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INCOME TAX SLABS FOR AY 2015-16

INCOME TAX SLABS FOR AY 2015-16

Updates on Income Tax Scheme

The finance minister announced that an individual taxpayer can claim exemption up to Rs.444200. In that he had take into account various deductions u/s 80C, 80D etc. However tax slabs are same for AY 2014-15 & 2015-16.

INCOME TAX SLABS FOR AY 2015-16

Income tax slab rates are different for various categories of taxpayers detailed below:

A) For Individuals who is below age of 60 years & HUF

B) For Senior Citizens who is age of 60 years & more

C) For Super Senior Citizens who is age of 80 years & more

D) For Firms, Local Authority & Domestic Companies

E) For Foreign Companies

F) For Co-Operative Societies

A) INCOME TAX SLAB RATES FOR INDIVIDUALS WHO IS BELOW AGE OF 60 YEARS & HUF:

  • Where total income does not exceed Rs.250000 – NIL
  • Where total income exceeds Rs.250000 but does not exceed Rs.500000 – 10% of the amount by which it exceeds Rs.250000
  • Where total income exceeds Rs.500000 but does not exceed Rs.1000000 – 20% of the amount by which it exceeds 500000
  • Where total income exceeds Rs.1000000 – 30% of the amount by which it exceeds Rs.1000000

B) INCOME TAX SLAB RATES FOR SENIOR CITIZENS WHO ARE AGE OF 60 YEARS & MORE:

  • Where total income does not exceed Rs.300000 – NIL
  • Where total income exceeds Rs.300000 but does not exceed Rs.500000 – 10% of the amount by which it exceeds Rs.300000
  • Where total income exceeds Rs.500000 but does not exceed Rs.1000000 – 20% of the amount by which it exceeds Rs.500000
  • Where total income exceeds Rs.1000000 – 30% of the amount by which it exceeds Rs.1000000

C) Income Tax slab rates for Super Senior Citizens who are age of 80 years or more:

  • Where total income does not exceed Rs.500000 – NIL
  • Where total income exceeds Rs.500000 but does not exceed Rs.1000000 – 20% of the amount by which it exceeds Rs.500000
  • Where total income exceeds Rs.1000000 – 30% of the amount by which it exceeds Rs.1000000

D) For Firms, Local Authority, Domestic Companies:

  •  Flat rate of 30% will be applicable on Total Income.
  • Surcharge of 5% & 10% will be applicable in case of domestic companies & Firms respectively if total income exceeds Rs.1 Crore

E) For Foreign Companies:

  • Flat rate of 40% will be applicable on Total Income.
  • Surcharge of 2% will be applicable if total income exceeds Rs.1 Crore

F) For Co-Operative Societies:

  • Where total income does not exceed Rs.10000 – 10% of the Income
  • Where total income exceeds Rs.10000 but does not exceed Rs.20000 – 20% of the amount by which it exceeds Rs.10000
  • Where total income exceeds Rs.20000  – 30% of the amount by which it exceeds Rs.20000

Education Cess of 2% & Higher Secondary education cess of 1% will be added in all cases.

 INCOME TAX SLABS FOR AY 2015-16

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