\n| \n INCOME SLABS (Rs.)<\/strong><\/p>\n<\/td>\n| \n TAX RARES<\/strong><\/p>\n<\/td>\n| \n SURCHRGE <\/strong><\/p>\n<\/td>\n<\/tr>\n\n| \n 0- 2,50,000<\/p>\n<\/td>\n | \n Nil (basic exemption limit)<\/p>\n<\/td>\n | \n NA<\/p>\n<\/td>\n<\/tr>\n | \n| \n 2,50,000-5,00,000<\/p>\n<\/td>\n | \n 10% of income exceeding Rs. 2,50,000.<\/p>\n<\/td>\n | \n NA<\/p>\n<\/td>\n<\/tr>\n | \n| \n 5,00,001-10,00,000<\/p>\n<\/td>\n | \n Rs. 25,000 plus 20% of income exceeding Rs. 5,00,000.<\/p>\n<\/td>\n | \n NA<\/p>\n<\/td>\n<\/tr>\n | \n| \n 10,00,001- 1,00,00,000<\/p>\n<\/td>\n | \n Rs. 1,25,000 plus 30% of income exceeding Rs. 10,00,000.<\/p>\n<\/td>\n | \n NA<\/p>\n<\/td>\n<\/tr>\n | \n| \n 1,00,00,001 and above<\/p>\n<\/td>\n | \n Rs. 28,25,000 plus 30% of income exceeding Rs. 1,00,00,000.<\/p>\n<\/td>\n | \n 12%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n The Education Cess @ 2% and Secondary and Higher Secondary
\nEducation Cess @ 1% are also levied on the aggregate value of income tax.<\/p>\n <\/p>\n \n- FOR RESIDENT INDIVIDUAL OF THE AGE 60 YEARS OR MORE BUT LESS THAN 80
\nYEARS AT ANY TIME DURING THE FINANCIAL YEAR.<\/strong><\/li>\n<\/ul>\n<\/p>\n \n\n\n| \n INCOME SLABS (Rs.)<\/strong><\/p>\n<\/td>\n| \n TAX RATES<\/strong><\/p>\n<\/td>\n| \n SURCHARGE<\/strong><\/p>\n<\/td>\n<\/tr>\n\n| \n 0-3,00,000<\/p>\n<\/td>\n | \n Nil (basic exemption limit)<\/p>\n<\/td>\n | \n NA<\/p>\n<\/td>\n<\/tr>\n | \n| \n 3,00,001-5,00,000<\/p>\n<\/td>\n | \n 10% of income exceeding Rs. 3,00,000.<\/p>\n<\/td>\n | \n NA<\/p>\n<\/td>\n<\/tr>\n | \n| \n 5,00,001-10,00,000<\/p>\n<\/td>\n | \n Rs. 20,000 plus 20% of income exceeding Rs. 5,00,000<\/p>\n<\/td>\n | \n NA<\/p>\n<\/td>\n<\/tr>\n | \n| \n 10,00,001-1,00,00,000<\/p>\n<\/td>\n | \n Rs. 1,20,000 plus 30% of income exceeding Rs. 10,00,000.<\/p>\n<\/td>\n | \n NA<\/p>\n<\/td>\n<\/tr>\n | \n| \n 1,00,00,001 and above<\/p>\n<\/td>\n | \n Rs. 28,20,000 plus 30% of income exceeding Rs. 1,00,00,000.<\/p>\n<\/td>\n | \n 12%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n <\/p>\n The Education Cess @ 2% and Secondary and Higher Secondary
\nEducation Cess @ 1% are also levied on the aggregate value of income tax.<\/p>\n <\/p>\n <\/p>\n \n- FOR RESIDENT INDIVIDUAL OF THE AGE OF 80 YEARS OR MORE AT ANY TIME
\nDURING THE FINANCIAL YEAR:<\/strong><\/li>\n<\/ul>\n<\/p>\n \n\n\n| \n INCOME SLABS (Rs.)<\/strong><\/p>\n<\/td>\n| \n TAX RATES<\/strong><\/p>\n<\/td>\n| \n SURCHRGE<\/strong><\/p>\n<\/td>\n<\/tr>\n\n| \n 0-5,00,000<\/p>\n<\/td>\n | \n Nil (basic exemption limit)<\/p>\n<\/td>\n | \n NA<\/p>\n<\/td>\n<\/tr>\n | \n| \n 5,00,001-10,00,000<\/p>\n<\/td>\n | \n 20% of income exceeding Rs. 5,00,000<\/p>\n<\/td>\n | \n NA<\/p>\n<\/td>\n<\/tr>\n | \n| \n 10,00,001-1,00,00,000<\/p>\n<\/td>\n | \n Rs. 1,00,000 plus 30% of income exceeding Rs. 10,00,000<\/p>\n<\/td>\n | \n NA<\/p>\n<\/td>\n<\/tr>\n | \n| \n 1,00,00,001 and above<\/p>\n<\/td>\n | \n Rs. 28, 00,000 plus 30% of income exceeding Rs. <\/p>\n 1, 00,00,000.<\/p>\n<\/td>\n | \n 12%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n <\/p>\n The Education Cess @ 2% and Secondary and Higher Secondary
\nEducation Cess @ 1% are also levied on the aggregate value of income tax.<\/p>\n <\/p>\n \n- FOR CO-OPERATIVE SOCIETIES:<\/strong><\/li>\n<\/ul>\n
<\/p>\n \n\n\n| \n INCOME SLABS<\/strong><\/p>\n<\/td>\n| \n TAX RATES<\/strong><\/p>\n<\/td>\n| \n SURCHARGE<\/strong><\/p>\n<\/td>\n<\/tr>\n\n| \n 0-10,000<\/p>\n<\/td>\n | \n 10%<\/p>\n<\/td>\n | \n NA<\/p>\n<\/td>\n<\/tr>\n | \n| \n 10,001-20,000<\/p>\n<\/td>\n | \n Rs. 1,000 plus 20% of income above Rs. 10,000<\/p>\n<\/td>\n | \n NA<\/p>\n<\/td>\n<\/tr>\n | \n| \n 20,001-1,00,00,000<\/p>\n<\/td>\n | \n Rs. 3,000 plus 30% of income above Rs. 20,000.<\/p>\n<\/td>\n | \n NA<\/p>\n<\/td>\n<\/tr>\n | \n| \n 1,00,00,001 and above<\/p>\n<\/td>\n | \n Rs. 29,97,000 plus 30% of income above Rs. 1,00,00,000.<\/p>\n<\/td>\n | \n 12%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n <\/p>\n The Education Cess @ 2% and Secondary and Higher Secondary
\nEducation Cess @ 1% are also levied on the aggregate value of income tax.<\/p>\n <\/p>\n \n- FOR LOCAL AUTHORITIES:<\/strong><\/li>\n<\/ul>\n
<\/p>\n Local Authorities are taxable at the flat rate of 30%.
\nSurcharge has been increased from 10% to 12% where the total income exceeds Rs.
\n1,00,00,000. Education Cess is applicable at the rate of 2% and Secondary and
\nHigher Education Cess is applicable at 1% on income tax.<\/p>\n <\/p>\n \n- FOR PARTNERSHIP FIRMS:<\/strong><\/li>\n<\/ul>\n
<\/p>\n Partnership firms are taxable at the rate 30%. Surcharge has
\nbeen increased from 10% to 12% where the total income exceeds Rs. 1,00,00,000.
\nEducation Cess is applicable at the rate of 2% and Secondary and Higher
\nEducation Cess is applicable at 1% on income tax.<\/p>\n <\/p>\n \n- FOR CORPORATES:<\/strong><\/li>\n<\/ul>\n
<\/p>\n \n\n\n| \n Sr. No.<\/strong><\/p>\n<\/td>\n| \n Particulars<\/strong><\/p>\n<\/td>\n| \n Tax Rates<\/strong><\/p>\n<\/td>\n| \n Surchrge<\/strong><\/p>\n<\/td>\n<\/tr>\n\n| \n 1.<\/p>\n<\/td>\n | \n Domestic companies having total income less than Rs. 1 crore<\/p>\n<\/td>\n | \n 30%<\/p>\n<\/td>\n | \n NA<\/p>\n<\/td>\n<\/tr>\n | \n| \n 2.<\/p>\n<\/td>\n | \n Domestic companies having total income more than 1 crore but less
\n than 10 crores<\/p>\n<\/td>\n | \n 30%<\/p>\n<\/td>\n | \n 7%<\/p>\n<\/td>\n<\/tr>\n | \n| \n 3.<\/p>\n<\/td>\n | \n Other domestic companies (having total income more than 10 crores)<\/p>\n<\/td>\n | \n 30%<\/p>\n<\/td>\n | \n 12%<\/p>\n<\/td>\n<\/tr>\n | \n| \n 4.<\/p>\n<\/td>\n | \n Foreign companies having total income less than 1 crore<\/p>\n<\/td>\n | \n 40%<\/p>\n<\/td>\n | \n NA<\/p>\n<\/td>\n<\/tr>\n | \n| \n 5.<\/p>\n<\/td>\n | \n Foreign companies having total income more than Rs. 1 crore but less
\n than 10 crores<\/p>\n<\/td>\n | \n 40% <\/p>\n<\/td>\n | \n 2%<\/p>\n<\/td>\n<\/tr>\n | \n| \n 6.<\/p>\n<\/td>\n | \n Other foreign companies (Having total income more than 10 Crores.)<\/p>\n<\/td>\n | \n 40%<\/p>\n<\/td>\n | \n 5%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n The Education Cess @ 2% and Secondary and Higher Secondary
\nEducation Cess @ 1% are also levied on the aggregate value of income tax.<\/p>\n","protected":false},"excerpt":{"rendered":" RATES OF TAXES FOR INDIVIDUALS\/ HINDU UNDIVIDED FAMILY\/ ASSOCIATION OF PERSONS\/ BODY OF INDIVIDUALS: (In this case, individual means who is Resident in India and below the age of 60 years at any time during the financial year and all non-resident individuals regardless of age limit, also all resident as well … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[4],"tags":[38],"class_list":["post-89","post","type-post","status-publish","format-standard","hentry","category-income-tax","tag-rate"],"yoast_head":"\nIncome Tax rates for the Financial year 2015-16 - All About Finance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/taxclick.org\/type\/income-tax\/income-tax-rates-for-the-financial-year-2015-16\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Income Tax rates for the Financial year 2015-16 - All About Finance\" \/>\n<meta property=\"og:description\" content=\"RATES OF TAXES FOR INDIVIDUALS\/ HINDU UNDIVIDED FAMILY\/ ASSOCIATION OF PERSONS\/ BODY OF INDIVIDUALS: (In this case, individual means who is Resident in India and below the age of 60 years at any time during the financial year and all non-resident individuals regardless of age limit, also all resident as well ... 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