RATES OF INCOME-TAX FOR F.Y. 2015-16 (A.Y. 2016-17)
As per the Finance Act, 2015, Rates of Income Tax Applicable for the financial year 2015-16 (i.e. Assessment Year 2016-17) are as under:
A. Normal Rates of tax (applicable to all Individuals who are less than 60 years of age)
| Sr No. | Income | Applicable Rate of tax |
|---|---|---|
|
1. |
Income up to Rs. 2,50,000/- |
NIL |
|
2. |
Income more than Rs. 2,50,000 but less than Rs. 5,00,000/- |
10 per cent of amount in excess of Rs. 2,50,000/- |
|
3. |
Income more than Rs. 5,00,000/- but less than Rs. 10,00,000/- |
Rs. 25,000/- + 20 per cent of the amount in excess of Rs. 5,00,000/- |
|
4. |
Income more than Rs. 10,00,000/- |
Rs. 1,25,000/- + 30 per cent of the amount in excess of Rs. 10,00,000/- |
B. Resident Senior Citizen (having age of 60 years or more but less than 80 years)
|
Sr No |
Income |
Applicable Rate of tax |
|
1. |
Income up to Rs. 3,00,000/- |
NIL |
|
2. |
Income more than Rs. 3,00,000 but less than Rs. 5,00,000/- |
10 per cent of amount in excess of Rs. 3,00,000/- |
|
3. |
Income more than Rs. 5,00,000/- but less than Rs. 10,00,000/- |
Rs. 20,000/- + 20 per cent of the amount in excess of Rs. 5,00,000/- |
|
4. |
Income more than Rs. 10,00,000/- |
Rs. 1,20,000/- + 30 per cent of the amount in excess of Rs. 10,00,000/- |
C. Resident Super Senior Citizen (having age of 80 years or more)
|
Sr No. |
Income |
Applicable Rate of tax |
|
1. |
Income up to Rs. 5,00,000/- |
NIL |
|
2. |
Income more than Rs. 5,00,000/- but less than Rs. 10,00,000/- |
20 per cent of the amount in excess of Rs. 5,00,000/- |
|
3. |
Income more than Rs. 10,00,000/- |
Rs. 1,00,000/- + 30 per cent of the amount in excess of Rs. 10,00,000/- |
D. Rebate u/s 87A:
For All Indian Resident Taxpayers, if Total Income after considering deductions is less than Rs 5,00,000/-, Rebate u/s 87A upto Rs 2,000/- is allowed against tax liability.
E. Surcharge on Income-tax:
Rate of Surcharge applicable Individual is as under
|
Sr No. |
Income |
Surcharge tax |
|
1. |
Income up to Rs. 1,00,00,000/- |
NIL |
|
2. |
Income more than Rs. 1,00,00,000/- |
12% of Income Tax Computed* |
* Marginal Relief is available if Surcharge is more than incremental income.
F. Education Cess and Secondary and Higher Education Cess on Income-tax:
Education Cess and Higher Secondary Education Cess are required to be paid additionally along with Income-tax by all assessee.
Rates of Education Cess and Higher Secondary Education Cess are as under.
|
Sr No. |
Income |
Surcharge tax |
|
1. |
Education Cess |
2% of (Income-tax + Surcharge, if any) |
|
2. |
Higher Secondary Education Cess |
1% of (Income-tax + Surcharge, if any) |
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