CA Sandeep Kanoi
Income 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 | |
Mr.Rao,
1) The money is received in this financial year, i.e. 2015-16 and need to be shown during 2015-16 April July time of filing. Time to think and act.
2) Yes even if it is exempt, you need to show as income and exemption u/s 10.
3) Better alternative would have been to get the balance transfered to your new company after joining for service. But then you have to consider various aspects.
I will get back on taxability issue later, with dealiang sections.
Good Luck.
I was working in a company from July 21012 to Feb 2014, at the Manufacturing Plant. The factory/ plant is closed due to business reasons wef 1/03/2014.
I withdrew the PF amount of my contribution and also the company contribution and received Rs.162676 on 23/05/2014, through online payment by Employee provident fund organisation into my bank account.
Please clarify the following:
1) whether this amount is taxable or not? I understand that if I have lost my service due to factory closure is non taxable(my contribution + company contribution + interest). The PF is desposited with PF commissioner at chennai, Tambaram.
2) If it is not taxable, whether I should show it in my income from other sources. If so, where to show the deductions?
Please clarify and advise me according . Please also give the details of the rule applicable.
– See more at: https://taxguru.in/income-tax/income-tax-rate-chart-assessment-year-201516-financial-year-201415.html#comments
Mr.Nagar: You have to pay tax for interest either on receipt basis or accrued basis. If you have shown on accrual basis there is no need to pay again.
I have a NSS A/c. The principal balance deposited over a period of 3 years is Rs. 49000/-.The accrued interest since 1987 together with principal is arrived roughly over Rs 3,00,000/-.I have already paid tax on accrued interest of Rs 40000/-. Now I want to withdraw Rs.say 50000/-.Now tell/advise me whether the accrued interest of Rs 40000/- can be adjusted/deducted and not included in the income of the withdrawal year. Kindly reply/guide
Narayanan: We have to pay tax so than someone governs us! the problem is not with tax but how it is used/administered by our representatives. But then we get the govt. we deserve (we elect them!)
Hi, have a doubt, why we should pay income tax to government???
We need to pay 10% or 20% or 30% as per our income, Why??? and where these money go???
Above this we have to pay service tax, sales tax, water tax, road tax etc etc… after that what will we have in hand, we work like donkey and government takes money from us in the form of taxes, middle class people suffer a lot.
Haven’t seen any changes in India, no proper road, no proper buses, no proper trains etc goes onnnnnnnnnnnnnnnnnnnnn….
Where is our money ???????????????
Manish Sabapara: Applicable
What about 87A rebate of 2000/- applicable for FY 2014-15 ?or not?
Mr Headmaster,
It is applicable to you. It is also applicable to all those whose taxable income is upto 5,10,000.
I was working with M/s ETA General Pvt ltd, at Pondicherry from July 21012 to Feb 2014, at the Manufacturing Plant. The factory/ plant is closed due to business reasons wef 1/03/2014.
I withdrew the PF amount of my contribution and also the company contribution and received Rs.162676 on 23/05/2014, through online payment by Employee provident fund organisation into my bank account.
Please clarify the following:
1) whether this amount is taxable or not? I understand that if I have lost my service due to factory closure is non taxable(my contribution + company contribution + interest). The PF is desposited with PF commissioner at chennai, Tambaram.
2) If it is not taxable, whether I should show it in my income from other sources. If so, where to show the deductions?
Please clarify and advise me according . Please also give the details of the rule applicable.
Compendium of Withholding of Taxes
under the
Income Tax Ordinance, 2001
&
Rules Thereof
Preface
Tax administrators all over the world and particularly in the developing countries like
Pakistan face major problems of non-reporting and under-reporting of income.
Government has introduced various liberal Self Assessment Schemes; with the objective
of encouraging voluntary compliance encompassing virtually all the taxpayers including
limited companies irrespective of income level; however the objective of broadening of
tax base has not been achieved.
The withholding and presumptive tax regimes are not new, however generally these are
applicable to only those persons whose incomes are likely to be difficult to determine
accurately, easier to evade, or more likely to cross national boundaries. These were
initially introduced vide Section 18(3BB) of the Income Tax Act, 1922 in India, through
which tax was imposed on trading in Liquor, Timber and other Forest Produce.
The scope of these provisions was further extended through Income Tax Ordinance,
1979 and both the Regimes have come into full force more specifically after amendment
made through the Finance Act, 1991 onward. Prior to July 1991, taxation on
presumption was restricted only to the non-residents deriving receipts from shipping,
air transport business and having fee from technical services. The then Finance Minister
in his budget speech stated that in order to save the taxpayers from the cumbersome
assessment procedure and delay in refund; the tax withheld from payments to the
contractors, suppliers and commercial importers would be final. We all are fully aware
of the fact that major quantum of the total tax revenue is being collected through
withholding regime.
Conversely, in Pakistan, withholding tax law has been made applicable to almost all the
categories of taxpayers and nature of payment. The direct taxes have been weaved into
the texture of indirect taxes. Furthermore, the withholding agents, who are collecting
taxes on Government’s behalf without any remuneration, are being punished heavily
even for an inadvertent mistake; whereas the superior courts on numerous occasions
held that machinery provision of a fiscal statute should be interpreted in such a manner
that recovery is not frustrated or statute adversely affected, achieve the object of
recovery one cannot travel beyond the spirit of law and cause violence to the language
and intention of statute. It is also held that machinery provision can be extended only to
the extent it is permissible under the law. One cannot override the rights of other parties
only because a recovery has to be made. The Honorable courts have emphasized that
such provisions have their own limitation and they are to be found within the statute
itself. Therefore, machinery provision of fiscal statute should be liberally construed to
ensure recovery.
comment been truncated
i m all sale and income tax return summition plz any problm for contact me
my mail : muhammad.shafiq@y7mail.com
my total salary income is Rs.5,83290 /- after all deductions my net income is Rs.3,30,000 .
Is it applicable to get rebate of Rs.2000 to me ?
Please clarify my doubt.
Ajay Kapoor: What is that you want.?!
please give the answers of question no 8,9,14
PLEASE GIVE THE ANSWERS OF QUESTION NO 8,9,14 AS EARLY AS POSSIBLE.
THE ABOVE QUESTIONS ARE MENTIONED AT SR NO 8,9,14
Dear VSNarayana, No need to file as your taxable income is less than 3.00 lakhs.
somthing change in rate
My income taxable is with 3 lacs for the year 14/15 ay 16
I am senior citizen of 74 years whether I should file IT reurn?
I have PPF account in my name and my wife name, as well we have two kids, kindly suggest us, can we invest upto maximum limit in all four accounts or we can invest only jointly upto maximum limit – one child under each parent. I mean father plus one child and mother plus one child. Kindly let us know whats the right method.
Mr S.R.Chowdhary and Mr Raj: rule is:
87A. An assessee, being an individual resident in India, whose total income does not exceed five hundred thousand rupees, shall be entitled to a deduction, from the amount of income-tax (as computed before allowing the deductions under this Chapter) on his total income with which he is chargeable for any assessment year, of an amount equal to hundred per cent of such income-tax or an amount of two thousand rupees, whichever is less. – See more at: https://taxguru.in/income-tax/availability-rebate-87a-fy-201415-ay-201516.html#comment-1247752
This is there this year also and only to those whose tatal taxable income is less than or equal to Rs.5,00,000/- only.
what is the amount deduct able from the net taxable salary..?????as it was 2000 in the previous f.y..
this year Ay 2015-2016 fy 2014-15 tax credit 2000/- is there or not?
I think Rebate under section 87A is applicable to those tax payers whose
CHARGEABLE INCOME i.e. Taxable Income and not “TOTAL INCOME” is less than or equal to 500000/-
It is also I believe valid for AY 2015-16 also.
Dear Sir, Please till me maximum amount paid to a sub contractor in one financial year
Our President assented new finance bill 2014 on 06.08.14; but i am shocked to see on pg. no. 38 of finance act 2014 that there is no changes in income tax slab from previous year i.e. no increment in slab by Rs.50000/- proposed in finance bill… its not clear to me when & why it was happened??
Mr.Abhay Jain, it is tax free.
dear Sir,
kindly let us know the tax benefit of Varisht pension Bima Yojna – (LIC)
the pension is taxable ?
My mother has expired and I am the nominee in her banks accounts so I received 1.5 lac by DD after closure of bank accounts and 1 lac cash amount from her home (without any paper work).
Pl. let me know how may I show this amount in my income under which section and wheather it is tax free or taxable ?
(Abhay Jain)
Sri C.L.Srivastava: 2014-15 AY means 1013-14 FY. Caclucator is correct. New rates comes in to effect from this financial year, i.e. 2014-15 FY or 2015-16 AY.
Alam: Both can be used. One who can use ITR-1 can use ITR-2 also. To make the matter simple, if you have only one house/house income/no house and income is from salary/pension and deposit interests ITR-1 will suffice. If you have more than one housing property, income from STCG/LTCG you have to use ITR-2.
Sir,
kindly give me the coorect suggestion which form required to be filled by Salaried/ pension Employee. Because in your Article ITR -1 & ITR 2 both form for Salaried/ pension employee. Clarify
Sir is the basic exemption limit of income tax is increased during the budget discussion in the parliament for the year 2014-15? If yes can you provide the new rates?
Respected Sir,
Is it necessary for submit “return file” for all Tax payer. If his income within 5,00,000/- in a year. Please tell me the rules with section for the F.Y 2013-14 and 2014-15.
I DO NOT UNDERSTAND WHY THERE IS SO MUCH CONVERSATION WITH REGARD TO SECTION 87A. AS IT IS NOT DELETED FROM THE ACT AS PER THE FINANCE BILL, REBATE U/S 87A WILL BE AVAILABLE FOR THE AY 2015-16 TOO AND FOLLOWING ASST YEARS.
IN A.Y. 2014-15 FOR INDIVIDUAL INCOMETAX RETURN FILING, YOUR FORMAT IS CALCULATING TAX AFTER RS. 2,20,000/- PLEASE CONFIRM THIS AND WE NOT MAY BNE ABLE TO CORRECT FILING
SEC 87A IS NOT EXCLUDED FR IT BUDGET.I THINK THIS BENEFIT IS ALSO APPLICABE FOR AY 205-16
Section 87-A is available for 2014-15 FY also. The concession of Income Tax upto Rs.2000/- is only for those whose taxable income is less than 5.00 lakhs.
87A applicable for AY 2015-16 or not
2000 rebate is applicable or not for current financial year some author says it is applicable please help i want deduct tax on my office staff
Dear All
On analysis of Budget 2014 and Interpretation of section 87A, it is concluded that Rebate u/s 87A upto Rs 2000/- will be allowed for AY 2015-16 for resident individuals having Total Income up to Rs. 500000/-.
Bare reading of section 87A is as follows:
Rebate on educational expenses in certain cases.
87A.
An assessee, being an individual resident in India, whose total income does not exceed five hundred thousand rupees, shall be entitled to a deduction, from the amount of income-tax (as computed before allowing the deductions under this Chapter) on his total income with which he is chargeable for any assessment year, of an amount equal to hundred per cent of such income-tax or an amount of two thousand rupees, whichever is less.
As it is not specifically declared that rebate of rs 2000 wil not be applicable for AY 2015-16 and onward it seems that rebate will continue to apply.
The budgetr is silent about Rs.2000/- for the assessees whose income si not exceeding Rs.5 lacs, The Finance Ministry has to clarify this point.
Is rs 2000/- deduction on total tax still applicable
Rebate on educational expenses in certain cases.
87A.
The following section 87A shall be inserted after section 87 by the Finance Act, 2013, w.e.f. 1-4-2014 :
Rebate of income-tax in case of certain individuals.
87A. An assessee, being an individual resident in India, whose total income does not exceed five hundred thousand rupees, shall be entitled to a deduction, from the amount of income-tax (as computed before allowing the deductions under this Chapter) on his total income with which he is chargeable for any assessment year, of an amount equal to hundred per cent of such income-tax or an amount of two thousand rupees, whichever is less.
&&&&&& in Budget 2014, despite of any clarification & also specifically not ommited..
Hence it seems Sec 87A will be eligible for AY 2015-16 also.
What about section 87A?
Will it continue for 2015-16?
Does sec87A stays for those whose total incomeis 500000/- or less ?
Section 87 A will continue or not any clarification
Dear sir,
this year Ay 2015-2016 fy 2014-15 tax credit 2000/- is there or not?
pl reply
Dear Sir/Madam,
Due to something error showing for Income Tax slab chart F.y.2014-2015 sl. (ii)
so kindly corection the same.
The table contradicts itself when it says the tax payable is for amount exceeding Rs.2,00,000/= upto 5.00 lakhs is 10%, while there is a nil tax upto 2,50,000/=. This is so in two tables.
Mr.Sandeep Kanoi should clarify or correct please.