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Income Tax Slab for A.Y. 2015-16 (F.Y. 2014-15)

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Income Tax Slab for A.Y. 2015-16 (F.Y. 2014-15)

Income Tax Rates
i) Income up to 2.5 lakh NIL
ii) Income From 2.5 Lakh to 5 Lakh 10% on income over Rs. 2.5 Lakh
iii) Income from 5 Lakh to 10 Lakh Rs. 25,000/- plus 20% on above income 5 lakh
iv) Income above 10 lakh Rs. 1 lakh 25 thousand plus 30% on income above 10 lakh
v) Exclusive of surcharge @ 10% for A.Y. 2015-16 and @ 12% for A.Y. 2016-17 whose total income exceeds  1 crore.
vi) 3% Education Cess, Secondary & Higher Education Cess will be applicable on income tax & surcharge

Note – 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.

Income Tax Slabs for Individuals for 60 years or above but below 80 years A.Y.2015-16

  Income Tax Rates
i) Income up to 3 lakh NIL
ii) Income From 3 Lakh to 5 Lakh 10% on income over Rs. 3 Lakh
iii) Income from 5 Lakh to 10 Lakh Rs. 20,000/- plus 20% on above income 5 lakh
iv) Income above 10 lakh Rs. 1 lakh 20 thousand plus 30% on income above 10 lakh
Surcharge will be applicable @ 10% when total taxable income is over 1 crore.
3% education cess will be applicable on income tax & surcharge

Income Tax Slab for Individuals Over 80 Years A.Y.2015-16

  Income Tax Rates
i) Income up to 5 Lakh NIL
ii) Income From 5 Lakh to 10 Lakh 20% on income over Rs.5 Lakh
iii) Income above 10 lakh Rs. 1 lakh plus 30% on income above 10 lakh
Surcharge will be applicable @ 10% when total taxable income is over 1 crore.
3% education cess will be applicable on income tax & surcharge

Income Tax Slab for Co-Operative Societies:

A.Y.  Amount Rate of Tax*
2014-15 &
2015-16
Up to Rs. 10,000 10%
From Rs. 10,001 to Rs 20,000 20%
More than  Rs. 20,000 30%

* 1. Exclusive of education cess @ 3%
  2. Exclusive of surcharge @ 10% for A.Y. 2015-16 and @ 12% for A.Y. 2016-17 whose total income exceeds ` 1 crore.

Foreign Company

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.

                            Income Tax Returns (ITR) form simplified for AY 2015-16

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