Income Tax Slabs and Rates for the Assessment Year 2015-16 (applicable on income earned during 01.04.2014 to 31.03.2015) for various categories of Indian Income Tax payers.
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Individual resident aged below 60 years (i.e. born on or after 1st April 1955)
Income Tax :Tax Calculator : AY 2015-16
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% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
Education Cess : 3% of the total of Income Tax and Surcharge.
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Senior Citizen (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 1935 but before 1st April 1955)
Income Tax :Tax Calculator : AY 2015-16
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 the amount by which the taxable income exceeds Rs. 3,00,000/-.
Less : 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% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
Education Cess : 3% of the total of Income Tax and Surcharge.
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Super Senior Citizen (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 1935)
Income Tax :Tax Calculator : AY 2015-16
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. 5,00,000/-. 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% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
Education Cess : 3% of the total of Income Tax and Surcharge.
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Any NRI or HUF or AOP or BOI or AJP
Income Tax :
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/-. 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% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
Education Cess : 3% of the total of Income Tax and Surcharge.
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Co-operative Society
Income Tax :Tax Calculator : AY 2015-16
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 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 the taxable income exceeds Rs. 20,000/-. Surcharge : 10% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
Education Cess : 3% of the total of Income Tax and Surcharge.
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Firm
Tax Calculator : AY 2015-16Income Tax : 30% of taxable income.
Surcharge : 10% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
Education Cess : 3% of the total of Income Tax and Surcharge.
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Local Authority
Income Tax : 30% of taxable income.
Surcharge : 10% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
Education Cess : 3% of the total of Income Tax and Surcharge.
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Domestic Company
Tax Calculator : AY 2015-16Income Tax : 30% of taxable income.
Surcharge : The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge
- At the rate of 5% of such income tax, provided that the taxable income exceeds Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
- At the rate of 10% of such income tax, provided that the taxable income exceeds Rs. 10 crores.
Education Cess : 3% of the total of Income Tax and Surcharge.
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Company other than a Domestic Company
Income Tax :Tax Calculator : AY 2015-16
- @ 50% of on so much of the taxable 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 balance
Surcharge :
The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge as under
- At the rate of 2% of such income tax, provided that the taxable income exceeds Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
- At the rate of 5% of such income tax, provided that the taxable income exceeds Rs. 10 crores.
Education Cess : 3% of the total of Income Tax and Surcharge.
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.
Example :
In case of an individual assesseee (< 60 years) having taxable income of Rs. 1,00,01,000/-
| 1. | Income Tax | Rs. 28,30,300 |
| 2. | Surcharge @10% of Income Tax | Rs. 2,83,030 |
| 3. | Income Tax on income of Rs. 1 crore | Rs. 28,30,000 |
| 4. | Maximum Surcharge payable (Income over Rs. 1 crore less income tax on income over Rs. 1 crore) |
Rs. 700/- (1000 – 300) |
| 5. | Income Tax + Surcharge payable | Rs. 28,31,000 |
| 6. | Marginal Relief in Surcharge | Rs. 2,82,330/- (2,83,030 – 700) |