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Rates of Income Tax

Assessment year : 2015 - 16
Previous year : 2014 - 15

1. For resident Senior Citizens. (Age above 60 Years)

Up to Rs 3,00,000	Nil
Rs. 3,00,001 to Rs. 5,00,000	10%
Rs. 5,00,001 to Rs. 10,00,000	20%
Above Rs. 10,00,000	30%

2. For resident Super Senior Citizens. (Age above 80 Years)

Up to Rs 5,00,000	Nil
Rs. 5,00,001 to Rs. 10,00,000	20%
Above Rs. 10,00,000	30%

3. Individuals, [other than those mentioned above, HUF, AOP/BOI (other than co-operative societies).

Upto Rs. 2,50,000	Nil
Rs. 2,50,001 to Rs. 5,00,000	10%
Rs. 5,00,001 to Rs 10,00,000	20%
Above Rs. 10,00,000	30%

Note: Rebate u/s 87A is added from Finance Act 2013, in which resident individuals are allowed rebate (if their taxable income does not exceed Rs. 5 lakh) equal to 100% of income tax or Rs. 2000 whichever less.

Surcharge : 10% for Individual having taxable Income exceeding 1 Crore
Education Cess : 2% on income-tax plus surcharge.
Secondary and Higher Education cess : 1% on income-tax plus surcharge
Long-Term Capital Gains: 20% on income-tax plus surcharge.
Short-Term Capital Gains u/s 111A:15% on income-tax plus surcharge.

Firms

Income tax : 30%.
Surcharge :10%

Education Cess : 2% on income-tax plus surcharge
Secondary and Higher Education cess : 1% on income-tax plus surcharge

Companies

(A) Domestic Companies
Income tax : 30%
Surcharge: 5% if the taxable income exceeds Rs. 1 crore & 10% if the taxable income exceeds 10 crores
Education Cess: 2% on income-tax plus surcharge.
Secondary and Higher Education cess : 1% on income-tax plus surcharge

(B) Foreign Companies
Income tax :	40% (in general )
Surcharge :	2% if the taxable income exceeds Rs. 1 crore & 5% if the taxable income exceeds 10 crores
Education Cess :	2% on income-tax plus surcharge
Secondary and Higher Education cess :	1% on income-tax plus surcharge

Cooperative Societies

Upto Rs. 10,000	10%
Rs. 10,001 to Rs. 20,000	20%
Rs. 20,001 to Above	30%

Surcharge : 10%
Education Cess : 2% on income-tax.
Secondary And Higher EducationCess : 1% on income tax plus surcharge

Local Authorities

Income tax : 30%.
Surcharge :10%
Education Cess : 2% on income-tax plus surcharge.
Secondary and Higher Education cess : 1% on income-tax plus surcharge

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