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Modified on : 7 August, 2018

Income Tax Slabs and Rates for AY 2015-16

Income Tax Slabs and Rates for the Assessment Year 2015-16 (applicable on income earned during 01.04.2014 to 31.03.2015) for various categories of Indian Income Tax payers.

Individual resident aged below 60 years (Individual resident born on or after 1st April 1955)

Change Assessment Year
Income Tax
Upto ₹ 2,50,000/-.NIL
Above ₹ 2,50,000/- to ₹ 5,00,000/-.10% of (taxable income - 2,50,000).
Tax Relief u/s 87A : In case taxable income is upto ₹ 5,00,000/-, income tax chargeable or ₹ 2,000/-, whichever is less.
Above ₹ 5,00,000/- to ₹ 10,00,000/-.₹ 25,000/- + 20% of (taxable income - 5,00,000).
Above ₹ 10,00,000/-.₹ 125,000/- + 30% of (taxable income - 10,00,000).
Surcharge
10% of Income Tax, where taxable income exceeds ₹ 1 crore, subject to Marginal Relief.
Education Cess
3% of (Income Tax + Surcharge).

Senior Citizen (Individual resident born on or after 1st April 1935 but before 1st April 1955)

Income Tax
Upto ₹ 3,00,000/-.NIL
Above ₹ 3,00,000/- to ₹ 5,00,000/-10% of (taxable income - 3,00,000).
Tax Relief u/s 87A : In case taxable income is upto ₹ 5,00,000/-, income tax chargeable or ₹ 2,000/-, whichever is less.
Above ₹ 5,00,000/- to ₹ 10,00,000/-₹ 20,000/- + 20% of (taxable income - 5,00,000).
Above ₹ 10,00,000/-₹ 120,000/- + 30% of (taxable income - 10,00,000).
Surcharge
10% of Income Tax, where taxable income exceeds ₹ 1 crore, subject to Marginal Relief.
Education Cess
3% of (Income Tax + Surcharge).

Super Senior Citizen (Individual resident born before 1st April 1935)

Income Tax
Upto ₹ 5,00,000/-.NIL
Above ₹ 5,00,000/- to ₹ 10,00,000/-20% of (taxable income - 5,00,000).
Above ₹ 10,00,000/-₹ 100,000/- + 30% of (taxable income - 10,00,000).
Surcharge
10% of Income Tax, where taxable income exceeds ₹ 1 crore, subject to Marginal Relief.
Education Cess
3% of (Income Tax + Surcharge).

Any NRI or HUF or AOP or BOI or AJP

Income Tax
Upto ₹ 2,50,000/-.NIL
Above ₹ 2,50,000/- to ₹ 5,00,000/-.10% of (taxable income - 2,50,000).
Above ₹ 5,00,000/- to ₹ 10,00,000/-.₹ 25,000/- + 20% of (taxable income - 5,00,000).
Above ₹ 10,00,000/-.₹ 125,000/- + 30% of (taxable income - 10,00,000).
Surcharge
10% of Income Tax, where taxable income exceeds ₹ 1 crore, subject to Marginal Relief.
Education Cess
3% of (Income Tax + Surcharge).

Co-operative Society

Income Tax
Upto ₹ 10,000/-.10% of the income.
Above ₹ 10,000/- to ₹ 20,000/-.₹ 1,000/- + 20% of (taxable income - 10,000).
Above ₹ 20,000/-₹ 3,000/- + 30% of (taxable income - 20,000).
Surcharge
10% of Income Tax, where taxable income exceeds ₹ 1 crore, subject to Marginal Relief.
Education Cess
3% of (Income Tax + Surcharge).

Firm

Income Tax
30% of taxable income.
Surcharge
10% of Income Tax, where taxable income exceeds ₹ 1 crore, subject to Marginal Relief.
Education Cess
3% of (Income Tax + Surcharge).

Local Authority

Income Tax
30% of taxable income.
Surcharge
10% of Income Tax, where taxable income exceeds ₹ 1 crore, subject to Marginal Relief.
Education Cess
3% of (Income Tax + Surcharge).

Domestic Company

Income Tax
30% of taxable income.
Surcharge
5% of income tax, where taxable income exceeds ₹ 1 crore, subject to Marginal Relief.
10% of income tax, where taxable income exceeds ₹ 10 crores, subject to Marginal Relief.
Education Cess
3% of (Income Tax + Surcharge).

Company other than a Domestic Company

Income Tax :

Income Tax
Royalty received from Government or an Indian concern in pursuance of an agreement made with the Indian concern after March 31, 1961, but before April 1, 1976, or fees for rendering technical services in pursuance of an agreement made after February 29, 1964 but before April 1, 1976 and where such agreement has, in either case, been approved by the Central Government50%
Any other income40%
Surcharge
2% of income tax, where taxable income exceeds ₹ 1 crore, subject to Marginal Relief.
5% of income tax, where taxable income exceeds ₹ 10 crores, subject to Marginal Relief.
Education Cess
3% of (Income Tax + Surcharge).

Marginal Relief on Surcharge

When an assessee's taxable income exceeds ₹ 1 crore / 10 crore, he is liable to pay Surcharge at prescribed rates mentioned above on Income Tax payable by him. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of ₹ 1 crore / 10 crore by more than the amount of increase in taxable income respectively.

Example :

In case of an individual assesseee (< 60 years) having taxable income of ₹ 1,00,01,000/-

1. Income Tax₹ 28,30,300
2. Surcharge @10% of Income Tax₹ 2,83,030
3. Income Tax on income of ₹ 1 crore₹ 28,30,000
4. Maximum Surcharge payable
(Income over ₹ 1 crore less income tax on income over ₹ 1 crore)
₹ 700/- (1000 - 300)
5. Income Tax + Surcharge payable₹ 28,31,000
6. Marginal Relief on Surcharge₹ 2,82,330/- (2,83,030 - 700)

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