income tax slabs for A.Y. 2015-16 (F.Y. 2014-15):

Income tax slabs for a.y. 2015-16 for individual (below age 60 years during previous year) or AOP, BOI, HUF, NRI, AJP  (for woman and man):

Up to taxable income Rs. 250000 0
On taxable income exceeds Rs. 250000 but Does not exceed Rs. 5,00,000 10% (2000 rebate available for residential individual u/s 87A)
On taxable income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 Rs. 25000 + 20 % on amount exceeding Rs. 5,00,000
On taxable income exceeds Rs. 10,00,000 Rs. 1,25,000 +30% on amount exceeding Rs. 10,00,000

Surcharge:

10% if total income is more than Rs. 1 Crore. (Marginal relief in surcharge if available.)

Education cess:

3% on total income tax and surcharge.

Income tax slabs for a.y. 2015-16 and f.y. 2014-15 for senior citizen (age of 60 years or more but not reached age of 80 years):

Income Range Income tax
Income less than Rs. 3,00,000 0
Income more than Rs. 3,00,000 and less than Rs. 5,00,000 10% with relief of Rs. 2000 u/s 87A
Income more than Rs. 5,00,000 and less than Rs. 10,00,000 Rs. 20,000 + 20% on income exceeding Rs. 5,00,000
Income more than Rs. 10,00,000 Rs. 1,20,000 + 30% on income exceeding Rs. 10,00,000

 

Surcharge:

10% if total income is more than Rs. 1 Crore. (Marginal relief in surcharge if available.)

Education cess:

3% on total income tax and surcharge.

Income tax slab for super senior citizen for a.y. 2015-16 (assessee whose age is 80 years or more during previous year) :

Income Range Income tax
Income less than Rs. 5,00,000 0
Income more than Rs. 5,00,000 and less than Rs. 10,00,000  20% on income exceeding Rs. 5,00,000
Income more than Rs. 10,00,000 Rs. 1,00,000 + 30% on income exceeding Rs. 10,00,000

Surcharge:

10% if total income is more than Rs. 1 Crore. (Marginal relief in surcharge if available.)

Education cess:

3% on total income tax and surcharge.

 Income tax slab for firm and local authority for a.y. 2015-16:

Income tax rate: 30%

Surcharge : 10% of income tax when taxable income is more than Rs. 1 crore. (subject to marginal relief if available)

Education cess: 3% of total income tax and surcharge.

Income tax slab for co operative society for a.y. 2015-16:

Income Tax rate
Taxable income up to Rs. 10000 10%
Taxable income from Rs. 10001 to Rs. 20000 Rs. 1000 + 20% of income exceeding Rs. 10000
Taxable income from Rs. 20001 Rs. 3000 + 30% on income exceeding Rs. 20000

Surcharge : 10% of income tax when taxable income is more than Rs. 1 crore. (subject to marginal relief if available)

Education cess: 3% of total income tax and surcharge.

Tax slab for domestic companies for a.y. 2015-16:

Income tax : 30% of taxable income.

Surcharge :

5% on income tax if taxable income exceeds Rs. 1 crore.

10% on income tax if taxable income exceeds Rs. 10 Crore.

Education cess:
3% on total income tax and surcharge.

Tax rate for company other than domestic companies:

Income tax rate:

50% on following income :

  1. Royalty received from government or from Indian concern in pursuance of contract made after 1/3/1961 but before 1/4/1976.
  2. Fees for technical services received by government or indian concern in pursuance of agreement made before 1/4/1976 but after 29/2/1964.

40% on the balance income.

Surcharge :

2% on income tax if taxable income exceeds Rs. 1 crore.

5% on income tax if taxable income exceeds Rs. 10 Crore.

Education cess:
3% on total income tax and surcharge.

I hope this article helps you to decide your applicable income tax slab for a.y. 2015-16. Share the article with friends.