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Latest Income Tax Slab Rates AY 2016-17, FY 2015-16

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Income Tax Slab Rates AY 2016-17, FY 2015-16 & All Years like slab rates for FY 2015-16AY 2015-16, 2014-15, 2013-14 Etc. Tax Slab Rates for 2016-17, Find Latest Income Tax Slab Rates 2014-15. Check Latest Income Tax Slab for FY 2015-16 AY 2016-17. In this article you can find all Latest Income Tax Slab Rates of FY 2014-15, 2013-14, 2012-13 etc. If You  are Searching for Income Tax Slab Rates than you are on right Place. In This Article you can find all latest income tax rates for A.Y. 2016-17 and F.Y. 2015-16, CAknowledge.in Provide All Income tax slab rates in Very Simple Manner like We Provide These Income Tax Slab Rates in Table Format etc. In Our Next Update we provide Latest Income Tax Slab Rates AY 2016-17 or FY 2015-16. Recently we also provide Special Article on What is Franking ? Why Documents Need to be Franking ? and How to E-File Income Tax Return full guide and Procedure. Now you can Scroll Down Below and check complete details regarding all latest income tax slab rates for A.Y. 2016-2017 and All Past Years at One Place.

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Income Tax Slab Rates for A.Y. 2016-17 (F.Y. 2015-16)

Note – Income Tax Slab Rate for Men’s and Women‘s are Same for AY 2016-17. Check Latest Income Tax Slab Rates for AY 2016-2017 from below…

Individual Income Tax Slab for A.Y. 2016-17 (F.Y. 2015-16)

Income Tax Rates
i) Income up to 2.5 lakh NIL
ii) Income From 2.5 Lakh to 5 Lakh 10% on income over Rs. 2.5 Lakh
iii) Income from 5 Lakh to 10 Lakh Rs. 25,000/- plus 20% on above income 5 lakh
iv) Income above 10 lakh Rs. 1 lakh 25 thousand plus 30% on income above 10 lakh
v) Exclusive of surcharge @ 10% for A.Y. 2015-16 and @ 12% for A.Y. 2016-17 whose total income exceeds  1 crore.
vi) 3% Education Cess, Secondary & Higher Education Cess will be applicable on income tax & surcharge

Note -Rebate under Section 87A:The rebate is available to a resident individual if his total income does not exceed Rs. 5,00,000. The amount of rebate shall be 100% of income-tax or Rs. 2,000, whichever is less.

Must – Rebate under Section 87A – Complete Details

Income Tax Slabs for Individuals for 60 years or above but below 80 years A.Y.2016-17

  Income Tax Rates
i) Income up to 3 lakh NIL
ii) Income From 3 Lakh to 5 Lakh 10% on income over Rs. 3 Lakh
iii) Income from 5 Lakh to 10 Lakh Rs. 20,000/- plus 20% on above income 5 lakh
iv) Income above 10 lakh Rs. 1 lakh 20 thousand plus 30% on income above 10 lakh
Surcharge will be applicable @ 10% when total taxable income is over 1 crore.
3% education cess will be applicable on income tax & surcharge

Income Tax Slab for Individuals Over 80 Years A.Y.2016-17

  Income Tax Rates
i) Income up to 5 Lakh NIL
ii) Income From 5 Lakh to 10 Lakh 20% on income over Rs.5 Lakh
iii) Income above 10 lakh Rs. 1 lakh plus 30% on income above 10 lakh
Surcharge will be applicable @ 10% when total taxable income is over 1 crore.
3% education cess will be applicable on income tax & surcharge

Income Tax Slab for Co-Operative Societies for AY 2016-17

A.Y.  Amount Rate of Tax*
2014-15 &
2015-16
Up to Rs. 10,000 10%
From Rs. 10,001 to Rs 20,000 20%
More than  Rs. 20,000 30%

* 1. Exclusive of education cess @ 3%
  2. Exclusive of surcharge @ 10% for A.Y. 2015-16 and @ 12% for A.Y. 2016-17 whose total income exceeds ` 1 crore.

Income Tax Slab Rate for Foreign Company AY 2016-17

Nature of Income Tax Rate
Royalty received from Government or an Indian concern in pursuance of an agreement made with the Indian concern after March 31, 1961, but before April 1, 1976, or fees for rendering technical services in pursuance of an agreement made after February 29, 1964 but before April 1, 1976 and where such agreement has, in either case, been approved by the Central Government 50%
Any other income 40%

Add:

 a) Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 2% of such tax, where total income exceeds one crore rupees but not exceeding ten crore rupees and at the rate of 5% of such tax, where total income exceeds ten crore rupees. However, the surcharge shall be subject to marginal relief, which shall be as under:

 (i) Where income exceeds one crore rupees but not exceeding ten crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees.

 (ii) Where income exceeds ten crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees.

 b) Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income-tax and surcharge.

 c) Secondary and Higher Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income-tax and surcharge.

Income Tax Slab for A.Y. 2015-16 (F.Y. 2014-15)

Same as Income Tax Slab Rates of AY 2016-17. No Change in Slab Rate for AY 2016-17 and AY 2015-16, Both Years Tax Slab Rate is Same.

Note – Income Tax Slab Rate for Men’s and Women’s are Same for AY 2015-16

Income Tax Slab for A.Y. 2014-15 (F.Y. 2013-14)

Income Tax Slab for Individuals who are below than 60 years of age

  Income Tax Rates
i) Income up to 2 lakh NIL
ii) Income From 2 Lakh to 5 Lakh 10% on income over Rs. 2 Lakh; Less: Tax Credit – 10% of taxable income up to Rs.2000/- maximum
iii) Income from 5 Lakh to 10 Lakh Rs. 30,000/- plus 20% on above income 5 lakh
iv) Income above 10 lakh Rs. 1 lakh 30 thousand plus 30% on income above 10 lakh
v) Surcharge will be applicable @ 10% when total taxable income is over 1 crore.
vi) 3% education cess will be applicable on income tax & surcharge

Income Tax Slab for Individuals who are 60 years or over 60 years but below 80 years of age

  Income Tax Rates
i) Income up to 2 .5 lakh NIL
ii) Income From 2.5 Lakh to 5 Lakh 10% on income over Rs. 2.5 Lakh
iii) Income from 5 Lakh to 10 Lakh Rs. 25,000/- plus 20% on above income 5 lakh
iv) Income above 10 lakh Rs. 1 lakh 25 thousand plus 30% on income above 10 lakh
Surcharge will be applicable @ 10% when total taxable income is over 1 crore.
3% education cess will be applicable on income tax & surcharge

Income Tax Slab for Individuals who are over 80 years of age

  Income Tax Rates
i) Income up to 5 Lakh NIL
ii) Income From 5 Lakh to 10 Lakh 20% on income over Rs.5 Lakh
iii) Income above 10 lakh Rs. 1 lakh plus 30% on income above 10 lakh
Surcharge will be applicable @ 10% when total taxable income is over 1 crore.
3% education cess will be applicable on income tax & surcharge

Income Tax Slab for A.Y. 2013-14 (F.Y. 2012-13)

A. Tax Rates For Individuals (Men & Women), Hindu Undivided Families, Association of Persons and Body of Individuals
Total Income (Rs.) Tax Rate (%)
Upto Rs. 200,000* Nil
200,001 to 500,000 10
500,001 to 10,00,000 20
Above Rs. 10,00,000 30
*In the case of a resident individual of sixty years or more but less than eighty years, the basicexemption limit is Rs. 250,000
The category of women below the age of 65 years has been removed

Income Tax Slab for Individuals who are over 80 years of age

B. Tax Rates For Senior Citizens (80 Years Or Above)
Total Income (Rs.) Tax Rate (%)
Upto Rs. 500,000* Nil
500,001 to 10,00,000 20
Above Rs. 10,00,000 30
Surcharge is Nil
Education cess is applicable @ 3% on income tax
Marginal relief may be available

 

C. Tax Rates For For Partnership Firms
Tax Rate (%)
Partnership Firms are taxable @ 30%
Surcharge is Nil
Education cess is applicable @ 3% on income tax

 

D. Tax Rates For Domestic Companies
Tax Rate (%)
Domestic companies are taxable @ 30%
Surcharge is applicable @ 5% if total income is in excess of Rs. 10,000,000
Education cess is applicable @ 3% on income tax (inclusive of surcharge, if any)

 

E. Tax Rates For Foreign Companies
Tax Rate (%)
Foreign companies are taxable @ 40%
Surcharge is applicable @ 2% if total income is in excess of Rs. 10,000,000
Education cess is applicable @ 3% on income tax (inclusive of surcharge, if any)
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About Raju Choudhary

Article by Raju Choudhary Raju has written 537 articles. If you like This post, you can follow CAknowledge on Twitter. Subscribe to CAknowledge feed via RSS or EMAIL to receive instant updates.

6 comments

  1. Thank you so much sir for the information you provided here……

  2. kintali.naveenkumar

    very useful website for ca students thanks alot sir

  3. THANKS FOR VERY USEFUL INFORMATION

  4. SIR, I WANT TO KNOW ABOUT UPDATIONS IN INCOME TAX 2015-16 AND 3CB 3CD

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