Income Tax Rate Chart For A.Y 2015-16 / F.Y 2014-15
Individual, hindu undivided family, association of
persons, body of individuals, artificial juridical person.
(i) The rates income-tax as applicable for
Assessment Year 2015-16 in the case of every individual below the Age of Sixty
Years or Hindu undivided family or every association of persons or body of
individuals, whether incorporated or not, or artificial juridical person
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Income Slabs
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Tax Rates
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i.
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Where the TOTAL INCOME does not exceed Rs.
2,50,000/-.
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NIL
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ii.
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Where the total income exceeds Rs. 2,50,000/- but
does not exceed Rs. 5,00,000/-.
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10% of AMOUNT by which the total income exceeds
Rs. 2,50,000/-
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iii.
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Where the total income exceeds Rs. 5,00,000/- but
does not exceed Rs. 10,00,000/-.
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Rs. 25,000/- + 20% of the amount by which the total
income exceeds Rs. 5,00,000/-.
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iv.
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Where the total income exceeds Rs. 10,00,000/-.
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Rs. 1,25,000/- + 30% of the amount by which the total
income exceeds Rs. 10,00,000/-.
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(ii) In the case of every
individual, being a resident in India, who is of the age of sixty years or
more but less than eighty years at any time during the previous year,—
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Income Slabs
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Tax Rates
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i.
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Where the total income does not exceed Rs.
3,00,000/-.
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NIL
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ii.
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Where the total income exceeds Rs. 3,00,000/- but
does not exceed Rs. 5,00,000/-
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10% of the amount by which the total income exceeds
Rs. 3,00,000/
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iii.
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Where the total income exceeds Rs. 5,00,000/- but
does not exceed Rs. 10,00,000/-
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Rs. 20,000/- + 20% of the amount by which the total
income exceeds Rs. 5,00,000/-.
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iv.
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Where the total income exceeds Rs. 10,00,000/-
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Rs. 120,000/- + 30% of the amount by which the total
income exceeds Rs. 10,00,000/-.
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(iii) in the case of every
individual, being a resident in India, who is of the age of eighty years or
more at anytime during the previous year,—
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Income Slabs
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Tax Rates
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i.
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Where the total income does not exceed Rs.
5,00,000/-.
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NIL
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ii.
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Where the total income exceeds Rs. 5,00,000/- but
does not exceed Rs. 10,00,000/-
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20% of the amount by which the total income exceeds
Rs. 5,00,000/-.
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iii.
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Where the total income exceeds Rs. 10,00,000/-
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Rs. 100,000/- + 30% of the amount by which the total
income exceeds Rs. 10,00,000/-.
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The amount of income-tax computed in accordance with
the preceding provisions of this Paragraph shall be increased by a surcharge
at the rate of ten percent of such income-tax in case of A person having a
total income exceeding one crore rupees.
However, the total amount payable as income-tax and
surcharge on total income exceeding one crore rupees shall not exceed the total
amount payable as income-tax on a total income of one crore rupees by more than
the amount of income that exceeds one crore rupees.
Co-operative Societies
In the case of co-operative societies, the rates of
income-tax have been specified in Paragraph B of Part III of the First Schedule
to the Bill. These rates will continue to be the same as those specified
for financial year 2013-14.
The amount of income-tax shall be increased by a
surcharge at the rate of ten percent. of such income-tax in case of a cooperative
society having a total income exceeding one crore rupees .
However, the total amount payable as income-tax and
surcharge on total income exceeding one crore rupees shall not exceed the total
amount payable as income-tax on a total income of one crore rupees by more than
the amount of income that exceeds one crore rupees.
Firms
In the case of firms, the rate of income-tax has been
specified in Paragraph C of Part III of the First Schedule to the Bill. This
rate will continue to be the same as that specified for financial year
2013-2014.
The amount of income-tax shall be increased by a
surcharge at the rate of ten percent. of such income-tax in case of a firm
having a total income exceeding one crore rupees .
However, the total amount payable as income-tax and
surcharge on total income exceeding one crore rupees shall not exceed the total
amount payable as income-tax on a total income of one crore rupees by more than
the amount of income that exceeds one crore rupees.
Local authorities
The rate of income-tax in the case of every local
authority is specified in Paragraph D of Part III of the First Schedule to the
Bill. This rate will continue to be the same as that specified for the
financial year 2013-2014.
The amount of income-tax shall be increased by a
surcharge at the rate of ten percent. of such income-tax in case of a local
authority having a total income exceeding one crore rupees .
However, the total amount payable as income-tax and
surcharge on total income exceeding one crore rupees shall not exceed the total
amount payable as income-tax on a total income of one crore rupees by more than
the amount of income that exceeds one crore rupees.
Companies
The rates of income-tax in the case of companies are
specified in Paragraph E of Part III of the First Schedule to the Bill. These
rates are the same as those specified for the financial year 2013-2014.
The existing surcharge of five per cent in case of
a domestic company shall continue to be levied if the total income of the
domestic company exceeds one crore rupees but does not exceed ten crore rupees.
The surcharge at the rate of ten percent shall continue to be levied if the
total income of the domestic company exceeds ten crore rupees. In case of
companies other than domestic companies, the existing surcharge of two per
cent. shall continue to be levied if the total income exceeds one crore rupees
but does not exceed ten crore rupees. The surcharge at the rate of five percent
shall continue to be levied if the total income of the company other than
domestic company exceeds ten crore rupees.
However, the total amount payable as income-tax and
surcharge on total income exceeding one crore rupees but not exceeding ten
crore rupees, shall not exceed the total amount payable as income-tax on a
total income of one crore rupees, by more than the amount of income that
exceeds one crore rupees. The total amount payable as income-tax and surcharge
on total income exceeding ten crore rupees, shall not exceed the total amount
payable as income-tax and surcharge on a total income of ten crore rupees, by
more than the amount of income that exceeds ten crore rupees.
In other cases (including sections 115-O, 1 15QA, 1 15R
or 115TA) the surcharge shall continue to be levied at the rate of ten percent.
For financial year 2014-2015, additional surcharge
called the “Education Cess on income-tax” and “Secondary and higher
education Cess on income-tax” shall continue to be levied at the rate of
two per cent and one per cent respectively, on the amount of tax computed,
inclusive of surcharge (wherever applicable), in all cases. No marginal relief
shall be available in respect of such Cess.
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INCOME TAX RATES
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INDIVIDUAL/HUF
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Nil
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Upto Rs. 250000 –Below 60years
Upto Rs. 300000- Above 60 years
Upto Rs 500000- Above 80 Years
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10% + 3% EC
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Rs. 250000 to Rs. 500000
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20% + 3% EC
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Rs. 500000 to Rs. 1000000
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30% + 3% EC
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Above 1000000
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FIRMS/COMPANIES
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Income tax/MAT
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Surcharge
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Edu Cess
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Up to Rs. 1 Crore
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30%/18.5%
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-
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3
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> Rs.1 Crore and up to Rs.10 Crore
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30%/18.5%
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5
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3
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> Rs.10 Crore
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30%/18.5%
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10
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3
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