Income Tax Slab Rates for AY 2015-16, FY 2014-15 in India

June 15, 20150 Comments

Basic updates about Income Tax Slab Rates for AY 2015-16:

What is income tax: Revenue in the form of Income tax is the prime revenue of Indian Government.An income tax is a government tax collected from tax payers who earn various income or profits. Every Indian citizen/corporates who earns various income so as that it become tax paying necessary would have to pay income tax as per the Income tax slab rates given as below.

Income tax slab are announced by Finance Minister of India in the budget for the upcoming year. Last time Mr. Arun Jaitley had announced the budget and he didn’t make any major changes in the income tax slab rates for AY 2015-16 but few little changes.

Below we have provided the income tax slab for AY 2015-16 / FY 2014-2015. Details of Income tax slab rates for AY 2015-16 for Male, Female, Senior Citizen & Super Senior Citizen, Firm, Corporates.

Also Read: GST Tax Rate in India: Final GST Rate Out

Income Tax Slabs for AY 2015-2016

Income tax slab rates for AY 2015-16 for various assesses are sorted here in sub headings so that you can jump to income tax slab rate which you opted to check.

Income tax slabs for AY 2015-2016 for Individuals (Male & Female) & HUF Below 60 Years

Its worth to note that Income tax slab rates for AY 2015-16 for Male and Female assesses are same, so the below given table for Income tax slab rates for AY 2015-16 stands for male & female both.

 

Income tax slab (in Rs.)Tax
0 to 2,50,000No tax
2,50,001 to 5,00,00010%
5,00,001 to 10,00,00020%
Above 10,00,00030%

Surcharge : 12% of the Income Tax if taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
Education Cess : 3% of the total of Income Tax and Surcharge.

Income tax slab Rates for AY 2015-16 for Senior citizens (Aged 60 years but less than 80 years)

Indian Government grants a benefit of extra 50,000 Rs. for Senior citizens who are aged for >60 years but <80 years. So, the income tax slab rates for AY 2015-16 for senior citizens would be as under.

Income tax slab (in Rs.)Tax
0 to 3,00,000No tax
3,00,001 to 5,00,00010%
5,00,001 to 10,00,00020%
Above 10,00,00030%

Surcharge : 12% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
Education Cess : 3% of the total of Income Tax and Surcharge.

Income tax slabs 2015-2016 for very senior citizens (Aged 80 and above)

Income tax slab (in Rs.)Tax
0 to 5,00,000No tax
5,00,001 to 10,00,00020%
Above 10,00,00030%

Surcharge : 12% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
Education Cess : 3% of the total of Income Tax and Surcharge.

 

Income Tax Slab Rates for Co-operative Society

Income SlabsTax Rates
i.Where the taxable income does not exceed Rs. 10,000/-.10% of the income.
ii.Where the taxable income exceeds Rs. 10,000/- but does not exceed Rs. 20,000/-.Rs. 1,000/- + 20% of income in excess of Rs. 10,000/-.
iii.Where the taxable income exceeds Rs. 20,000/-Rs. 3.000/- + 30% of the amount by which the taxable income exceeds Rs. 20,000/-.

Surcharge : 12% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
Education Cess : 3% of the total of Income Tax and Surcharge.

 

Income Tax Slab Rates for Firm

Income Tax : 30% of taxable income.

Surcharge : 12% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)

Education Cess : 3% of the total of Income Tax and Surcharge.

Income Tax Slab Rates for Domestic Company

Income tax slab rates for Domestic company is fixed at 30% of taxable income from a long period of time but this time Finance Minister made a little change in the income tax rate in form of surcharge.

Income Tax : 30% of taxable income.

Surcharge : The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge

  • At the rate of 7% of such income tax, provided that the taxable income exceeds Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
  • At the rate of 12% of such income tax, provided that the taxable income exceeds Rs. 10 crores.

Education Cess : 3% of the total of Income Tax and Surcharge.

Further updates for Income tax slab rates would be updated im the upcoming days.

Stay tuned with CACracker.in.


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About the Author ()

Gazala Z. is a Commerce Graduate & a PGDCA having secured first number in her college last year. She possesses a great interest in Tax related updates and her updates at CAcracker.in will portray this fact.

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