CA Sandeep Kanoi
Income Tax Rate Chart for Assessment Year 2014-15/ 2015-16 and 2016-17 i.e. Financial Year 2013-14, 2014-15 and 2015-16 for Individuals, Association of Person (AOP) or Body of Individual (BOI) or any other artificial juridical person, Hindu Undivided Family (HUF), Partnership Firm, Limited Liability Partnership (LLP, Domestic Company, Foreign Company, Local Authorities and Co-Operative Societies.
1. In case of an Individual(resident or non-resident) or HUF or Association of Person or Body of Individual or any other artificial juridical person
| Assessment Year | 2016-17 | 2015-16 | 2014-15 |
| Financial Year | 2015-16 | 2014-15 | 2013-14 |
| Taxable income | Income Tax Rate | ||
| Up to Rs. 2,00,000 | Nil | Nil | Nil |
| Rs. 2,00,000 to Rs. 2,50,000 | Nil | Nil | 10% |
| Rs. 2,50,000 to Rs. 5,00,000 | 10% | 10% | 10% |
| Rs. 5,00,000 to Rs. 10,00,000 | 20% | 20% | 20% |
| Above Rs. 10,00,000 | 30% | 30% | 30% |
| Add- Surcharge if Total Income Exceeds Rs. 1 Crore (Refer Note-1) | 12% | 10% | 10% |
| Add- Education & She Cess | 3% | 3% | 3% |
| Less- Rebate under Section 87A if Total Income is below Rs. 5 Lakh | Rs. 2000 or tax amount whichever is lower | Rs. 2000 or tax amount whichever is lower | Rs. 2000 or tax amount whichever is lower |
2. In case of a resident senior citizen (who is 60 years or more at any time during the previous year but less than 80 years on the last day of the previous year)
| Assessment Year | 2016-17 | 2015-16 | 2014-15 |
| Financial Year | 2015-16 | 2014-15 | 2013-14 |
| Taxable income | Income Tax Rate | ||
| Up to Rs. 2,50,000 | Nil | Nil | Nil |
| Rs. 2,50,000 to Rs. 3,00,000 | Nil | Nil | 10% |
| Rs. 3,00,000 to Rs. 5,00,000 | 10% | 10% | 10% |
| Rs. 5,00,000 to Rs. 10,00,000 | 20% | 20% | 20% |
| Above Rs. 10,00,000 | 30% | 30% | 30% |
| Add- Surcharge if Total Income Exceeds Rs. 1 Crore (Refer Note-1) | 12% | 10% | 10% |
| Add- Education & She Cess | 3% | 3% | 3% |
| Less- Rebate under Section 87A if Total Income is below Rs. 5 Lakh | Rs. 2000 or tax amount whichever is lower | Rs. 2000 or tax amount whichever is lower | Rs. 2000 or tax amount whichever is lower |
3. In case of a resident super senior citizen (who is 80 years or more at any time during the previous year)
| Assessment Year | 2016-17 | 2015-16 | 2014-15 |
| Financial Year | 2015-16 | 2014-15 | 2013-14 |
| Taxable income | Income Tax Rate | ||
| Up to Rs. 5,00,000 | Nil | Nil | Nil |
| Rs. 5,00,000 – Rs. 10,00,000 | 20% | 20% | 20% |
| Above Rs. 10,00,000 | 30% | 30% | 30% |
| Add- Surcharge if Total Income Exceeds Rs. 1 Crore (Refer Note-1) | 12% | 10% | 10% |
| Add- Education & She Cess | 3% | 3% | 3% |
| Less- Rebate under Section 87A if Total Income is below Rs. 5 Lakh | Rs. 2000 or tax amount whichever is lower | Rs. 2000 or tax amount whichever is lower | Rs. 2000 or tax amount whichever is lower |
4. Partnership Firm /LLP / Local Authority
| Taxable income | Income Tax Rate | ||
| 2016-17 | 2015-16 | 2014-15 | |
| Tax rate | 30% | 30% | 30% |
| Add- Education & She Cess | 3% | 3% | 3% |
| Add- Surcharge if Total Income Exceeds Rs. 1 Crore (Refer Note-1) | 12% | 10% | 10% |
5. Domestic Company
| Taxable income | Tax Rate / Assessment Year | ||
| 2016-17 | 2015-16 | 2014-15 | |
| Tax rate | 30% | 30% | 30% |
| Add- Education & She Cess | 3% | 3% | 3% |
| Add- Surcharge if Total Income Exceeds Rs. 1 Crore but not exceeds ten crore rupees (Refer Note-2) | 7% | 5% | 5% |
| Add Surcharge if Total Income Exceeds Rs. 10 Crore | 12% | 10% | 10% |
6. Foreign Company
Assessment Year 2014-15 and Assessment Year 2015-16
| Nature of Income | Tax Rate / Assessment Year | ||
| 2016-17 | 2015-16 | 2014-15 | |
|
Royalty received from Government or an Indian concern in pursuance of an agreement made with the Indian concern after March 31, 1961, but before April 1, 1976, or fees for rendering technical services in pursuance of 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 |
30% | 30% | 30% |
| Any other income | 40% | 40% | 40% |
| Add- Surcharge where total income exceeds one crore rupees but not exceeding ten crore rupees | 2% | 2% | 2% |
| Add- Surcharge where total income exceeds ten crore rupees | 5% | 5% | 5% |
7. Co-operative Society
| Taxable income | Tax Rate / Assessment Year | ||
| 2016-17 | 2015-16 | 2014-15 | |
| Up to Rs. 10,000 | 10% | 10% | 10% |
| Rs. 10,000 to Rs. 20,000 | 20% | 20% | 20% |
| Above Rs. 20,000 | 30% | 30% | 30% |
| Add- Surcharge if Total Income Exceeds Rs. 1 Crore (Refer Note-1) | 12% | 10% | 10% |
| Add- Education & She Cess | 3% | 3% | 3% |
Note-1
Surcharge: Surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).
Note-2
Surcharge: surcharge shall be subject to marginal relief, which shall be as under:
(i) Where income exceeds one crore rupees but not exceeding ten crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees.
(ii) Where income exceeds ten crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees.
Note-3
(a) Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 2% of such tax, where total income exceeds one crore rupees but not exceeding ten crore rupees and at the rate of 5% of such tax, where total income exceeds ten crore rupees. However, the surcharge shall be subject to marginal relief, which shall be as under:
(i) Where income exceeds one crore rupees but not exceeding ten crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees.
(ii) Where income exceeds ten crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees.
Author Bio
what20%&25%
Rebate under Section 87A if Total Income is below Rs. 5 Lakh – Rs. 2000/- or tax amount whichever is lower is NOT APLLICABLE to HUF.
Not 20% it is 25%
Sir Corporate tax reduce up to 5% under the finance bill 2015, and now existing rate is 20% for domestic company …