CA Sandeep Kanoi

CA Sandeep KanoiIncome 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

Qualification: CA in Practice
Company: Taxguru / Sandeep Kanoi & Associates
Location: Mumbai, Maharashtra, IN
Member Since: 27 Feb 2017 | Total Posts: 599
A Blogger by Passion and a Chartered Accountant by Profession. View Full Profile

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0 responses to “Income Tax Rate Chart for Financial year 2015-16, 2014-15 & 2013-14”

  1. kamalendu says:

    what20%&25%

  2. GANDHI MOHAN BHARATI says:

    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.

  3. Deepak Divate says:

    Not 20% it is 25%

  4. Deepak Divate says:

    Sir Corporate tax reduce up to 5% under the finance bill 2015, and now existing rate is 20% for domestic company …

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