CA Sandeep Kanoi

CA Sandeep KanoiArticles explains Rates of income-tax in respect of income liable to tax , Minimum Alternative Tax Rate, Securities Transaction Tax (STT), Commodities Transaction Tax (CTT) and Dividend Distribution Tax (DDT) Rates for Financial Year 2015-16 i.e. Assessment Year 2016-17.

Rates of income-tax in respect of income liable to tax for the Financial year 2015-2016 / Assessment Year 2016-2017

There is no change in the basic tax rate and exemption limit for Individual, Hindu Undivided Family, Association of Person, Body Of Individuals and Artificial Juridical Person in Assessment Year 2016-17 in Comparison to A.Y. 2015-16.

Further There is no change in basic tax rate of Co-operative Society, Firms, Local Authorities and Companies. However, it is proposed to reduce the basic tax rate in the case of Companies from 30% to 25% over the next four years, starting from next financial year i.e. FY 2016-17.

There is change in Surcharge which is as under :

Person Present
Surcharge Rate
Proposed
Surcharge Rate
Other than Company –
– Having Total Income exceeding
Rs. 1 crore
10% 12%
Domestic Company‑
– Having Total Income exceeding Rs. 1 crore but less than Rs. 10 crore 5% 7%
– Having Total Income exceeding
Rs. 10 crore
10% 12%
Foreign Company‑
– Having Total Income exceeding Rs. 1 crore but less than Rs. 10 crore 2% 2%
– Having Total Income exceeding
Rs. 10 crore
5% 5%

There is no change in the rate of Education Cess and Secondary & Higher Education Cess on Income Tax and accordingly rate of 2% and 1% respectively on the amount of tax computed inclusive of surcharge, wherever applicable would be applied in all cases.

Also Read-

A. Normal tax rates applicable to an individual

The normal tax rates applicable to a resident individual will depend on the age of the individual. However, in case of a non-resident individual the tax rates will be same irrespective of his age. For the purpose of ascertainment of the applicable tax slab, an individual can be classified as follows:

  • Resident individual below the age of 60 years. i.e. born on or after 1.4.1956
  • Resident individual of the age of 60 years or above at any time during the year but below the age of 80 years. (i.e. born during 1-4-1936 to 31-3-1956)
  • Resident individual of the age of 80 years or above at any time during the year. i.e. born before 1.4.1936
  • Non-resident individual irrespective of the age.

i. individual below the age of 60 years i.e. born on or after 1.4.1956, Non-resident individual irrespective of age, Resident/Non-Resident Hindu undivided family, association of persons, body of individuals, artificial juridical person.

Tax Slab

Net income range Income-tax rates Education Cess Secondary and higher Education Cess
Up to Rs. 2,50,000 Nil Nil Nil
Rs. 2,50,000 – Rs. 5,00,000 10% of (total income minus Rs. 2,50,000) [*] 2% of income-tax 1% of income-tax
Rs. 5,00,000 – Rs. 10,00,000 Rs. 25,000 + 20% of (total income minus Rs. 5,00,000) 2% of income-tax 1% of income-tax
Above Rs. 10,00,000 Rs. 1,25,000 + 30% of (total income minus Rs. 10,00,000) 2% of income-tax 1% of income-tax

Tax Rate After Considering Surcharge# and Cess Based on Income Level-

Particulars Income Level
Taxable Income Rs. 2,50,000 Rs. 2.50 Lakh to 5 Lakh Rs. 5 Lakh to Rs. 10 Lakh Rs. 10 Lakh to Rs. 1 Crore Above Rs. 1 Crore
F.Y. 2014-15 Nil 10.30% 20.60% 30.90% 33.99%
F.Y 2015-16 Nil 10.30% 20.60% 30.90% 34.608%

(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 i.e. born during 1.4.1936 to 31.3.1956

Net income range Income-tax rates Education Cess Secondary and higher Education Cess
Up to Rs. 3,00,000 Nil Nil Nil
Rs. 3,00,000 – Rs. 5,00,000 10% of (total income minus Rs. 3,00,000) [*] 2% of income- tax 1% of income-tax
Rs. 5,00,000 – Rs. 10,00,000 Rs. 20,000 + 20% of (total
income minus Rs. 5,00,000)
2% of income- tax 1% of income-tax
Above Rs.
10,00,000
Rs. 1,20,000 + 30% of (total income minus Rs. 10,00,000) 2% of income- tax 1% of income-tax

Tax Rate After Considering Surcharge# and Cess Based on Income Level-

Particulars Income Level
Taxable Income Rs. 3 lakh Rs. 3 Lakh to Rs. 5 Lakh Rs. 5 Lakh to Rs. 10 Lakh Rs. 10 Lakh to Rs. 1 Crore Above Rs. 1 Crore
F.Y. 2014-15 Nil 10.30% 20.60% 30.90% 33.99%
F.Y 2015-16 Nil 10.30% 20.60% 30.90% 34.608%

(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 i.e. born before 1.4.1936

Net income range Income-tax rates Education Cess Secondary and

higher Education
Cess

Up to Rs. 5,00,000 Nil Nil Nil
Rs. 5,00,000 – Rs.
10,00,000
20% of (total income minus Rs. 5,00,000) 2% of income- tax 1% of income-tax
Above Rs. 10,00,000 Rs. 1,00,000 + 30% of (total
income minus Rs. 10,00,000)
2% of income- tax 1% of income-tax

Tax Rate After Considering Surcharge# and Cess Based on Income Level-

Particulars Income Level
Taxable Income Rs. 5 Lakh Rs. 5 Lakh to Rs. 10 Lakh Rs. 10 Lakh to Rs. 1 Crore Above Rs. 1 Crore
F.Y. 2014-15 Nil 20.60% 30.90% 33.99%
F.Y 2015-16 Nil 20.60% 30.90% 34.608%

#Surcharge : Surcharge is levied @ 12% on the amount of income-tax where net income exceeds Rs. 1 crore. In a case where surcharge is levied, EC of 2% and SHEC of 1% will be levied on the amount of income-tax plus surcharge.

However, marginal relief is available from surcharge in such a manner that in the case of a person having a net income exceeding Rs. 1 crore, the amount payable as income tax and surcharge shall not exceed the total amount payable as income-tax on total income of Rs. 1 crore by more than the amount of income that exceeds Rs. 1 crore.

AMT: In the case of a non-corporate taxpayer to whom the provisions of Alternate Minimum Tax (AMT) applies, tax payable cannot be less than 18.5% (+SC+EC+SHEC) of “adjusted total income” computed as per section 1 15JC. For provisions relating to AMT refer tutorial on “MAT/AMT” in tutorial section.

[*] A resident individual (whose net income does not exceed Rs. 5,00,000) can avail rebate under section 87A. It is deductible from income-tax before calculating education cess. The amount of rebate is 100 per cent of income-tax or Rs. 2,000, whichever is less.

B. 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 2014-15.

The amount of income-tax shall be increased by a surcharge at the rate of twelve percent of such income-tax in case of a co-operative 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.

AMT : In the case of a non-corporate taxpayer to whom the provisions of Alternate Minimum Tax (AMT) applies, tax payable cannot be less than 18.5% (+SC+EC+SHEC) of “adjusted total income” computed as per section 115JC.

Income Tax Rate Chart In case of Co- Operative Societies for Financial year 2015-16

Particulars Income Level
Taxable Income Up to Rs. 10,000 Rs. 10,000 Rs. to Rs. 20,000 Rs. 20,000 to Rs. 1 Crore Above 1 Crore
F.Y. 2014-15 10.30% 20.60% 30.90% 33.99%
F.Y 2015-16 10.30% 20.60% 30.90% 34.608%

Related Posts on Co-operative Societies Taxation

1. Tax on Bank Interest of Co-Op Society, Club or Mutual Association

2. Transfer Pricing Applicability to Dairy Co-operative societies

3. Taxation of Cooperative Societies Under Direct & Indirect Tax

C. Partner ship Firms /Limited Liability Partnerships

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 2014-15 i.e. 30%.

The amount of income-tax shall be increased by a surcharge at the rate of twelve 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.

In the case of a non-corporate taxpayers to whom the provisions of Alternate Minimum Tax (AMT) applies, tax payable cannot be less than 18.5% (+SC+EC+SHEC) of “adjusted total income” computed as per section 115JC.

Income Tax Rate Chart In case of Firms/LLP for Financial year 2015-16

Particulars Income Level
Taxable Income Upto 1 Crore 1 Crore to 10
Crore
Above 10 Crore
F.Y. 2014-15 30.90% 33.99% 33.99%
F.Y. 2015-16 30.90% 34.608% 34.608%

Related Posts:-

D. 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 2014-15 i.e. 30% of taxable income..

The amount of income-tax shall be increased by a surcharge at the rate of twelve 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.

AMT : In the case of a non-corporate taxpayer to whom the provisions of Alternate Minimum Tax (AMT) applies, tax payable cannot be less than 18.5% (+SC+EC+SHEC) of “adjusted total income” computed as per section 115JC.

Income Tax Rate Chart In case of Local authorities for Financial year 2015-16

Particulars Income Level
Taxable Income Upto 1 Crore 1 Crore to 10
Crore
Above 10 Crore
F.Y. 2014-15 30.90% 33.99% 33.99%
F.Y 2015-16 30.90% 34.608% 34.608%

E. Companies

a. Domestic Company

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 2014-15 i.e. 30% of taxable income.

Surcharge at the rate of seven per cent shall be levied in case of a domestic company 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 twelve percent shall 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, 115QA, 115R or 115TA) the surcharge shall be levied at the rate of twelve percent.

For financial year 2015-2016, 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.

b. Normal tax rates applicable to a foreign company

A foreign company is taxed at a flat rate of 40%. Apart from tax @ 40%, Education Cess is levied @ 2% of income-tax and Secondary and higher Education Cess is levied @ 1% of income-tax.

Surcharge : In addition to tax at above rate, surcharge is levied @ 2% on the amount of income-tax if net income exceeds Rs. 1 crore but does not exceed Rs. 10 crore and @ 5% on the amount of income-tax if net income exceeds Rs. 10 crore. In a case where surcharge is levied, EC of 2% and SHEC of 1% will be levied on the amount of income-tax plus surcharge.

However, marginal relief is available from surcharge in such a manner that in the case of a foreign company whose net income exceeds Rs. 1 crore but does not exceed Rs. 10 crore the amount payable as income-tax and surcharge shall not exceed the total amount payable as income-tax on total income of Rs. 1 crore by more than the amount of income that exceeds Rs. 1 crore.

In case of a foreign company whose net income exceeds Rs. 10 crore, marginal relief is available from surcharge in such a manner that the amount payable as income-tax and surcharge shall not exceed the total amount payable as income-tax and surcharge on total income of Rs. 10 crore by more than the amount of income that exceeds Rs. 10 crore.

MAT : In the case of a corporate taxpayer to whom the provisions of Minimum Alternate Tax (MAT) applies, tax payable cannot be less than 18.5% (+SC+EC+SHEC) of “Book profit” as per section 1 15JB.

Income Tax Rate Chart In case of Corporates for Financial year 2015-16

SI.No. Particulars Tax(%) Surcharge(%) E. Cess(%) SHE. Cess (%) Effective Tax(%)
1 Domestic companies (with total income less than 1 Cr.) 30 2 1 30.90
2 Domestic companies (with total income more than1 cr. but less than 10 Cr.) 30 7* 2 1 33.063
3 Other domestic companies 30 12# 2 1 34.608
4 Foreign companies (with total income less than 1 Cr.) 40 2 1 41.20
5 Foreign companies (with total income more than 40 2 2 1 42.024
1 cr. but less than 10 Cr.)
6 Other foreign companies 40 5 2 1 43.26

* Surcharge has been increased from 5% to 7%.

# Surcharge has been increased from 10% to 12%.

MINIMUM ALTERNATE TAX (MAT) RATES FOR FINANCIAL YEAR 2015-16

SI. No. Particulars Tax (%) Surcharge
(%)
E. Cess
(%)
S Et HE. Cess (%) Effective Tax
(%)
1 Domestic companies (with total income less than 1 Cr.) 18.5 2 1 19.055
2 Domestic companies (with total income more than 1 cr. but less than 10 Cr.) 18.5 7* 2 1 20.389
3 Other domestic companies 18.5 12# 2 1 21.342
4 Foreign companies (with total income less than 1 Cr.) 18.5 2 1 19.06
5 Foreign companies (with total income more than 1 cr. but less than 10 Cr.) 18.5 2 2 1 19.436
6 Other foreign companies 18.5 5 2 1 20.008

* Surcharge has been increased from 5% to 7%.

# Surcharge has been increased from 10% to 12%.

Alternate Minimum Tax (AMT)

It is applicable on all persons other than companies. In case of Individual, Hindu Undivided Family, Association of Persons and Body of Individuals, it applies only if Adjusted Total Income exceeds Rs. 20,00,000. Adjusted Total Income is computed by increasing Total Income by any Deduction claimed under chapter VIA [Sec. 80-IA to Sec. 8ORRB (Except Sec. 80P)] and Sec. 10AA.

AMT would be computed at the rate of 18.5% on adjusted total income. Surcharge has been increased from 10% to 12% where the adjusted total income exceeds Rs. 1,00,00,000. Education Cess is applicable at the rate of 2%. Secondary and Higher Education Cess is applicable ® 1% on income tax.

Securities Transaction Tax (STT) Rates for Financial Year 2015-16

STT is levied on the value of taxable securities transaction as under:

Sl. No. Transactions Rate Payable by
1 Purchase/Sale of equity shares (delivery based) 0.1% Purchaser/ Seller
2 Purchase of units of equity-oriented mutual fund (delivery based) Nil Purchaser
3 Sale of units of equity-oriented mutual fund (delivery based) 0.001% Seller
4 Sale of equity shares, units of equity-oriented mutual fund (non-delivery based) 0.025% Seller
5 Sale of an option in securities 0.017% Seller
6 Sale of an option in securities, where option is exercised 0.125% Purchaser
7 Sale of a futures in securities 0.01% Seller
8 Sale of unit of equity oriented fund to the Mutual Fund 0.001% Seller

Commodities Transaction Tax (CTT)

CTT is levied on the value of taxable commodities transaction:

Transactions Rate Payable by
Sale of commodity derivative (other than agricultural commodities) entered in a recognised association 0.1% Seller

Dividend Distribution Tax (DDT) for Financial Year 2015-16

Dividends distributed by an Indian Company are exempt from income tax in the hands of all shareholders. DDT shall be computed on the amount determined after grossing up dividend paid by the rate of tax (excluding Surcharge and Cess) on such dividend.

Grossing up needs to be done only of the Basic Rate and not of the Effective Rate. The rates of DDT are as below:

DDT Rates for Companies for Financial Year 2015-16

Basic Rate Effective Rate*
17.647 20.358

*including Surcharge of 12% & Education Cess

DDT Rates for Mutual Fund” (MF) for payments to –

Particulars Basic Rate Effective Rate*
(1) Distribution by MF under an Infrastructure Debt fund scheme to a non-resident 5.263 6.071
(2) To an individual or HUF excluding (1) above 33.33 38.449
(3) To any other Person excluding (1) a (2) above 42.85 49.432

*including Surcharge of 12% & Education Cess

# Excludes equity oriented funds

(Republished with Amendments)

 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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69 responses to “Income Tax Slab for FY 2015-16 AY 2016-17”

  1. K. Jhansi Rani says:

    Sirs, I am old lady aged 64 yrs having accrued interest on fixed deposits amounting R.676587. during 1.4.16 to 31.3.2017 period. I do not have any other sources of income. so far i have not paid tax. Now i wants to pay tax as self assessment payer. The taxable incomes comes to Rs.55317 plus 3% cess total comes R.56977. Could you please checkup and inform whether it is correct. i do not have any savings under 80c. If i take Rs.1.5 lakhs under seneior citizen fixed deposit how much amount can i get exemption in tax. is it full amt . my husband is retired bank employee paying medical insurance for 16000 pa covering for both of us. can i show it under 80D. All the deposits are in joint names being first name is of me. The gross tax is Rs. 56977 minus (less) exemption amount (pl. help me to arrive the figure) and inform the net tax payable . Pl. how to pay the tax . shall i approach any tx consultant or you may also can help me to the required paper ( saral its return for old people)applicable in this regard. ….my email id is rkokati@yahoo.com. ….k, jhansi rani wife ramaro.

  2. Bipul says:

    I am paying a rent of Rs 9000 per month for family maintainence in other state and I also occupy a govt quarter as such I am not getting any HRA. Can I claim exemption on the rent paid by me.

  3. Manihar I Panjwani. says:

    Errously mixed up with Pension slab:
    While mentionig Incom tax slabs for Senior Citizen completing 99 years & attaining the age of 100 years. There was no such slab as it was errously mixed up with Pention Slab. Error is regretted.

  4. ANSHUMAN SHRIVASTAVA says:

    Dear all,

    you can write me on
    anshumanshrivastava2014@gmail.com

    Regards
    Anshuman

  5. ANSHUMAN SHRIVASTAVA says:

    Dear All,
    Solar roof top power plant is one of the biggest instrument for saving corporate tax through accelerated depreciation .Company can invest in their own property or on third party property for the purpose of regular and stable savings/income(income will get the benefit of tax holiday for 10 years ) .
    This is the last months for the client who interested for solar roof top power plant with the objectives of savings as well as Accelerated Depreciation benefits.( As Budget capping the accelerated depreciation tax benefit at a maximum of 40 per cent from April 2017 from 80% as of now).
    Plant should be commenced before march for all above benefits .
    Below are the incentives offered by government to industrial and commercial consumer for fy 2016-17 as there is no capital subsidy available.
    1) 10 Year of tax holiday- under section 80-IA of the income tax act 1961 for system owner /power generator.
    2) Income tax benefit through Accelerated depreciation – Investor can use this is to substantially reduce tax burden in the first few years of the project up to 100% of the project cost ( 80% accelerated depreciation and 20% additional depreciation – Sec 32)
    3) Concessional custom duty on imports .
    We are pune based bankable MNRE em-paneled Solar EPC contractor .Company who are interested to save taxes through Accelerated tax benefit can contact me .
    Regards
    Anshuman Shrivastava
    09028012464

  6. CA Jinal Shah says:

    Rebate in the form of interest on home loan of rs 2lac is allowable

  7. CA Jinal Shah says:

    There is no such schedule in return for disclosing purchased flat. If there is sale of any asset then it need to disclose in return.
    There is no limit for purchase of flat. It depends on your capacity

  8. CA Jinal Shah says:

    After uploading tax return it need to be e verify by different mode or to be sent physically to cpc.

  9. MdIrshadSheikh says:

    I am employee at General Hospital Chandrapur. I want to know that
    amount paid to companies for AMC of Machine Amount above 30000/- then
    tds is applicable or not

  10. MdIrshadSheikh says:

    I am employee at General Hospital Chandrapur. I want to know that amount paid to companies for AMC of Machine Amount above 30000/- then tds is applicable or not

  11. Naresh Kumar says:

    My Tds Deducated as AY-16-14 (01.04.15 to 30.06.15) which ITR the usable for refund TDS (ITR FY-15-16 /FY-16-14)

  12. Natarajan says:

    Iam73yerrsold my total pention is 333058 donation is amounting to Rs13500 how much I have pay towards IT

  13. Dhiraj Chandankhede says:

    I have a business of tuition classes for commerce i just want to know that how much income chargeable under the head business and profession.

    • vinod kumar gupta says:

      if you are running the business of tuition classes in organised way , You have to prepare a profit & loss account for the same thereafter net profit from the same business would be taxable.

  14. Dhiraj Chandankhede says:

    I have a business of tuition classes for commerce i just want to that how much income chargeable under the head business and profession.

    • Clive Sinclair says:

      You need to maintain income and expenditure statements. Net income will be charged to income tax as per business tax rates.

  15. Dsouza says:

    I have renovated my old house and spent Rs.2,50,000/- and I get income tax rebate on this for financial year 2015-16 and Assessment year 2016-17??? please guide accordingly

  16. Dsouza says:

    I have renovated my old house and spent Rs.2,50,000/- and I get income tax rebate on this for financial year 2015-16 and Assessment year 2016-17??? please guide accordingly

  17. ANUP SINGH says:

    dear
    sir

    how to 80c amount is f.y.2015-16 a.y. 2016-17

  18. Hari Ram Dhiman says:

    whether it is necessary to post ITRV to CPC when tax return has been filed and there is nil tax. I am having pan no. Please clary.

  19. mahendrbhai panchal says:

    income tax execmption limit should be extended from two lac fifty thousand to five lac for all persons below 60 years.(2) for 60 years and above but below 80 years ((senior citizen) income tax excemption limit should be extende from thre lac to seven lac(3) for 80 years and above(most senior citizen) incomme tax excemption limit should be exetende from five lac to ten lacpar annum.(B) Rebet limit from inmcome tax for saving should be extende from one lac fifty thousand to five lac.(C) Annual interes exmption limit from tds should be extended from ten thousand to one two lac per annuam(3) No form 15(H) for exmption from TDS for all senior citizen who are 60 years and above.(D)whole amount of all type deposit deposited in all banks non fincial companies Insurance companies which are registerd in Reserve Bank Of India,SEBE,IRDA and Government of India should be completely secured.(E)annual interest of all type of Deposits including saving deposit should be increased from one to two percent per annum.and for all senior citizen who are 60 years and above should be increased up to thre persons.(F) Unemployee allowance of all unemployee or all persons whose monthly average income below fifteen thousand should be given rupees fifteen thousand as unemployee allwonce.(G)Petrol.Rupees forty per litre,Diesel rupees thirty four per litre,CNG rupees thirty per KG,all LPG cylynde of 14.2 KGs rupees three hundred and sixty rupees and rate PNG sholuld be reduce up to thirty percent from present rate with on and same rate in all sates of India.(H) diffrences of pay scales of various cadres including clerical cadres in all gover

  20. Ajay Verma says:

    Sir,
    I am getting TPTL @ Rs 800-00 PM + DA on it. Please intimate how much rebate I will get in Income tax on TPTL i.e. Rs 800-00 or Rs 1600 for the FY 2015-16 AY 2016-17.

  21. k p singh says:

    I want to know if there is any pension plan for govt employee who have joined service before 01.01.2004 i.e. eligible for old pension scheme for getting rebate over and above 1.5 lakh under 80c.

  22. Amita says:

    Dear Sir,

    If my income is 503660 annually how much task should I pay ? If my total savings comes to be around 50000 how much more should I save to get exemption for tax .

  23. V Vishnumurthy says:

    Dear Sir,
    As an assessee of IT,when we purchase a FLAT or a HOUSE is it necessary to inform the particulars in our IT RETURN?If so,is there any LIMIT in amount of such purchase?? What are the norms to be followed in submitting those particulars???Please let me clarify.

    /

  24. bharati says:

    Good n useful article
    The tax rate for all the category is really very bad & upsetting.
    Even if the person is genuine & honestly want to pay the tax will not do so,instead will prefer giving bribe to xyz person to get his work done rather then paying such huge % of tax. if govt. want to really control corruption/ black money laundering/ Scam, they have to reduce the tax %.
    By doing this , not only 1 of 10 but all the 10 companies + individuals will pay the tax honestly. Govt. must think of this option.

  25. ramesh shrivas says:

    I puchased home with my brother 50-50% how can calculate rebate rs. 139000 in incometax for fy 15-16

  26. SHALIK BURDE says:

    Useful information for tax payers.

  27. sahadev says:

    hi ,

    kindly send updates

  28. Ashok Kumar Sharma says:

    Pleaes Daily update news & guideline share with me

  29. BHUPENDRASINH RANA says:

    good explanation for tax slab……… all the articles on taxguru i find very useful……!

  30. K Balakrishnan says:

    (a) I have spent Rs. 2.1 lakhs in 2015-16 towards maintenance cost for my 24 year old house. How much can I have tax exemption on this account and under which section of the act ?
    (b) What is the limit towards Infrastructure bonds for availing tax exemption and indicate the bond issuers? Also indicate under which section of the act?
    (c) Please also indicate the limit for exemption for purchase of shares / debentures and indicate the section? Also indicate specifically shares of which companies can be purchased.

  31. T.S.KANDASAMY says:

    Sir,
    Settle amount received from my brother for house partition is taxable (or) not taxable.

    This settlement amount is for construct new house

    Awaiting for your reply

  32. rahul says:

    My 1st house
    Interest paid 157000
    Principal paid 55000

    My 2nd house
    Interest 84000
    Principal 144000

    How should I place it for max benefit

  33. MD FAISAL AHMAD says:

    Sir,
    kindly intimate me clarification on tuition fees exemption towards income tax.
    my uncle’s daughter is studying in BSc. an amount of Rs.55000/- paid for tuition fees. Can the above amount take into savings under income tax rule 80 CC. Give a suitable reply for saving the same.

    • R.K.Bothra,Bangalore. says:

      R.K.Bothra 30/12/2015

      Dear Sir,

      for girl child upto what amount exemptions/ rebate can be claimed for fy2015-16.
      i.e.tuition fee,savings etc. For 2nd girl child also exemptions are available or not?
      Please reply

  34. akshay says:

    if any cooperative society then yearly how much allowable for non filing of i t return
    supose 38 memeber then anually it came to Rs.4.56 lac & same expense during the year

  35. balakrishna says:

    We want rate of corporate tax for the F.Y 2015-16.

  36. jagmohan khanna says:

    is the TDS and intertest income from 26 AS extracted online ( from online banking facility)is fair enough or form 16 A to be procured from all the banks having accounts

    • T. Noor Mohiuddin says:

      What is the exemption limit for interest earned under savings bank account and fixed deposit in Nationalized Banks, for the Assessment year 2016-17.

      • k krishnamurthy says:

        What is the exemption limit for interest earned under savings bank account and fixed deposit in Nationalized Banks, for the Assessment year 2013-14&2016-17 no other income

  37. Divesh says:

    which deductions available for Handicap person

  38. mukta chourasia says:

    Female 330000 per year income how to save tax

  39. ravinder kumar says:

    hi

  40. Kumar Vivek says:

    Hi

    Could you recheck the percentage of DDT on companies. The same should be 17.304% (15%+12%+3%) rather than 17.647% as specified in the article.
    Thanks
    Vivek

  41. Rawal Singh Bhati says:

    @Ashit Shah

    Yes benefit of both section availab for both 87A [rs 2k tax rebate] and 80TTA [upto int on sb rs 10k]

  42. Rawal Singh Bhati says:

    @sandeep ajmera

    According to defination of Firm: partenership firm includes LLP

    Hence for both rate is 30%

  43. Rawal Singh Bhati says:

    @Rameshwar Parshad Sharma Ji

    Income tax is charge on your income . Its INCOME BASED TAX

    Indirect tax [sale, service tax] are indirect tax bourn by ultimate consumer . It is consumption based tax.

    Both are need .

  44. Rawal Singh Bhati says:

    @ Dear G.Sridhan

    Goverment will reduces the corporate tax because to attract, you could also do business and get the benefit

    B.J.P is the only goverment who is not working for the vote but instead to working for economic growth to counter the threat from.

    Why dont you want to pay taxes sir? But you still want good roads etc?

    Since individual earning neary 4lac have to pay nil tax becuse of expense based benefit given, there after 10% 20% 30% .

    True Indian never switch their voting because of this stuff

  45. Arun Kumar says:

    Kushagra rate has been reduced to 25% over the period of next four years i.e. 1% for first three years and 2% in the fourth year. However rate applicable for FY 2014-15 is 30% only. The reduced rate will be applicable from next FY.i.e. 2015-16.

  46. rajinder gautam says:

    what about tax rebate of 2000 for income below 5 lacs?

  47. Rishi says:

    No reduction in corporate tax in FY 2015-16
    1.5% reduction in 2016-17
    1.5% in 2017-18
    2% in 2018-19

  48. Mudit Agrawal says:

    Dear Kushagra and other brothers, corporate tax rate for F.Y. 2015-16 is still 30%. The 25% is just the promise for “god knows financial years”.

  49. RAMESHWAR PRASAD SHARMA says:

    सरकार जनता की आय पर बार -2 कर ले रही है आयकर भुगतान पश्चात शेष राशि से सेल टैक्स ,टोल टैक्स ,शिक्षा कर ,मनोरंजन कर ,सर्विस टैक्स ,बिजली कर ,पानी कर ,विकास कर ,मकान कर ,यात्रा कर ,इत्यादि करों का बोझ जनता के मध्यम तबके पर डाल कर खजाना भर रही है जो हर समय खाली ही दिखाई देता है राजा महाराजा के राज्य में वर्ष में एक बार नाम मात्र कर लिया जाता था उस समय की इमारतें आज भी मोजूद हैं विकास था आज की इमारतें बनने से पहले ही धराशाही हो जाती हैं अतः सरकार को चाहिए की वह मूलभूत चीजों को ध्यान में रखे टैक्स की स्लैब को 5 लाख तक निल व दस लाख तक दस प्रतिशत व बीस लाख तक बीस प्रतिशत व तीस लाख तक तीस प्रतिशत इस प्रकार अस्सी लाख पर अस्सी प्रतिशत करे व सौ लाख से ऊपर की आय पर सरकार सौ प्रतिशत कर सकती है व एक बार आय कर देने के पश्चात शेष राशि टैक्स फ्री हो एवं जनता पर टैक्स लगाने के अलावा सरकार खुद अपने आय के श्रोत बढ़ा सकती है जैसे प्रोडक्शन ,व सेल
    जिससे लोगों को रोजगार भी मिलेगा

  50. SANDEEP AJMERA says:

    Dear sir
    what is rate of tax in LLP for the financial year 2015-16 and 2014-15 and partnership firm same year

  51. Pawan says:

    Tax Exemption limit should be increase upto 500,000 lac.

  52. ASHIT SHAH says:

    what about section 87A & 80TTA ? ARE THEY STILL APPLICABLE IN F.Y. 2015-16?

    ASHIT SHAH

  53. Augustin says:

    Whether 25% tax slab will be apply for Partnership Firm?

  54. Pankaj Malik says:

    @Kushagra,

    Corporate Tax is to be Brought to 25% in coming four years i.e. 2015-16, 2016-17, 2017-18 & 2018-19

  55. G. Sridharan says:

    It seems the BJP government got donation for lok sabha election from corporates andin turn reduced the corporate tax by 5%, but after getting votes from the largest segment of pensioners and salaried people and came to power but forget the recommendation given by them for raising the exemption of I.T limit to 5 lakh.By this they have proved that they are worse than congress govt. If they cotinue to do the same they will be voted out very quickly. Further increase of service tax by another 2% they put more burden for the common man. What about transport allowance given to working people to those pensioners who also have to travel for every thing and not having health insurance due to their age.

  56. Gopalakrishnan K V says:

    Dear sir,

    We expected working people (service) the limit in income tax will be atlest 3,00,000/- and saving limit will be atleast 2,00,000/- because day by day cost of living is increasing.

  57. saikumar A.S. says:

    regarding service tax it is littlebit costly. income tax slab expected at least 3,00,000-00 exemption. other than the above it is a good & soft budjet

  58. kushagra says:

    Dear Sir,

    Corporate tax rate has been reduced to 25% as per my understanding of the budget. But, in the article it is observed that 30% is still continuing kindly explain the change.

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