Organization :Income Tax Department
Service Name : Tax Rates 2015-16
Applicable State/UT: All India
Website : http://www.incometaxindia.gov.in/Pages/i-am/individuals.aspx
Tax Rates :
In case of an Individual(resident or non-resident) or HUF or Association of Person or Body of Individual or any other artificial juridical person:
Taxable income – Tax Rate:
Related : Income Tax Department Know Your PAN Online : www.statusin.in/9013.html
Up to Rs. 2,50,000 – Nil
Rs. 2,50,000 to Rs. 5,00,000 – 10%
Rs. 5,00,000 to Rs. 10,00,000 – 20%
Above Rs. 10,00,000 – 30%
Less: Rebate under Section 87A [see Note]
Add: Surcharge and Education Cess [see Note]
Note:
(a) Surcharge:
The amount of income-tax shall be increased by a surcharge at the rate of 10% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one 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).
(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.
(d) Rebateunder 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.
In case of 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):
Taxable income -Tax Rate:
Up to Rs. 3,00,000 -Nil
Rs. 3,00,000 – Rs. 5,00,000 – 10%
Rs. 5,00,000 – Rs. 10,00,000- 20%
Above Rs. 10,00,000 – 30%
Less: Rebate under Section 87A [see Note]
Add: Surcharge and Education Cess [see Note]
Note:
(a) Surcharge:
The amount of income-tax shall be increased by a surcharge at the rate of 10% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one 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).
(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.
(d) Rebateunder 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.
In case of a resident super senior citizen (who is 80 years or more at any time during the previous year):
Taxable income – Tax Rate:
Up to Rs. 5,00,000 – Nil
Rs. 5,00,000 – Rs. 10,00,000- 20%
Above Rs. 10,00,000 -30%
Add: Surcharge and Education Cess [see Note]
Note:
(a) Surcharge:
The amount of income-tax shall be increased by a surcharge at the rate of 10% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one 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).
(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.