Financial year 2015-16 is coming. Here, I have presented income tax slab for fy 2015-16 and ay 2016-17 as per budget 2015. I hope this income tax rate chart will be helpful to you.
Income tax slab for fy 2015-16 – income tax rates :
Income tax slab for individual ( age below 60 years), HUF, AOP, BOI, artificial juridical person ( for male and female) :
| Net income | Income tax rate |
|---|---|
| Up to 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% |
| More than Rs. 10,00,000 | 30% |
Income tax slab for individual – senior citizen( age 60 years or more but less than 80 years) :
| Net income | Income tax rate |
|---|---|
| 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% |
| More than Rs. 10,00,000 | 30% |
Income tax slab for individual – super senior citizen ( Age 80 years or more) :
| Net income | Tax rate |
|---|---|
| Up to Rs. 5,00,000 | Nil |
| Rs. 5,00,001 to Rs. 10,00,000 | 20% |
| more than Rs. 10,00,000 | 30% |
* Rebate u/s 87A is available to person having income less than Rs. 5,00,000 during the financial year. The rebate amount is Rs. 2,000. So first calculate the tax and reduce Rs. 2,000 from it.The rebate u/s 87A is available to tax and not to income.
Education cess:
Education cess at 3% is appliacable on income tax calculated from the above table.
Surcharge:
Budget 2015 brings change in surcharge rate. Surcharge rate for other than company is 12% if total income exceeds Rs. 1 crore. On the other site wealth tax has been abolished in this budget.
Example:
Income tax calculation for Mr. jerry (age 22 years) for fy 2015-16:
| Income | Rs. |
|---|---|
| Income under the haead of salary | 3,40,000 |
| Less Deduction under section 80C | 40,000 |
| Total income | 3,00,000 |
| income tax payable as per slab rate | 5,000 |
| Less rebate u/s 87A | 2,000 |
| Total tax payable | 3,000 |
| Add Surcharge | 0 |
| Add Education cess @3% | 90 |
| Total tax payable | 3,090 |
Effective tax rate chart for income tax rate for individual, HUF, artificial juridicial person, AOP:
| Income ( Rs.) | Individual below 60 years , HUF, AOP, BOI | individual having age 60 years to 79 years | Individual having age 80 years or more |
|---|---|---|---|
| Up to 2,50,000 | Nil | Nil | Nil |
| 2,50,001 to 3,00,000 | 10.30% | Nil | Nil |
| 3,00,001 to 5,00,000 | 10.30% | 10.30% | Nil |
| 5,00,001 to 10,00,000 | 20.60% | 20.60% | 20.60% |
| 10,00,001 to 1 crore | 30.90% | 30.90% | 30.90% |
| More than 1 crore | 34.608% | 34.608% | 34.608% |
Income tax rate chart for co-operative societies :
| Total Income ( in Rs.) | Tax rate |
|---|---|
| Up to 10,000 | 10.30% |
| 10,001 to 20,000 | 20.60% |
| 20,001 to 1 Crore | 30.90% |
| More than 1 Crore | 34.608% |
Income tax slab applicable to firm for ay 2016-17 (fy 2015-16):
| Total income ( in Rs.) | Rate of income tax |
|---|---|
| Up to 1 Crore | 30.90% |
| 1 crore to 10 Crore | 34.608% |
| More than 10 Crore | 34.608% |
Income tax slab for local authority for fy 2015-16:
| Total income ( in Rs.) | Rate of income tax |
|---|---|
| Up to 1 Crore | 30.90% |
| 1 crore to 10 Crore | 34.608% |
| More than 10 Crore | 34.608% |
Income tax rate for companies for fy 2015-16:
The rate has been specified in paragraph E of part III of FIRST schedule of finance bill 2015.
Income tax rate table for domestic companies:
| Income | Tax | Surcharge | Education cess | H.S. education cess | Effective rate |
|---|---|---|---|---|---|
| Less than Rs. 1 Crore | 30% | Nil | 2% | 1% | 30.90% |
| More than Rs. 1 Crore but less than Rs. 10 Crore | 30% | 7% | 2% | 1% | 33.063% |
| Other | 30% | 12% | 2% | 1% | 34.608% |
Income tax rate table for foreign companies:
| Income | Tax | Surcharge | Education cess | H.S. education cess | Effective rate |
|---|---|---|---|---|---|
| Less than Rs. 1 Crore | 40% | Nil | 2% | 1% | 41.20% |
| More than Rs. 1 Crore but less than Rs. 10 Crore | 40% | 2% | 2% | 1% | 42.024% |
| Other | 40% | 5% | 2% | 1% | 43.26% |
Surcharge has been increased from 5% to 7% and 10% to 12% for domestic company.
marginal relief in Surcharge:
When assessee’s taxable income is over Rs. 1 crore, he is liable to pay surcharge. But the surcharge payable is limited to marginal relief.
I have presented here income tax slab for fy 2015-16 appliacable to individual, HUF, AOP, BOI, domestic companies and foreign companies. There is no difference in rates of income tax for fy 2015-16 with regards to rate of financial year 2014-15 but surcharge has been increased which brought changes in income tax for huge income earners.
I am working in a pvt. firm. My Salary is Consolidated Salary, and no tax, pf etc deducted from my salary. Kindly give me the details of Rebates / deductions, which can be availed out of consolidated salary (like TA, Med. Allowance, etc). further is possible kindly define the “consolidated salary”. Thank You
IF you do not know elements of consolidated salary, you cant claim any income tax deduction. However, basic exemption limit for income tax is available to you.
Hello Tarannum
there is an error in your post,
in case of domestic companies if income is above Rs. 10 Crore
Tax rate will be 34.608% not 34.068.
Please correct it
Sir,
I have updated. Thanks.