Rates of Income Tax

Rates of Income Tax
Assessment year : 2014 – 15

Previous year     : 2013 – 14

Assessment year : 2015 – 16

Previous year     : 2014 – 15

1. For resident women below the age of 60 years. 1. For resident women below the age of 60 years.
Upto Rs. 2,00,000 Nil
Rs. 2,00,001 to Rs. 5,00,000 10%
Rs. 5,00,001 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
Upto 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%
Above Rs. 10,00,000 30%
2. For resident Senior Citizens. (Age above 60 Years) 2. For resident Senior Citizens. (Age above 60 Years)
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%
Above Rs. 10,00,000 30%
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%
Above Rs. 10,00,000 30%
3. For resident Super Senior Citizens. (Age above 80 Years)

3. For resident Super Senior Citizens. (Age above 80 Years)
Up to Rs 5,00,000 Nil
Rs. 5,00,001 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
Up to Rs 5,00,000 Nil
Rs. 5,00,001 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
4. Individuals, [other than those mentioned above, HUF, AOP/BOI (other than co-operative societies). 4. Individuals, [other than those mentioned above, HUF, AOP/BOI (other than co-operative societies).
Upto Rs. 2,00,000 Nil
Rs. 2,00,001 to Rs. 5,00,000 10%
Rs. 5,00,001 to Rs 10,00,000 20%
Above Rs. 10,00,000 30%
Upto 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%
Above Rs. 10,00,000 30%
Note: Rebate u/s 87A is added from Finance Act 2013, in which resident individuals are allowed rebate (if their taxable income does not exceed Rs. 5 lakh) equal to 100% of income tax or Rs. 2000 whichever less. Note: Rebate u/s 87A is added from Finance Act 2013, in which resident individuals are allowed rebate (if their taxable income does not exceed Rs. 5 lakh) equal to 100% of income tax or Rs. 2000 whichever less.
Surcharge : 10% for Individual having taxable Income exceeding 1 Crore

Education Cess : 2% on income-tax plus surcharge.

Secondary and Higher Education cess : 1%  on income-tax plus surcharge

Long-Term Capital Gains: 20% on income-tax plus surcharge.

Short-Term Capital Gains u/s 111A:15% on income-tax plus surcharge.

Surcharge : 10% for Individual having taxable Income exceeding 1 Crore

Education Cess : 2% on income-tax plus surcharge.

Secondary and Higher Education cess : 1%  on income-tax plus surcharge

Long-Term Capital Gains: 20% on income-tax plus surcharge.

Short-Term Capital Gains u/s 111A:15% on income-tax plus surcharge.

Firms Firms
Income tax : 30%.

Surcharge :10%

Education Cess : 2% on income-tax plus surcharge

Secondary and Higher Education cess : 1%  on income-tax plus surcharge

Income tax : 30%.

Surcharge :10%

Education Cess : 2% on income-tax plus surcharge

Secondary and Higher Education cess : 1%  on income-tax plus surcharge

Companies Companies
(A) Domestic Companies

Income tax : 30%

Surcharge: 5% if the taxable income exceeds Rs. 1 crore & 10% if the taxable income exceeds 10 crores

Education Cess: 2% on income-tax plus surcharge.

Secondary and Higher Education cess : 1%  on income-tax plus surcharge

(A) Domestic Companies

Income tax : 30%

Surcharge: 5% if the taxable income exceeds Rs. 1 crore & 10% if the taxable income exceeds 10 crores

Education Cess: 2% on income-tax plus surcharge.

Secondary and Higher Education cess : 1%  on income-tax plus surcharge

(B) Foreign Companies
Income tax : 40% (in general )
Surcharge : 2% if the taxable income exceeds Rs. 1 crore & 5% if the taxable income exceeds 10 crores
Education Cess : 2% on income-tax plus surcharge
Secondary and Higher Education cess : 1%  on income-tax plus surcharge
(B) Foreign Companies
Income tax : 40% (in general )
Surcharge : 2% if the taxable income exceeds Rs. 1 crore & 5% if the taxable income exceeds 10 crores
Education Cess : 2% on income-tax plus surcharge
Secondary and Higher Education cess : 1%  on income-tax plus surcharge
Cooperative Societies Cooperative Societies
Upto Rs. 10,000 10%
Rs. 10,001 to Rs. 20,000 20%
Rs. 20,001 to Above 30%
Upto Rs. 10,000 10%
Rs. 10,001 to Rs. 20,000 20%
Rs. 20,001 to Above 30%
Surcharge : 10%

Education Cess : 2% on income-tax.

Secondary And Higher EducationCess : 1% on income tax plus surcharge

Surcharge : 10%

Education Cess : 2% on income-tax.

Secondary And Higher EducationCess : 1% on income tax plus surcharge

Local Authorities Local Authorities
Income tax : 30%.

Surcharge :10%

Education Cess : 2% on income-tax plus surcharge.

Secondary and Higher Education cess : 1%  on income-tax plus surcharge

Income tax : 30%.

Surcharge :10%

Education Cess : 2% on income-tax plus surcharge.

Secondary and Higher Education cess : 1%  on income-tax plus surcharge