INCOME TAX SLABS & RATES FOR A.Y. 2015-16

Income Tax Slab rates change every year after the announcement of budget .

The Income Tax Slabs & Rates for A.Y 2015-16 are as follows

The tax slab rates for Individual below 60 years and for NRI /AOP /BOI / HUF/AJP

Where the taxable income does not exceed Rs. 2,50,000/-.– the rate will be NIL

Where the taxable income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/—- the rate will be 10% on amount which exceeds 2,50,000

Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/—- the rate will be Rs. 25,000 + 20% on the amount which exceeds 5,00,000/-

Where the taxable income exceeds Rs. 10,00,000—- the rate will be Rs. 125,000 + 30% on the amount which exceeds Rs. 10,00,000/-

 TAX SLABS FOR SENIOR CITIZEN (Individual resident who is of the age of 60 years or more but below the age of 80 years)

Where the taxable income does not exceed Rs. 3,00,000/—- the rate will be NIL

Where the taxable income exceeds Rs. 3,00,000/ but does not exceed Rs. 5,00,000/—- the rate will be 10% of the amount which exceeds Rs. 3,00,000/-.

Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/—-the rate will be Rs. 20,000/- + 20% on the amount which exceeds Rs. 5,00,000/-.

Where the taxable income exceeds Rs. 10,00,000/—-the rate will be Rs. 1,20,000/- + 30% on the amount which exceeds Rs. 10,00,000/-.

TAX SLABS FOR SUPER SENIOR CITIZEN ( Individual resident who is of the age of 80 years or more)

Where the taxable income does not exceed Rs. 5,00,000/—- the rate will be NIL

Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/—- the rate will be 20% on the amount which exceeds Rs. 5,00,000/-

Where the taxable income exceeds Rs. 10,00,000/—-the rate will be Rs. 100,000/- + 30% on the amount  which  exceeds Rs. 10,00,000/-.

Note: For all the categories above where taxable income is more than 1 crore Surcharge @ 10% is payable

Education Cess @ 3% on the total income tax and surcharge is payable

TAX SLABS FOR COOPERATIVE SOCIETY

Where the taxable income does not exceed Rs. 10,000/—- the rate will be 10% of the income.

Where the taxable income exceeds Rs. 10,000/- but does not exceed Rs. 20,000/—-the rate will be Rs. 1,000/- + 20% of income in excess of Rs. 10,000/-.

Where the taxable income exceeds Rs. 20,000/—-the rate will be Rs. 3.000/- + 30% on the amount which exceeds Rs. 20,000/-

TAX SLABS FOR FIRMS/LOCAL AUTHORITY

Flat 30% of taxable income

Note: For all the categories above where taxable income is more than 1 crore Surcharge @ 10% is payable

Education Cess @ 3% on the total income tax and surcharge is payable

TAX SLABS FOR DOMESTIC COMPANY

FLAT 30% of taxable income

Surcharge @ 5% if  taxable income exceeds Rs. 1 crore

and @ 10% if taxable income exceeds Rs. 10 crores

Education Cess @ 3% of income tax and surcharge.

INCOME TAX SLABS & RATES FOR A.Y. 2015-16

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