Income Tax Slab Rates for a.Y.2015-16 and 2016-17, Applicability of Surcharge and Education Cess

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INCOME TAX RATES FOR A.Y: 2015-16/ 2016-17 INDIVIDUALS HUF CO-OPERATIVE SOCIETIES DOMESTIC COMPANIES FOREIGN COMPANIES FIRMS LLP LOCAL AUTHORITY

APPLICABILITY OF SURCHARGE & EDUCATION CESS







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Individuals (10%/20%/30%)

H.U.F (10%/20%/30%)

Foreign Companies (40%)

Local Authority (30%)

Partnership Firms (30%)

Limited Liability Partnership (30%)

Co-Operative Societies (10%/20%/30%)


Co-Operative Societies (10%/20%/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 RS. 1

CRORE.

# Tax Credit as per Sec. 87 A will be provided to First Bracket Resident Individual i.e. Net Income upto INR.5,00,000. Credit will be equal to the Actual Tax Payable or INR. 2,000 whichever less.

INDIVIDUALS & HUFWWW.ACCOUNTS4TUTORIALS.COM

GENERAL/NRI

SENIOR CITIZEN(RESIDENT INDIVIDUAL

OF 60 YEARS TILL 79YEARS)

SUPER SENIOR CITIZEN(RESIDENT INDIVIDUAL OF 80

YEARS AND ABOVE AT ANYTIME DURING THE YEAR)

RATE *

UP TO INR.250,000 UP TO INR.300,000 UP TO INR.500,000 NILINR.250,000 TOINR.500,000 #

INR.300,000 TOINR.500,000 # 10%

INR.500,000 TOINR.10,00,000

INR.500,000 TOINR.10,00,000

INR.500,000 TOINR.10,00,000 20%

ABOVE INR.10,00,000 ABOVE INR.10,00,000 ABOVE INR.10,00,000 30%


Co-Operative SocietiesWWW.ACCOUNTS4TUTORIALS.COM

Amount Rate of Tax *Up to INR. 10,000 10%

From INR.10,001 to INR. 20,000 20%More than INR.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 WHOSETOTAL INCOME EXCEEDS RS. 1 CRORE.


DOMESTIC, FOREIGN COMPANIES, FIRMS/ LLP/ LOCAL AUTHORITYWWW.ACCOUNTS4TUTORIALS.COM

Other Assesses IncomeTax Rate MAT RateDividend

Distribution TaxRate *

Domestic Companies 30% 18.50% 20.358%Foreign Companies 40% 18.50% -

Firms/ LLP/ Local Autho. 30% Note-1 -

* Inclusive of Education Cess @ 3% & Surcharge of 12% of Income taxNotes:

Alternate Minimum Tax (AMT) is applicable to all persons (other than companies) claiming profitlinked deductions under chapter VI-A (80-H to 80RRB excluding 80P) and Section 10AA, providedthe adjusted income exceeds INR. 20 lacs.

Marginal Relief is available in case income exceeds INR.1 Crore or INR.10 Crore, as the casemay be, to the extent marginal tax exceeds marginal income.




Particulars Applicable to Companies A.Y.2015-16A.Y.

2016-17

SurchargeTotal

Income

< INR. 1 cr All NIL NILINR.1 cr to INR.10

crDomestic 5% 7%Foreign 2% 2%

> INR. 10 cr Domestic 10% 12%Foreign 5% 5%Education Cess 3% 3%


For AOP and BOIWWW.ACCOUNTS4TUTORIALS.COM

Shares of Members are Determinate Share of Member areIndeterminateMember is an

Individual /HUF

Member is a Company Member is anIndividual/HUFMember is a

Company

When None ofthe member

has income inexcess Basic

exemption limit.

When any of themember have

income inExcess of BasicExemption limit.

When total incomeof member

company is taxableat rate higher than

the MaximumMarginal Rates (i.e.

in Companies)

Tax will becharged on theTotal income of

AOP/BOI atMMR of34.61%*

Where incomeof AOP/BOI istaxable at ratehigher than theMMR then, theTotal Income of

AOP/BOI willbe taxed atsuch higherrate. (i.e. in

case of ForeignCompanies)

AOP/BOI willbe taxed at the

slab ratesspecified in

1.1.1

AOP/BOI will betaxed at theMaximum

Marginal Rate of34.61% *

Tax will be chargedon that portion ofAOP /BOI at such

higher rate.

* Maximum Marginal Rate is 33.99% for A.Y. 2015-16.

Documents

Income Tax Slab Rates for a.Y.2015-16 and 2016-17, Applicability of Surcharge and Education Cess