Income Tax Rates

Income Tax Rates

 

FINANCIAL YEAR 2015-16 (ASSESSMENT YEAR 2016-17)

Resident Very Senior Citizens

Local Authority

Resident Senior Citizens

Firms & LLPs

Resident Women/ Female

Domestic Companies

Any other Individuals,HUF, AOP, BOI, AJP

Foreign Companies

Co-operative Society

Marginal Relief

 

Resident Very Senior Citizen (80 years or more at any time during the financial year)

Taxable Income

Tax Payable

Upto Rs. 5,00,000

NIL

From Rs. 5,00,001 to Rs.10,00,000

20% of income above Rs.5,00,000

Above Rs.10,00,000

Rs.1,00,000 + 30% of income above Rs.10,00,000

Surcharge

NIL

Education Cess

2% of (Total tax payable + Surcharge)

Secondary & Higher Education Cess

1% of (Total tax payable + Surcharge)

 

Resident Senior Citizen (60 years or more at any time during the financial year)

Taxable Income

Tax Payable

Upto Rs.3,00,000

NIL

From Rs.3,00,000 to Rs.5,00,000

10% of income above Rs.3,00,000

From Rs.5,00,001 to Rs.10,00,000

Rs. 20,000 + 20% of income above Rs.5,00,000

Above Rs.10,00,000

Rs.1,20,000 + 30% of income above Rs.10,00,000

Surcharge

NIL

Education Cess

2% of  Total tax payable

Secondary & Higher Education Cess

1% of Total tax payable

 

Resident Women/ Female

Taxable Income

Tax Payable

Upto Rs. 2,50,000

NIL

From Rs. 2,50,001 to Rs. 5,00,000

10% of income above Rs. 2,50,000

From Rs. 5,00,001 to Rs.10,00,000

Rs.25,000 + 20% of income above Rs.500,000

Above Rs.1000,000

Rs.125,000 + 30% of income above Rs.1000,000

Surcharge

NIL

Education Cess

2% of Total tax payable

Secondary & Higher Education Cess

1% of Total tax payable

 

Any other Resident Individual, any HUF (Hindu Undivided Family), AOP(Association of Persons), BOI (Body of Individuals), Artificial Juridical Person, NRI (non Resident Indian), RNOR (Resident but not ordinarily Resident)

Taxable Income

Tax Payable

Upto Rs. 2,50,000

NIL

From Rs. 2,50,001 to Rs. 5,00,000

10% of income above Rs. 2,50,000

From Rs. 5,00,001 to Rs.10,00,000

Rs. 25,000 + 20% of income above Rs. 5,00,000

Above Rs.10,00,000

Rs.125,000 + 30% of income above Rs.10,00,000

Surcharge

NIL

Education Cess

2% of Total tax payable

Secondary & Higher Education Cess

1% of Total tax payable

 

Co-operative Society

Taxable Income

Tax Payable

Upto Rs.10,000

10%

From Rs.10,001 to Rs.20,000

Rs.1,000 + 20% of income above Rs.10,000

Above Rs.20,000

Rs.3,000 + 30% of income above Rs.20,000

Surcharge

NIL

Education Cess

2% of Total tax payable

Secondary & Higher Education Cess

1% of Total tax payable

 

Local Authorities

Taxable Income

Tax Payable

Tax Rate

30% of taxable income

Surcharge

NIL

Education Cess

2% of Total tax payable

Secondary & Higher Education Cess

1% of Total tax payable

Firms & LLPs (Limited Liability Partnerships)

 

 

Taxable Income

Tax Payable

Tax Rate

30% of taxable income

Surcharge

NIL

Education Cess

2% of Total tax payable


 

 

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