1

Tax Rates
1. 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
Assessment Year 2015-16
Taxable income
Up to Rs. 2,50,000

Tax Rate
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]
Assessment Year 2016-17
Taxable income
Up to Rs. 2,50,000

Tax Rate
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]
2. 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)
Assessment Year 2015-16
Taxable income
Up to Rs. 3,00,000

Tax Rate
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]
Assessment Year 2016-17
Taxable income
Up to Rs. 3,00,000

Tax Rate
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]
3. In case of a resident super senior citizen (who is 80 years or
more at any time during the previous year)
Assessment Year 2015-16
Taxable income
Up to Rs. 5,00,000

Tax Rate
Nil

Rs. 5,00,000 - Rs. 10,00,000

20%

Above Rs. 10,00,000

30%

Add: Surcharge and Education Cess [see Note]

Assessment Year 2016-17
Taxable income
Up to Rs. 5,00,000

Tax Rate
Nil

Rs. 5,00,000 - Rs. 10,00,000

20%

Above Rs. 10,00,000

30%

Add: Surcharge and Education Cess [see Note]

Note:

Assessment Year 2015-16

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) 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.
Assessment Year 2016-17
a) Surcharge: The amount of income-tax shall be increased by a
surcharge at the rate of 12% 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) 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.

4. Partnership Firm
For the Assessment Year 2015-16 and 2016-17, a partnership firm
(including LLP) is taxable at 30%.
Add:
Assessment Year 2015-16
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.
Assessment Year 2016-17
a) Surcharge: The amount of income-tax shall be increased by a
surcharge at the rate of 12% 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 secondary6

and higher education cess calculated at the rate of one per cent of
such income-tax and surcharge.
5. Local Authority
For the Assessment Year 2015-16 and 2016-17, a local authority is
taxable at 30%.
Add:
Assessment Year 2015-16
d) 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).
e) 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.
f) 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.
Assessment Year 2016-17
d) Surcharge: The amount of income-tax shall be increased by a
surcharge at the rate of 12% 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).
e) 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.
f) Secondary and Higher Education Cess: The amount of income-tax and

the applicable surcharge, shall be further increased by secondary and7

higher education cess calculated at the rate of one per cent of such
income-tax and surcharge.
6. Domestic Company
For the Assessment Year 2015-16 and 2016-17, a domestic company is
taxable at 30%.
Add:
Assessment Year 2015-16
a) Surcharge: The amount of income-tax shall be increased by a
surcharge at the rate of 5% of such tax, where total income exceeds
one crore rupees but not exceeding ten crore rupees and at the rate
of 10% 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.
Assessment Year 2016-17
a) Surcharge: The amount of income-tax shall be increased by a
surcharge at the rate of 7% of such tax, where total income exceeds

one crore rupees but not exceeding ten crore rupees and at the rate 8
of 12% of such tax, where total income exceeds ten crore rupees.
However, the surcharge shall be subject to marginal relief, which shall
be as under:
(iii) 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.
(iv) 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.
7. Foreign Company
Assessment Year 2015-16 and Assessment Year 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.
8. Co-operative Society
Assessment Year 2015-16 and Assessment Year 2016-17
Taxable income
Up to Rs. 10,000

Tax Rate
10%

10

Rs. 10,000 to Rs. 20,000

20%

Above Rs. 20,000

30%

Add:
Assessment Year 2015-16
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.
Assessment Year 2016-17
a) Surcharge: The amount of income-tax shall be increased by a
surcharge at the rate of 12% 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.

11

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.