CA Sandeep Kanoi
Articles 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 |
| 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)
Author Bio
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
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
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)
Iam73yerrsold my total pention is 333058 donation is amounting to Rs13500 how much I have pay towards IT
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.
I have a business of tuition classes for commerce i just want to that how much income chargeable under the head business and profession.
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
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
dear
sir
how to 80c amount is f.y.2015-16 a.y. 2016-17
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.
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
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.
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.
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 .
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.
/
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.
I puchased home with my brother 50-50% how can calculate rebate rs. 139000 in incometax for fy 15-16
Useful information for tax payers.
hi ,
kindly send updates
Pleaes Daily update news & guideline share with me
good explanation for tax slab……… all the articles on taxguru i find very useful……!
(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.
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
My 1st house
Interest paid 157000
Principal paid 55000
My 2nd house
Interest 84000
Principal 144000
How should I place it for max benefit
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.
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
We want rate of corporate tax for the F.Y 2015-16.
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
which deductions available for Handicap person
Female 330000 per year income how to save tax
hi
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
@Ashit Shah
Yes benefit of both section availab for both 87A [rs 2k tax rebate] and 80TTA [upto int on sb rs 10k]
@sandeep ajmera
According to defination of Firm: partenership firm includes LLP
Hence for both rate is 30%
@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 .
@ 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
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.
what about tax rebate of 2000 for income below 5 lacs?
No reduction in corporate tax in FY 2015-16
1.5% reduction in 2016-17
1.5% in 2017-18
2% in 2018-19
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”.
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
Dear sir
what is rate of tax in LLP for the financial year 2015-16 and 2014-15 and partnership firm same year
Tax Exemption limit should be increase upto 500,000 lac.
what about section 87A & 80TTA ? ARE THEY STILL APPLICABLE IN F.Y. 2015-16?
ASHIT SHAH
Whether 25% tax slab will be apply for Partnership Firm?
@Kushagra,
Corporate Tax is to be Brought to 25% in coming four years i.e. 2015-16, 2016-17, 2017-18 & 2018-19
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.
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.
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
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.