INCOME TAX RATES (SLABS) FOR FINANCIAL YEAR 2015-16

(ASSESSMENT YEAR 2016-17)

For Male Individuals below 60 years (Resident of India)

INCOME   TAX RATES  
UP TO 250000

0

250001 TO 500000

10%

500001 TO 1000000

20%

1000001 and above

30%

Notes:
Add: Education Cess 2% on Income Tax Payable
Add: Secondary & Higher Education Cess 1% on Income Tax Payable
Surcharge will be charged 12% on Income Tax where total taxable income –
is more than 1 crore. There can be a marginal relief in surcharge –
if applicable.
Tax Credit u/s 87-A up to maximum amount of Rs.2000/= shall be allowed if
taxable income is up to Rs.500000/= (In case of Resident Individuals only)
Illustration:
Total Taxable Income of Mr. X for Financial Year 2015-16 is Rs.1200000/=
Calculate Income Tax Payable. Mr. X is 55 years old.
Solution:
 Slabs Taxable Tax Rate Income
Income Tax
Up to 250000

250000

0

0

250001 to 500000

250000

10%

25000

500001 to 1000000

500000

20%

100000

1000001 to 1200000

200000

30%

60000

TOTAL

1200000

185000

Income Tax

185000

Add:E.C. 2%

3700

Add: S&HEC 1%

1850

Total Tax Payable

190550

   

For Women below 60 years (Resident of India)

INCOME TAX RATES
UP TO 250000

0

250001 TO 500000

10%

500001 TO 1000000

20%

1000001 and above

30%

Notes:
Add: Education Cess 2% on Income Tax Payable
Add: Secondary & Higher Education Cess 1% on Income Tax Payable
Surcharge will be charged 12% on Income Tax where total taxable income –
is more than 1 crore. There can be a marginal relief in surcharge –
if applicable.
Tax Credit u/s 87-A up to maximum amount of Rs.2000/= shall be allowed if
taxable income is upto Rs.500000/= (In case of Resident Individuals only)
Illustration:
Total Taxable Income of Mrs. X for Financial Year 2015-16 is Rs.1400000/=
Calculate Income Tax Payable. Mrs. X is 55 years old.
Solution:
 Slabs Taxable Tax Rate Income
Income Tax
Up to 250000

250000

0

0

250001 to 500000

250000

10%

25000

500001 to 1000000

500000

20%

100000

1000001 to 1400000

400000

30%

120000

TOTAL

1400000

245000

Income Tax

245000

Add:E.C. 2%

4900

Addd: S&HEC 1%

2450

Total Tax Payable

252350

For Senior Citizens – 60 and above but below 80 years (Resident of India)
INCOME TAX RATES
UP TO 300000

0

300001 TO 500000

10%

500001 TO 1000000

20%

1000001 and above

30%

Notes:
Add: Education Cess 2% on Income Tax Payable
Add: Secondary & Higher Education Cess 1% on Income Tax Payable
Surcharge will be charged 12% on Income Tax where total taxable income –
is more than 1 crore. There can be a marginal relief in surcharge –
if applicable.
Tax Credit u/s 87-A up to maximum amount of Rs.2000/= shall be allowed if
taxable income is upto Rs.500000/= (In case of Resident Individuals only)
Senior Citizen means every individual, who is of the age of
sixty years or more but less than eighty years at any time during the
financial year 2015-16 (Assessment Year 2016-17)

For Very Senior Citizens – Age 80 years and above (Resident of India)

INCOME TAX RATES
UP TO 500000

0

500001 TO 1000000

20%

1000001 and above

30%

Add: Education Cess 2% on Income Tax Payable
Add: Secondary & Higher Education Cess 1% on Income Tax Payable
Surcharge will be charged 12% on Income Tax where total taxable income –
is more than 1 crore. There can be a marginal relief in surcharge –
if applicable.
Very Senior Citizen means every individual, who is of the age of
eighty years or more at any time during the
financial year 2015-16 (Assessment Year 2016-17)

INCOME TAX RATES  FOR REGISTERED PARTNERSHIP FIRMS

Flat rate 30% on net income of registered partnership firm and 2% Education Cess and 1% Senior & Higher Education Cess shall be added on amount of income tax.

Note:

  • Surcharge shall be levied on income tax 12% (where taxable income including capital gain, exceeds Rs. one crore.
  • Education Cess and Senior & Higher Education Cess will be added on amount of Income Tax plus Surcharge.

 DEOMESTIC COMPANIES

Flat rate 30% on net income of domestic companies (whether public limited companies or private limited companies) and 2% Education Cess and 1% Senior & Higher Education Cess shall be added on amount of income tax.

Note:

  • Surcharge shall be levied on income tax 7% (where taxable income exceeds Rs. one crore but does not exceeds 10 crore. If total income exceeds 10 crore then surcharge will be added 12%.
  • Education Cess and Senior & Higher Education Cess will be added on amount of Income Tax plus Surcharge.

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