Simplifying Tax for C.A's and Taxpayers
Income Tax Slab & Rates & Marginal Relief & MAT for A.Y.2015-2016

Income Tax Slab & Rates & Marginal Relief & MAT for A.Y.2015-2016

Income tax slab & rates & Marginal relief & MAT for A.Y.2015-2016 (P.Y.2014-2015) for different   taxpayers.

For Individuals, Senior citizens, Super Senior Citizen Hindu Undivided families (Huf) AOP’s, (Association of persons), BOI’s (Body of individuals), artificial judicial person, partnership firms, Limited Liability partnership (LLP’s), Companies, Local authority, Co-operative society

Income tax rates for A.Y.2015-2016 can be easily remembered by following charts for different taxpayers:

taxt for individuals

  • For Non-resident there is no concept of senior citizen or super senior citizen and tax rates as depicted in Chart-C below for other individual are applicable.
  • For HUF/AOP/BOI/Artificial Juridical person also there is no age concept and tax rates as depicted in chart-C below for other individual are applicable.
  • For resident individual whose total income does not exceed Rs.5, 00,000 is eligible for rebate u/s 87A. It is deductible from income tax before calculating education cess. The quantum of rebate is 100% of income tax or Rs. 2,000 whichever is lower.

Chart-A – Senior Citizen

Who is 60 years or more at any time during the previous year but less than 80 years on the last day of the previous year.

Chart-A for Senior Citizen

Note: Eligible for rebate u/s 87A. Also Alternate minimum tax (AMT) as per section 115JC is applicable @ 18.5% (+SC+EC+SHEC) of adjusted total income in some cases.

Chart-B – Super Senior Citizen

Who is 80 years or more at any time during the previous year.

Chart-B for Super Senior Citizen

Note: Eligible for rebate u/s 87A. Also Alternate minimum tax (AMT) as per section 115JC is applicable @ 18.5% (+SC+EC+SHEC) of adjusted total income in some cases.

Chart-C for Other individual

  • For individual who is less than 60 years on the last day of the previous year
  • For non-resident individual
  • For every Hindu undivided family
  • For Association of persons (AOP’s)
  • For Body of individuals (BOI’s)
  • For Artificial judicial person

Chart-C for Other individual

Note: Eligible for rebate u/s 87A. Also Alternate minimum tax (AMT) as per section 115JC is applicable @ 18.5% (+SC+EC+SHEC) of adjusted total income in some cases.

However rebate u/s 87A is not eligible for non-resident individual HUF/AOP/BOI/artificial judicial person

Tax rates A.Y.15-16

Including cess and surcharge wherever applicable.

tax_rates

Note: Not Eligible for rebate u/s 87A. Also Alternate minimum tax (AMT) as per section 115JC is applicable @ 18.5% (+SC+EC+SHEC) of adjusted total income in some cases.

Tax rates A.Y.15-16

Including cess and surcharge wherever applicable

tax_rates_for_domestic_companies

Tax rates A.Y.15-16 f0r Foreign

Including cess and surcharge wherever applicable

tax_rates_for_foriegn_companies

tax rate for foreign companies if minimum alternate tax is applicable

Share

Leave a Reply