After Budget and all amendments nearly completed for Income Tax Exemption and other illegible deductions and exemptions from Gross Income for Salaried Employee and other Individual Assessee, Income Tax Department placed Income Tax Slab.
Different tax rates have been provided for various categories of taxpayers and for different sources of income. Individuals/HUFs/AOP/BOI are taxed as per the different slab rates. However, companies are taxed at fixed rate, except for certain specified incomes. This write-up will provide you the information on tax rates applicable to various taxpayers.
Income Tax Rate Chart For Asstt. Year 2015-16 (Fin. Year 2014-15)
The rates of income-tax as applicable for Assessment Year 2015-16 for the following category is given below:-
1) in the case of every individual below the Age of Sixty Years
2) For a resident senior citizen (who is 60 years or more at any time during the previous year but less than 80 years on the last day of the previous year, i.e., born during April 1, 1935 and March 31, 1955)
3) For a resident super senior citizen (who is 80 years or more at any time during the previous year, i.e., born before April 1, 1935) :
Income Tax Rates For Assessment Year 2015-16
This part is applicable to a Resident Individuals below the age of 60 Years
ASSESSMENT YEAR 2015-16
For a resident senior citizen (who is 60 years or more at any time during the previous year but less than 80 years on the last day of the previous year, i.e., born during April 1, 1935 and March 31, 1955)
ASSESSMENT YEAR 2015-16
For a resident super senior citizen (who is 80 years or more at any time during the previous year, i.e., born before April 1, 1935)
Notes :
1. Rebate under section 87A – A resident individual (whose net income does not exceed Rs. 5,00,000) can avail rebate under section 87A. It is deductible from income-tax before calculating education cess. The amount of rebate is 100 per cent of income-tax or Rs. 2,000, whichever is less.
2. Surcharge – Surcharge is 10 per cent of income-tax if net income exceeds Rs. 1 crore. It is subject to marginal relief (in the case of a person having a net income of exceeding Rs. 1 crore, the amount payable as income tax and surcharge shall not exceed the total amount payable as income-tax on total income of Rs. 1 crore by more than the amount of income that exceeds Rs. 1 crore).
3. Education cess – It is 2 per cent of income-tax and surcharge.
4. Secondary and higher education cess – It is 1 per cent of income-tax and surcharge.
• Alternate minimum tax – Tax payable by a non-corporate assessee cannot be less than 18.5 per cent (+SC+EC+SHEC) of “adjusted total income” as per section 115JC
source: www.incometaxindia.gov.in
