CA Sandeep Kanoi

CA Sandeep KanoiIncome Tax Rate Chart / Income Tax Slabs as Applicable for Assessment Year 2015-16 / Financial Year 2014-15 for Individual, HUF, AOP, BOI, Partnership Firms, LLP and Companies.

Individual, Hindu undivided family, association of persons, body of individuals, artificial juridical person.

(i) The rates of 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

Income Slabs Tax Rates
i. Where the total income does not exceed Rs. 2,50,000/-. NIL
ii. 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/-
iii. 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/-.
iv. 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/-.

 (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,—

Income Slabs Tax Rates
i. Where the total income does not exceed Rs. 3,00,000/-. NIL
ii. 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/
iii. 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/-.
iv. 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/-.

(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,—

Income Slabs Tax Rates
i. Where the total income does not exceed Rs. 5,00,000/-. NIL
ii. 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/-.
iii. 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/-.

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.

INCOME TAX RATES
INDIVIDUAL/HUF
Nil Upto Rs. 250000 –Below 60yearsUpto  Rs. 300000- Above 60 yearsUpto Rs 500000- Above 80 Years
10% + 3% EC Rs. 250000 to Rs. 500000
20% + 3% EC Rs. 500000 to Rs. 1000000
30% + 3% EC Above 1000000
 FIRMS/COMPANIES
  Income tax/MAT Surcharge Edu Cess
Up to Rs. 1 Crore 30%/18.5% 3
> Rs.1 Crore and up to Rs.10 Crore 30%/18.5% 5 3
> Rs.10 Crore 30%/18.5% 10 3
 ALSO READ
S.NO. INCOME TAX SLAB
INCOME TAX CALCULATORS
1. Income Tax Slabs for FY 2016-17 / AY 2017-18
2. Income Tax Slab for FY 2015-16 AY 2016-17
3. Income Tax Slab for FY 2014-15 AY 2015-16
4.
5.  Income tax Slab for FY 2012-13 / AY 2013-14 Income Tax Calculator FY 2012-13 / AY 2013-14
6. Income tax calculator for FY 2006-07 to FY 2016-17
7. Income Tax Slab Rates from AY 1992-93 to AY 2015-16

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More Under Income Tax

85 Comments

  1. Sanchaya G Mahale says:

    Today I have gone to Income Tax Department to file the return financial Year 2014-15(assessment year 2015-16), whereas the Income tax officer has told me to pay penalty Rs. 1000.00 since the income is below 2.50lacs.
    My query is why I should [pay the penalty, since the law is made on 1st April 2017 onwords and not to prior to that.

  2. Jai Prakash says:

    R/S,I got the pay arrear of FY 2014-15 in current FY 2015-16 which incresed my total taxable income.Should it not be added in privious years income.plsguide me.

  3. Jai Prakash says:

    R/S,My taxable income for FY 2014-15 was Rs 389134.I paid Rs 12270/- as TDS. I got promotion from 1st Jan 2014 and received the pay arrears rs 104474/-in FY 2015-16 for last FY 2014-15 .Now my total income is rs 591684/ including the arrears.My question is that this arrear should not be added in previous year?My next question is that how should be calculated the income tax for current year?Plz guide me.I am a govt officer

  4. Jangaiah M says:

    I am working as a consultant on contract basis in state government autonomous board(Telangana State Medicinal Plants Board). I am getting 25000/-P.M with TDS cutting is 2500/- P.M (10%). i didn’t understand why they are deducting more from my salary and is there any act on this, if yes please provide official link.

    My question is whether its 10% on monthly salary or 10% on annual salary. And per the act for 2,50,000/- No tds.

    Please clear my queries as soon as possible.

  5. mr upadhyay says:

    Dear Sir,
    1)
    a co-op. housing soc. in mumbai recd interest on fixed deposits by investing societys funds with nationalised bank 85000, tds 8500 deducted by bank whether such interest is taxable in co -op housing societys hand ?
    2) income recd from mobile tower setup on societys terrace 600000 tds 60000 is it taxable in hands of society ?
    3) what are the deductions available against both the above incomes to society ?
    4)what are the tax rates applicable to co-op housing soc. ?ass. year 2015=2016
    5) file the return ITR 5? Last date 30/09/2015 for filing ?

    kindly reply and oblige

    thanks

  6. p.snehapriya says:

    sir,
    Iam a student of 1st MBA. i have a doubt about the deductions under sec 80 . in today indian scenario cost of living is increasing, standard of living increasing, inflation conditions are showing their impact on economy, but why the govt of india not considering the changes to increase the amount of deductions. why people not bothering about this? ex :100 rs of deduction is allowed on education to emp’ees children. doesnt it seems so silly?

  7. RAMESHWAR MISHRA says:

    sir good morning I am retaired SBI employee my pension+tdr interest is 338000/- I am above 60 year & I have not seved any l i c policy or PPF account how much tax i have to pay at my over income after 3 lacs and what is the way to pay tax on balance amout Rs 38000/-. last date of submitting of return is 31 august 2015

  8. Avinash Kumar says:

    Hi,

    I wanted to declare investment in my current company, and related to that I had few queries, as mentioned below:

    1. I have my annual CTC as 9 LPA, and the annual basic component is 3.3 LPA approximately. So, what would be my taxable income & take home income, annually and monthly ?
    2.Based on my taxable income, how would be the tax % are calculated?
    3. Out of my taxable income, how much would be tax free amount? And will that tax free amount limit can be stretched further by showing my PPF & HRA ?

  9. RAM says:

    SIR,
    THE FOLLOWING ARE QUERIES :
    1. ROAD TAX FOR A NEW CAR ,CAN IT BE CLAIMED FOR EXEMPTION
    2.EMI ON A CAR,CAN IT BE CLAIMED FOR EXEMPTION
    3.TOP UPLOAN ON HOUSE(1STHOUSE LEASED OUT ),CAN IT BE CLAIMED FOR EXEMPTION.
    REGARDS,
    RAM

  10. RAM says:

    SIR,
    THE FOLLOWING ARE QUERIES :
    1. ROAD TAX FOR A NEW CAR ,CAN IT BE CLAIMED FOR EXEMPTION
    2.EMI ON A CAR,CAN IT BE CLAIMED FOR EXEMPTION
    3.TOP UPLOAN ON HOUSE(1STHOUSE LEASED OUT ),CAN IT BE CLAIMED FOR EXEMPTION.
    REGARDS,
    RAM

  11. RAM says:

    SIR,
    THE FOLLOWING ARE QUERIES :
    1. ROAD TAX FOR A NEW CAR ,CAN IT BE CLAIMED FOR EXEMPTION
    2.EMI ON A CAR,CAN IT BE CLAIMED FOR EXEMPTION
    3.TOP UPLOAN ON HOUSE(1STHOUSE LEASED OUT ),CAN IT BE CLAIMED FOR EXEMPTION.
    REGARDS,
    RAM

  12. RAM says:

    SIR,
    THE FOLLOWING ARE QUERIES :
    1. ROAD TAX FOR A NEW CAR ,CAN IT BE CLAIMED FOR EXEMPTION
    2.EMI ON A CAR,CAN IT BE CLAIMED FOR EXEMPTION
    3.TOP UPLOAN ON HOUSE(1STHOUSE LEASED OUT ),CAN IT BE CLAIMED FOR EXEMPTION.
    REGARDS,
    RAM

  13. RAM says:

    SIR,
    THE FOLLOWING ARE QUERIES :
    1. ROAD TAX FOR A NEW CAR ,CAN IT BE CLAIMED FOR EXEMPTION
    2.EMI ON A CAR,CAN IT BE CLAIMED FOR EXEMPTION
    3.TOP UPLOAN ON HOUSE(1STHOUSE LEASED OUT ),CAN IT BE CLAIMED FOR EXEMPTION.
    REGARDS,
    RAM

  14. RAM says:

    SIR,
    THE FOLLOWING ARE QUERIES :
    1. ROAD TAX FOR A NEW CAR ,CAN IT BE CLAIMED FOR EXEMPTION
    2.EMI ON A CAR,CAN IT BE CLAIMED FOR EXEMPTION
    3.TOP UPLOAN ON HOUSE(1STHOUSE ),CAN IT BE CLAIMED FOR EXEMPTION.
    REGARDS,
    RAM

  15. RAM says:

    SIR,
    THE FOLLOWING ARE QUERIES :
    1. ROAD TAX FOR A NEW CAR ,CAN IT BE CLAIMED FOR EXEMPTION
    2.EMI ON A CAR,CAN IT BE CLAIMED FOR EXEMPTION
    3.TOP UPLOAN ON HOUSE(1STHOUSE ),CAN IT BE CLAIMED FOR EXEMPTION.
    REGARDS,
    RAM

  16. RAM says:

    SIR,
    THE FOLLOWING ARE QUERIES :
    1. ROAD TAX FOR A NEW CAR ,CAN IT BE CLAIMED FOR EXEMPTION
    2.EMI ON A CAR,CAN IT BE CLAIMED FOR EXEMPTION
    3.TOP UPLOAN ON HOUSE(1STHOUSE ),CAN IT BE CLAIMED FOR EXEMPTION.
    REGARDS,
    RAM

  17. RAM says:

    SIR,
    THE FOLLOWING ARE QUERIES :
    1. ROAD TAX FOR A NEW CAR ,CAN IT BE CLAIMED FOR EXEMPTION
    2.EMI ON A CAR,CAN IT BE CLAIMED FOR EXEMPTION
    3.TOP UPLOAN ON HOUSE(1STHOUSE ),CAN IT BE CLAIMED FOR EXEMPTION.
    REGARDS,
    RAM

  18. k d jay says:

    I am a contractual employee and earn consolidated remuneration amount of Rs 46000 per month and iam saving Rs 150000 per year in PPF scheme. how much amount should our employer deduct as TDS from me? and what is my tax liability for financial year 2014-15.

  19. Dilip Patel says:

    is it ok if we submit supporting document for tax saving on income come after 31st of march 2015. will it be considered as tax refund on ITR for financial year 2015-16 or we are not eligible for tax refund for FY 2015-16? Please advice. what should i do to save tax in such cases?

  20. Student says:

    as per new union budget the corporate tax rate has been reduced to 25% from 30% so from when this new rate of tax for companies is effective…Plz clarify asap.

  21. KB Talwar says:

    I am a housewife. I received Rs 3,10,000/- from my husbands sister as gift. Do I have to file my tax return. Do I have to pay tax on this.

  22. s sudarshana says:

    Dear Sridevi: Professional tax is the amount paid by the assessee to the State govt. in certain states as per the table which is specific to the states. You will get the rebate as per actuals and not from some table or by calculation.

  23. s sudarshana says:

    Mr.Chokkalingam: Hope you are not a CGHS beneficiary. Hoping you are not and not getting the re-imbursement of the expenses, you can show it under section 80-D. Nothing need to be attached while filing. HOwever in case of enquiry from the Assessing Officer, you should be able to produce the proof of expenditure.

  24. N.CHOKKALINGAM says:

    I am a central govt. pensioner. We have not taken any Indurance for Medical treatment. This financial year, my wife had undergone a minor surgery which costs me around Rs.7000 inclusive of medicine purchased prior and after surgery. She is completely dependent on me. I want to know whehter the medical expenses incurred towards my wife treatment including surgery will be exempted under section 80D? If so what are things I have to produce along with my IT return. Expecting your feedback on priority. Regards and sorry for the disturbance.

    N. Chokkalingam
    Mob. 9751274451
    Email : chokks50@yahoo.com

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