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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.

  1. Income tax rate for a foreign company is 40 %
  2. Education cess 3% is also applicable to Foreign company.
  3. Surcharge of 2 % on income 1 crore and above
  4. Surcharge 5 % is applicable total income is 10 crores and above.

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