The Income Tax Rate for the FY 2015-16 and assessment year 2016-17 is as follows.
Income Tax slab rate for FY 2016-17 & AY 2017-18
Individual Aged Below 60 and HUF
| Income Tax Slab | Tax Rate | ||
| Taxable income is less than Rs. 2,50,000 | Nil | ||
| Taxable income is more than Rs. 2,50,000 but less than Rs. 5,00,000 | 10% of the amount above and over 2,50,000. | ||
| Taxable income is more than Rs. 5,00,000 but less than Rs. 10,00,000 | Rs. 25,000 + 20% of the amount by which the taxable income exceeds Rs. 5,00,000 | ||
| Taxable income is more than Rs. 10,00,000 | Rs. 1,25,000 + 30% of the amount by which the taxable income exceeds Rs. 10,00,000 | ||
Education cess 3 % is applicable on Income tax apart from tax.
Individual 60 and above ( Senior Citizen)
| Income Slab | Tax Rate | ||
| Taxable income is less than Rs. 3,00,000 | nil | ||
| Taxable income is more than Rs. 3,00,000 but less than Rs. 5,00,000 | 10% of the amount above and over 3,00,000. | ||
| Taxable income is more than Rs. 5,00,000 but less than Rs. 10,00,000 | Rs. 20,000 + 20% of the amount by which the taxable income exceeds Rs. 5,00,000 | ||
| Taxable income is more than Rs. 10,00,000 | Rs. 1,20,000 + 30% of the amount by which the taxable income exceeds Rs. 10,00,000 | ||
Individuals Above 80 Years old ( Super Senior Citizen).
| Income Tax Slab | Tax Rate | ||
| Taxable income is less than Rs. 5,00,000 | Nil | ||
| Taxable income is more than Rs. 5,00,000 but less than Rs. 10,00,000 | 20% of the amount by which the taxable income exceeds Rs. 5,00,000 | ||
| Taxable income is more than Rs. 10,00,000 | Rs. 1,00,000 + 30% of the amount by which the taxable income exceeds Rs. 10,00,000 | ||
For Cooperative Society
| Income Tax Slab | Tax Rate | ||
| Taxable income is not more than Rs. 10,000 | 10% of total income | ||
| Taxable income is more than Rs. 10,000 but less than Rs. 20,001 | Rs. 1,000 + 20% of income in excess of Rs. 10,000 | ||
| Taxable income is more than Rs. 20,000 | Rs. 3,000 + 20% of the amount by which the income exceeds Rs. 20,000 | ||
Firm /Local Authority
A firm and local authority will have to pay 30% flat on all income generated through business apart from 3% education cess.
Income Tax slab rate for FY 2014-15 & AY 2015-16
Domestic Company.
- Domestic Company’s Income Tax rate is 30 %
- 3% education cess is applicable to domestic company.
- Surcharge of 7% is applicable if total income exceeds 1 crore.
- Surcharge of 12 % is applicable if total income exceeds 10 crores.
Income tax for Foreign Company.
- Income tax rate for a foreign company is 40 %
- Education cess 3% is also applicable to Foreign company.
- Surcharge of 2 % on income 1 crore and above
- Surcharge 5 % is applicable total income is 10 crores and above.
