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(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 incomeexceeds Rs. 2,00,000; |
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(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; |
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(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 havingtotal 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 incomeexceeds 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. |
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(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 incomeexceeds 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 thetotal income exceeds As. 10,00,000. |
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(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 incomeexceeds 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. |
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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 |
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(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. |
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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%
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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% |
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| 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) |
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(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 thetotal 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. |
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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 asincome tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees |
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For A.Y. 2014-2015 & A.Y. 2015-2016 |
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| 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. |
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(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. |
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| Section-wise Other Income Tax Rates Specified In TheIncome Tax Act. |
SECTIONS | INCOME | RATE OF INCOME TAX for A.Y. 2014-2015 & 2015-2016 |
111A | Short term Capital Gains from Securitieslisted 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%
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- 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%
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(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)
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20%
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(ha) Interest received from an infrastructure debt fund referred to under section 1 0(47);or |
5%
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(iiaa) Interest of the nature and extent referred to in section 1 94LC; or | 5%
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(ilab) Interest of the nature and extent referred to in section 194LD;or(we.f. 01.4 .2014) |
5%
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(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%
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(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%
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(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%
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(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: - ncome from listed securities (other than Sec. 115AB
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20% |
- From short-term gains of such securities (u/s. 111A)
| 15%
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- From long-term capital gains
| 10% |
- From securities other than referred u/s 111A
| 30%
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- Income by way of interest on certain bonds & Govt. Securities referred in section 194LD, w.e.f. 01 .4.2014.
| 5% |
- Other income [not applicable in the case of dividends referred in section 115-0]
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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% |
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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% |
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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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