Income Tax Rates For Assessment Year 2015-16
This part is applicable to a Resident Individuals below the age of 60 Years Notes :
Net income range
|
Income-tax rates
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Surcharge
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Education cess
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Secondary and higher education cess
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Up to Rs. 2,50,000
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Nil
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Nil
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Nil
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Nil
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Rs. 2,50,000 – Rs. 5,00,000
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10% of (total income minus Rs. 2,50,000) [see Note 1]
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Nil
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2% of income-tax
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1% of income-tax
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Rs. 5,00,000 – Rs. 10,00,000
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Rs. 25,000 + 20% of (total income minus Rs. 5,00,000)
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Nil
|
1% of income-tax
| |
Rs. 10,00,000 – Rs. 1,00,00,000
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Rs. 1,25,000 + 30% of (total income minus Rs. 10,00,000)
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Nil
|
2% of income-tax
|
1% of income-tax
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AboveRs. 1,00,00,000
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Rs. 28,25,000 + 30% of (total income minus Rs. 1,00,00,000)
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10% of income-tax [see Note 2]
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2% of income-tax and surcharge
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1% of income-tax and surcharge
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1. Rebate under section 87A – A resident individual (whose net income does not exceed Rs. 5,00,000) can avail rebate under section 87A. It is deductible from income-tax before calculating education cess. The amount of rebate is 100 per cent of income-tax or Rs. 2,000, whichever is less.
2. Surcharge – Surcharge is 10 per cent of income-tax if net income exceeds Rs. 1 crore. It is subject to marginal relief (in the case of a person having a net income of exceeding Rs. 1 crore, the amount payable as income tax and surcharge shall not exceed the total amount payable as income-tax on total income of Rs. 1 crore by more than the amount of income that exceeds Rs. 1 crore).
3. Education cess – It is 2 per cent of income-tax and surcharge.
4. Secondary and higher education cess – It is 1 per cent of income-tax and surcharge.
4. Secondary and higher education cess – It is 1 per cent of income-tax and surcharge.
• Alternate minimum tax – Tax payable by a non-corporate assessee cannot be less than 18.5 per cent (+SC+EC+SHEC) of “adjusted total income” as per section 115JC
