3,00,000/-. NIL
2. Where the total income exceeds Rs. 3,00,000/- but does not exceed Rs. 5,00,000/- 10% of the amount by which the total income exceeds Rs. 3,00,000/-.
Rebate under section 87A is also allowed.
3. Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/- Rs. 20,000/- + 20% of the amount by which the total income exceeds Rs. 5,00,000/-.
4. Where the total income exceeds Rs. 10,00,000/- Rs. 120,000/- + 30% of the amount by which the total income exceeds Rs. 10,00,000/-.

Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore. Marginal relief is allowed from surcharge.
Education Cess : 3% of the Income Tax and Surcharge

3. Individual resident who is of the age of 80 years or more at any time during the previous year (i.e. born before 1st April 1936)

S no. Income Slabs Tax Rates
1. Where the total income does not exceed Rs. 5,00,000/-. NIL
2. Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/- 20% of the amount by which the total income exceeds Rs. 5,00,000/-.
3. Where the total income exceeds Rs. 10,00,000/- Rs. 100,000/- + 30% of the amount by which the total income exceeds Rs. 10,00,000/-

Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore. Marginal relief is allowed from surcharge.
Education Cess : 3% of the Income Tax and Surcharge

4. Co-operative Society

S no. Income Slabs Tax Rates
1. Where the total income does not exceed Rs. 10,000/-. 10% of the income.
2. Where the total income exceeds Rs. 10,000/- but does not exceed Rs. 20,000/-. Rs. 1,000/- + 20% of income in excess of Rs. 10,000/-.
3. Where the total income exceeds Rs. 20,000/- Rs. 3,000/- + 30% of the amount by which the total income exceeds Rs. 20,000/-.

Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore.  Marginal relief is allowed from surcharge.
Education Cess : 3% of the Income Tax.

5. Firm

Income Tax : 30% of total income.

Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore. Marginal relief is allowed from surcharge.

Education Cess : 3% of the Income Tax.

6. Local Authority

Income Tax : 30% of total income.

Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore. Marginal relief is allowed from surcharge.

Education Cess : 3% of the Income Tax.

7. Domestic Company

Income Tax : 30% of total income.

Surcharge : 7% of such income tax, provided that the total income exceeds Rs. 1 crore.

At the rate of 12% of such income tax, provided that the total income exceeds Rs. 10 crores. Marginal relief is allowed from surcharge.

Education Cess : 3% of the total of Income Tax and Surcharge.

8. Company other than a Domestic Company

  • @ 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 other income

Surcharge : At the rate of 2% of such income tax, provided that the total income exceeds Rs. 1 crore.

At the rate of 5% of such income tax, provided that the total income exceeds Rs. 10 crores. Marginal relief is allowed from surcharge.

Education Cess : 3% of the total of Income Tax and Surcharge.

One comment

  1. we request you to give information ot any trust is taxable or not. what is limit to pay tax?

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