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 :
- Royalty received from government or from Indian concern in pursuance of contract made after 1/3/1961 but before 1/4/1976.
- 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.