01 Tax Rates
01 Tax Rates
01 Tax Rates
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
10%
20%
30%
Tax Rate
Nil
10%
20%
30%
Tax Rate
Nil
10%
20%
30%
Tax Rate
Nil
10%
20%
30%
Tax Rate
Nil
20%
30%
Tax Rate
Nil
20%
30%
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
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
50%
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
20%
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
11