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Income Tax Rates / Tax Slabs
(AY-2014-2015 & 2015-2016)

 
(I)
For Individuals (Males and Females both below the age of 60 years), HUFs, AOPs, BOls
(II)
For Senior Citizens (individuals who is age of 60 years or more but less than 80 years)
(III)
For senior citizens (individuals who is age of 80 years or more).
(IV)
For Partnership Firm
(V) For Companies
(VI) Minimum Alternate Tax [MAT]
(VII) Co-operative Society
(VIII) Wealth Tax Rate
(IX)
Section-wise Other Income Tax Rates Specified In The Income Tax Act.

(I) For Individuals (Males and Females both below the age of 60 years), HUFs, AOPs, BOls

For A.Y. 2014-2015

Income Slab

Rates of income tax

(1)

where the total income does not exceed Rs. 2,00,000

Nil;

(2)

where the total income exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000  10% of the amount by which the total income exceeds Rs. 2,00,000;

(3)

where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 Rs. 30,000 plus 20%  of the amount by which the total income exceeds Rs. 5,00,000;

(4)

where the total income exceeds Rs. 10,00,000 Ps. 1,30,000 plus 30% of the amount by which the total income exceeds Rs. 10,00,000

 

Important Note : For F. Y. -2013-2014 (A. Y .2014-2015), Tax Rebate of 2000 for individuals having total income upto 5 Lakh. This credit will not be available to HUF, AOP, BOl, etc

For A.Y. 2015-2016

 

Income Slab

Rates of income tax -

(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 the amount by which the total income exceeds Rs. 2,50,000;

(3)

where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 Rs. 25,000 plus 20% of the amount by which income exceeds Rs. 5,00,000;

(4)

where the total income exceeds Rs. 10,00,000 Rs. 1,25,000 plus 30% of the amount by which the total income exceeds Rs. 10,00,000.

 

(II) For Senior Citizens
(individuals who is age of 60 years or more but less than 80 years).
For A.Y. 2014-2015

 

Income Slab

Rates of income tax

(1)

where the total income does not exceed As. 2,50,000 Nil;

(2)

where the total income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000 10%  of the amount by which the total income exceeds Rs. 2,50,000.

(3)

where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 Rs. 25,000 pIus 20% of the amount by which the total income exceeds Rs. 5,00,000.

(4)

where the total income exceeds Rs. 10,00,000 As. 1,25,000 pIus 30%  of the amount by which the total income exceeds Rs. 10,00,000.

 

For A.Y. 2015-2016

 

Income Slab

Rates of Income Tax

(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

(3)

where the total income exceeds Rs. 5,00,000 but does exceed Rs. 10,00,000 Rs. 20,000 pIus 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. 1,20,000 pIus 30%, of the amount by which the total income exceeds As. 10,00,000.
 

(III) For senior citizens (individuals who is age of 80 years or more).

For A.Y. 2014-2015 & A.Y. 2015-2016

Income Slab

Rates of income tax

(1)

where the total income does not exceed Rs. 5,00,000 Nil;

(2)

where the total income exceeds Rs. 5,00,001 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. 1,00,000 plus 30% of the amount by which the total income exceeds Rs. 10,00,000.

Notes:—
(1)      Surcharge— ForA.Y. 2014-2015 &201 5-2016,10% Surcharge on Individual, HUF, AOP, BOl, if total income exceeds ` 1 crore.

(2)      Education Cess — 2% of Income-tax.

(3)      Secondary & Higher Education Cess —1% of Income-tax.

Marginal Relief: In the case of person mentioned above having total income exceeding one crore rupees 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
 

(IV) For Partnership Firm

For A.Y. 2014-2015 & A.Y. 2015-2016

Rate of income tax

surcharge

Education Cess

30% on whole of the income For A. Y. 2014-15 & 2015-2016, 10% Surcharge of IT., if total income exceed 1 Crore 2% of incometax and Additional Secondary & Higher Education Cess @1%isalsolevied on all assessees.
Marginal Relief: In the case of firms having total income exceeding 1 Crore, the total amount payable as income- tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of 1 Crore rupees by more than the amount of income that exceeds 1 Crore.
 

(V) For Company

For A.Y. 2014-2015 & A.Y. 2015-2016

Type of Company

Rates of Income-tax

1. A Domestic Company

30%

2. A Foreign Company where income consists of :-

(i)      royalties received from Government or an Indian concern under an agreement made after March31, 1961, but before April 1, 1976, or fees for rendering technical services received from Government or an Indian concern under an agreement made after February 29, 1964, but before April 1, 1976, and where such agreement has, in either case, been approved by the Central Government.

(ii)     where agreement referred above is made between 1.4.1 976 to3l .5.1997.

(iii)    where agreement referred above is made after 31.5.1997.

(iv)    on the balance, if any, of the total income.

 

 

50%

 

 

 

 

NIL


NIL


40%

Surcharge for A.Y. 2014-2015 & A.Y. 2015-2016

Type of assessee

Rate of surcharge

(I) Domestic Company

(i) 5% of Income-tax, if income exceeds 1 crore but does not exceed Rs. 10 crore.
(ii) 10% of Income-tax, if income exceeds 1 0 crore

(ii) Foreign Company

(i) 2% of Income-tax, if income exceeds 1 crore but does not exceed Rs. 10 crore
(ii) 5% of Income-tax, if income exceeds 10 crore.

Education Cess : 2% of income-tax (including surcharge thereon)

Secondary & Higher Education cess—1 % of income tax (including surcharge thereon).

Marginal Relief: In the case of every company having a total income exceeding Rs. 1 crore & 10 crore, the total amount payable as income tax and surcharge on such income shall not exceed the total amount payable as income tax on a total income of Rs. 1 crore & 10 crore by more than the amount of income that exceeds Rs. 1 crore & 10 crore respectively.

(VI) Minimum Alternate Tax [MAT]

For A.Y. 2014-2015 & A.Y. 2015-2016

Type of assessee

Rate of surcharge

Domestic Company

18.5%

Foreign Company

18.5%

S.C.— If a book profit of a company exceeds Rs. 1 crore then the MAT cannot exceed the following (P.S. -18.5 lakh + Book profit - 1 crore) + EC+SHEC)
 

(VII) Co-operative Society

For AY. 2014-2015 & A.Y. 2015-2016

Income Slab

Rates of income tax

(1)

where the total income does not exceed Rs. 10,000

10% of the total income;

(2)

where the total income exceeds Rs. 10,000 but does not exceed Rs. 20,000

Rs. 1,000 pIus 20% of the amount by which the total income exceeds Rs. 10,000;

(3)

where the total income excees Rs. 20,000

Rs. 3,000 pIus 30%  of the amount by which the total income exceeds Rs. 20,000.

Surcharge:— For A. Y. 2014-2015 & 2015-2016, 10% Surcharge on Income Tax, if total income exceeds 1 crore

Education Cess:- 2% of income tax.

Secondary & Higher Education Cess:- 1% of Income-tax.

Marginal Relief: In the case of cooperative society having total income exceeding one crore rupees 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
 

(VIII) WEALTH TAX:

For A.Y. 2014-2015 & A.Y. 2015-2016

Income Slab

Rates of income tax

(a) an individual or a HUFs:

(i) Where the net wealth does not exceed
Rs. 30,00,000

(ii) Where the net wealth exceeds Rs. 30,00,000

 

 

NIL;

1% of the amount by which the netwealth exceeds Rs. 30,00,000.

(b) a company

(i) Where the net wealth does not exceed Rs. 30,00,000

(ii) Where the net wealth exceeds Rs. 30,00,000

 

NIL;

1% of the amount bywhich the net wealth exceeds Rs. 30,00,000.

 
Section-wise Other Income Tax Rates Specified In The Income Tax Act.

SECTIONS

INCOME

RATE OF INCOME TAX for A.Y. 2014-2015 & 2015-2016

111A

Short term Capital Gains from Securities listed on a recognised stock exchange

15%

112

Long Term Capital Gains :

- If assessee is a resident individual or H.U.F. [Also see proviso to section 112(1 )(a)]

 

20%

 

- If assessee is a non-resident individual

20%

- If assessee is a domestic company

20%

- If assessee is a foreign company

20%

- In any other case of a resident

20%

115A

Tax on dividends, royalty and technical service fees in the case of Foreign companies-

(a)(i)Dividends [other than dividends referred to in section 115-0]; or

 

 

20%

 

(ii)lnterest received from Government concern on moneys borrowed or debts incurred by Government or the Indian concern in foreign currency not being interest of the nature referred to in clause (ha) or (iiaa)

 

20%

 

 

(ha) Interest received from an infrastructure debt fund referred to under section 1 0(47);or     

 

5%

 

(iiaa) Interest of the nature and extent referred to in section 1 94LC; or

5%

 

(ilab) Interest of the nature and extent referred to in section 194LD;or(we.f. 01.4 .2014)

 

5%

 

(iiac) distributedincome being intere st referred to in section - 194LBA(2) i.e. for certain income from units of a buiness trust (Inserted by the Finance (No.2)BiII, 2014, w.e.f. 01.04.2015)

5%

 

 

 

(iii)lncome received in respect of units, purchased in foreign currency, of a mutual fund specified u/s 1 0(23D) or of the Unit Trust of India.

(b)Income from royalty or fee for technical services other than income referred to in section 44DA(1)from Indian concern or government of India under approved agreement.

 

20%

 

 

 

(i) the amount of income tax calculated on the income by way of royalty, if any included in the total income [Substituted by theFinance Act, 2013, wet. 01 .04.2014

 

25%

 

(ii) the amount of income tax calculated on the income by way of fees for technical services if any included in the total income [Substituted by the Fnance Act, 2013, w.e.f 01.04.2014].

 

25%

115A

Income of an Overseas Financial Organisation (offshore fund) from units purchased in foreign currency or capital gains there from

10%

115AC

Income of non-resident from bonds or Global Depository Receipts purchased in foreign currenc or capital gains thereof. [Not applicable in case o dividends referred to in section 115-0].

10%

115ACA

115ACA Income of resident employees from Global Depository Receipts purchased in foreign currency

10%

115AD

In case of income of a foreign institutional investor:

  1. ncome from listed securities (other than Sec. 115AB  

 

 

20%

  1. From short-term gains of such securities (u/s. 111A)

15%

 

  1. From long-term capital gains

10%

  1. From securities other than referred u/s 111A

30%

 

  1. Income by way of interest on certain bonds & Govt. Securities referred in section 194LD, w.e.f. 01 .4.2014.

5%

  1. Other income [not applicable in the case of dividends referred in section 115-0]

 

20%

115B

Income from life insurance business

12.5%

115BB

On income in respect of winnings from lotteries, cross word puzzles, races and horse races, card games, gambling or betting –

-where assessee is a non-corporate resident

 

 

 

30%

-where assessee is a domestic company 30%

30%

30%

- where assessee is a non-resident 30%

 

115BBA

On Income of a non - resident foreign sportsman from any game in India, advertisement or winnings or contribution of an article relatin9 to games or sports in India or income of non-resident sports association from guarantee money.

20%

115BBB

Income from units of an open ended equity oriented fund of U.T.I. or a Mutual Fund

10%

115BBC

Anonymous donations received by a person in certain cases. (applicable from A.Y. 2007-2008)

30%

115BBD

Tax on certain dividend received from Foreign Company

15%

115BBE

Income referred to in sections 68, 69, 69A, 69B, 69C & 69D

30%

115E

On Investment income from Foreign Exchange Assets & Long-term Capital gains of non-resident Indians.

[ 10% Long-Term Capital Gains]

115JB

Special provision for payment of tax by certain companies

18.5%

115JC

Alternate minimum tax on non-corporate tax payer

18.5%

115O

On distributed profits of domestic companies

15%

161(1A)

On Income from business when assessee is a trust as per terms of the section.

30%

164

On Income of private discretionary trust where shares of beneficiary are not known.

30%

164A

Income of Oral trusts

30%

167A

Income of a Firm

30%

167B(1)

On Income of A.0.P. or Body of Individuals where shares of members are not known. (Provided if income of any member is chargeable at a higher rate than the higher rate shall be applicable)

30%

167B(2)(i)

Income of A.0.P. or Body of Individuals not cover’d u/s 167B(1) while other income of any member exceeds the thresh hold limit.

30%

167B(2)(ii)

On Income of A.0.P. or Body of Individuals where income of a member is chargeable at a rate higher than the maximum chargeable rate then on that portion of income of the A.0.P. or Body of individuals that relate to such person the tax shall be calculated on such higher rate and on balance of total income.

30%

Notes: (1) Education Cess @2% & Additional Secondary & Higher Education Cess @1% of Income-tax and surcharge thereon shall be levied.

(2) For F. Y. 2013-2014 (A. Y. 2014-2015), 5% Surcharge continue to pay by the domestic company having total income exceeding 1 crore. However, if income exceeds 10 crore, surcharge will be 10% and foreign Co. having total income of above 10 crore will pay surcharge at the higher rate of 5%.

(3) (i) The amount of Income-tax calculated @30% of the aggregate of anonymous donation as exceeds 5% of the total income or Rs. 1,00,000.

(ii) The amount of income-tax with which the assessee would have been chargeable had his total income been reduced by the a9gregate of anonymous donations received in excess of the amount referred above in point (i), as the case may be (w.e.f. 01-04-2015).

 
 

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