Modified on : 15 June, 2018
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Income Tax Slabs and Rates for AY 2015-16

Please click on the links below to view the 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.

Content :

Change Assessment Year

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

Income Tax :Use Tax Calculator for AY 2015-16

Taxable IncomeIncome Tax
Upto ₹ 2,50,000/-. NIL
Above ₹ 2,50,000/- and upto ₹ 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/- and upto ₹ 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 the Income Tax, where taxable income is more than ₹ 1 crore. (Marginal Relief in Surcharge, if applicable)

Education Cess : 3% of the total of Income Tax and Surcharge.

Senior Citizen (Individual resident who is of the age of 60 years or more but below the age of 80 years i.e. born on or after 1st April 1935 but before 1st April 1955)

Income Tax :Use Tax Calculator for AY 2015-16

Taxable IncomeIncome Tax
Upto ₹ 3,00,000/-. NIL
Above ₹ 3,00,000/- and upto ₹ 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/- and upto ₹ 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 the Income Tax, where taxable income is more than ₹ 1 crore. (Marginal Relief in Surcharge, if applicable)

Education Cess : 3% of the total of Income Tax and Surcharge.

Super Senior Citizen (Individual resident who is of the age of 80 years or more i.e. born before 1st April 1935)

Income Tax :Use Tax Calculator for AY 2015-16

Taxable IncomeIncome Tax
Upto ₹ 5,00,000/-. NIL
Above ₹ 5,00,000/- and upto ₹ 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 the Income Tax, where taxable income is more than ₹ 1 crore. (Marginal Relief in Surcharge, if applicable)

Education Cess : 3% of the total of Income Tax and Surcharge.

Any NRI or HUF or AOP or BOI or AJP

Income Tax :

Taxable IncomeIncome Tax
Upto ₹ 2,50,000/-. NIL
Above ₹ 2,50,000/- and upto ₹ 5,00,000/-. 10% of (taxable income - 2,50,000).
Above ₹ 5,00,000/- and upto ₹ 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 the Income Tax, where taxable income is more than ₹ 1 crore. (Marginal Relief in Surcharge, if applicable)

Education Cess : 3% of the total of Income Tax and Surcharge.

* Abbreviations used :
   NRI - Non Resident Individual; HUF - Hindu Undivided Family; AOP - Association of Persons; BOI - Body of Individuals; AJP - Artificial Judicial Person

Co-operative Society

Income Tax :

Taxable IncomeIncome Tax
Upto ₹ 10,000/-. 10% of the income.
Above ₹ 10,000/- and upto ₹ 20,000/-. ₹ 1,000/- + 20% of (taxable income - 10,000).
Above ₹ 20,000/- ₹ 3,000/- + 30% of (taxable income - 20,000).

Surcharge : 10% of the Income Tax, where taxable income is more than ₹ 1 crore. (Marginal Relief in Surcharge, if applicable)

Education Cess : 3% of the total of Income Tax and Surcharge.

Firm

Income Tax : 30% of taxable income.

Surcharge : 10% of the Income Tax, where taxable income is more than ₹ 1 crore. (Marginal Relief in Surcharge, if applicable)

Education Cess : 3% of the total of Income Tax and Surcharge.

Local Authority

Income Tax : 30% of taxable income.

Surcharge : 10% of the Income Tax, where taxable income is more than ₹ 1 crore. (Marginal Relief in Surcharge, if applicable)

Education Cess : 3% of the total of Income Tax and Surcharge.

Domestic Company

Income Tax : 30% of taxable income.

Surcharge : The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge

  • At the rate of 5% of such income tax, provided that the taxable income exceeds ₹ 1 crore. (Marginal Relief in Surcharge, if applicable)
  • At the rate of 10% of such income tax, provided that the taxable income exceeds ₹ 10 crores.

Education Cess : 3% of the total of Income Tax and Surcharge.

Company other than a Domestic Company

Income Tax :

Nature of IncomeTax Rate
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 :

The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge as under

  • At the rate of 2% of such income tax, provided that the taxable income exceeds ₹ 1 crore. (Marginal Relief in Surcharge, if applicable)
  • At the rate of 5% of such income tax, provided that the taxable income exceeds ₹ 10 crores.

Education Cess : 3% of the total of Income Tax and Surcharge.

Marginal Relief in Surcharge

When an assessee's taxable income exceeds ₹ 1 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 by more than the amount of increase in taxable income.

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 in Surcharge₹ 2,82,330/- (2,83,030 - 700)

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