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Calculate Income Tax as per Slab for Asstt. Year 2015-16

5:21 AM  Dharmen  

Finance Minister of Indian Government Mr. P. Chidambaram had placed union budget recently we all well known.  Finance Minister cut Indirect Taxes on Cars, Two Wheelers, Commercial Vehicles and Mobile Phones reduced by 4% i.e. from 12% to 8% in an effort to revive growth. Similarly Factory gate tax also reduced by 2% i.e. from 12% to 10% on some Capital Goods, Consumer Durables things. Finance Minister recommends excise duty reductions on larger vehicles as well as restructure of factory gate tax on Home Made Mobile handsets etc. Tax concessions could be offered for some of the poorer regions in the country. But no major changes in Tax Rates. The following Tax Rates is applicable for Fin. Year 2014-15 and Assessment Year 2015-16 as per union budget placed by Finance Minister for Fin. Year 2014-15:

I(A) - In case of every individual other than the individual referred to in I(B),I(C) and I(D) or in the case of HUF (Resident as well as Non-resident):

Total Income
Rates of Income Tax
Where the total income does not exceed Rs. 2,00,000
NIL
Where the total income exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000 exceed Rs. 2,00,000
10% of the amount by which the total income
Where the total income exceeds Rs.5,00,000 but does not exceed Rs. 10,00,000
Rs. 30,000 plus 20% of the amount by which the total income exceeds Rs. 5,00,000
Where the total income exceeds Rs. 10, 00,000
Rs. 130,000 plus 30% of the amount by which the total income exceeds Rs. 10,00,000

I(B) - In case of every individual, being a woman resident in India and below the age of 60 years at any time during the previous year:

Total Income
Rates of Income Tax
Where the total income does not exceed Rs. 2,00,000
NIL
Where the total income exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000 exceed Rs. 2,00,000
10% of the amount by which the total income
Where the total income exceeds Rs.5,00,000 but does not exceed Rs. 10,00,000
Rs. 30,000 plus 20% of the amount by which the total income exceeds Rs. 5,00,000
Where the total income exceeds Rs. 10, 00,000
Rs. 130,000 plus 30% of the amount by which the total income exceeds Rs. 10,00,000

I(C) - In case of every individual, being a resident in India who is the age of 60 years or more but less than 80 years at any time during the previous year :

Total Income
Rates of Income Tax
Where the total income does not exceed Rs. 2,50,000
NIL
Where the total income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000 exceed Rs. 2,50,000
10% of the amount by which the total income
Where the total income exceeds Rs.5,00,000 but does not exceed Rs. 10,00,000
Rs. 25,000 plus 20% of the amount by which the total income exceeds Rs. 5,00,000
Where the total income exceeds Rs. 10, 00,000
Rs. 125,000 plus 30% of the amount by which the total income exceeds Rs. 10,00,000

I(D) - In case of every individual, being a resident in India who is the age of 80 years or more at any time during the previous year :

Total Income
Rates of Income Tax
Where the total income does not exceed Rs. 5,00,000
NIL
Where the total income exceeds Rs.5,00,000 but does not exceed Rs. 10,00,000
20% of the amount by which the total income exceeds Rs. 5,00,000
Where the total income exceeds Rs. 10, 00,000
Rs. 100,000 plus 30% of the amount by which the total income exceeds Rs. 10,00,000

POINTS TO BE NOTED: 
  • Education Cess is 3% in case of an Individual or HUF. 
  • There is no surcharge in case of an Individual or HUF, having income upto Rs. 1 crore but after this surcharge will be 10% of the tax payable.
Note: There shall be a credit of ` 2000 or tax payable whichever is less for individual tax payer for having income upto Rs. 5 Lacs. 

II. In case of Association of Person (AOP)/Body of Individual (BOI)/Artificial Juridical Person :

Total Income
Rates of Income Tax
Where the total income does not exceed Rs. 2,00,000
NIL
Where the total income exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000 exceed Rs. 2,00,000
10% of the amount by which the total income
Where the total income exceeds Rs.5,00,000 but does not exceed Rs. 10,00,000
Rs. 30,000 plus 20% of the amount by which the total income exceeds Rs. 5,00,000
Where the total income exceeds Rs. 10, 00,000
Rs. 130,000 plus 30% of the amount by which the total income exceeds Rs. 10,00,000

POINTS TO BE NOTED: 
  • Education Cess is 3% in case of an AOP or BOI. 
  • There is no surcharge in case of an AOP or BOI, having income upto ` 1 crore but after this surcharge will be 10% of the tax payable. 
III. In case of a Co-Operative Society:

Total Income
Rates of Income Tax
Where the total income does not exceed Rs. 10,000
10% of the total Income
Where the total income exceeds Rs.10,000 but does not exceed Rs. 20,000
Rs. 1000 plus 20% of the amount by which the total income exceeds Rs. 10,000
Where the total income exceeds Rs. 20,000
Rs. 3,000 plus 30% of the amount by which the total income exceeds Rs. 20,000

POINTS TO BE NOTED: 
  • Education Cess is 3% in case of a Co-Operative Society. 
  • There is no surcharge in case of a Co-Operative Society, having income upto ` 1 crore but after this surcharge will be 10% of the tax payable. 
IV. In case of Local Authority 
  • Income-tax: 30% of total income. 
  • Surcharge: 10% of the tax payable if the income exceeds Rs. 1 crore. 
  • Education Cess: 3% of Income-tax. 
V. In case of a Firm (Including LLP’s) 
  • Income-tax: 30% of total income. 
  • Surcharge: 10% of the tax payable if the income exceeds Rs. 1 crore. 
  • Education Cess: 3% of Income-tax. 
VI. In case of a Domestic Company 
  • Income-tax: 30% of total 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 5% of such income tax, provided that the total income exceeds Rs. 1 crore. This rate of surcharge will be increased to 10% of the tax payable if the income exceeds Rs. 10 crores. 
  • Education Cess: 3% of the total of Income-tax and Surcharge. 
VI. In case of a Foreign Company 
  • Income-tax: 40% of total 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 2% of such income tax, provided that the total income exceeds Rs. 1 crore. This rate of surcharge will be increased to 5% of the tax payable if the income exceeds Rs. 10 crores. 
  • Education Cess: 3% of the total of Income-tax and Surcharge. 
Marginal Relief: 
In case of a domestic company and foreign company, where the total income exceeds Rs. 1 crore, then the aggregate of income tax and surcharge shall be restricted to: 
(Tax on Rs. 1 crore) + (Total Income - Rs. 1 crore) 

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