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 | |
