*Proposed Rates

 Assessment year : 2016 - 17
 Previous year     : 2015 - 16

Assessment year : 2015 - 16
Previous year     : 2014 - 15
1. For resident Senior Citizens. (Age above 60 Years) 1. For resident Senior Citizens. (Age above 60 Years)
Up to Rs 3,00,000 Nil
Rs. 3,00,001 to Rs. 5,00,000 10%
Rs. 5,00,001 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
Up to Rs 3,00,000 Nil
Rs. 3,00,001 to Rs. 5,00,000 10%
Rs. 5,00,001 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
2. For resident Super Senior Citizens. (Age above 80 Years) 2. For resident Super Senior Citizens. (Age above 80 Years)
Up to Rs 5,00,000 Nil
Rs. 5,00,001 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
Up to Rs 5,00,000 Nil
Rs. 5,00,001 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
3. Individuals, [other than those mentioned above, HUF, AOP/BOI (other than co-operative societies). 3. Individuals, [other than those mentioned above, HUF, AOP/BOI (other than co-operative societies).
Upto Rs. 2,50,000 Nil
Rs. 2,50,001 to Rs. 5,00,000 10%
Rs. 5,00,001 to Rs 10,00,000 20%
Above Rs. 10,00,000 30%
Upto Rs. 2,50,000 Nil
Rs. 2,50,001 to Rs. 5,00,000 10%
Rs. 5,00,001 to Rs 10,00,000 20%
Above Rs. 10,00,000 30%
Note: Rebate u/s 87A is added from Finance Act 2013, in which resident individuals are allowed rebate (if their taxable income does not exceed Rs. 5 lakh) equal to 100% of income tax or Rs. 5350 whichever less. Note: Rebate u/s 87A is added from Finance Act 2013, in which resident individuals are allowed rebate (if their taxable income does not exceed Rs. 5 lakh) equal to 100% of income tax or Rs. 5350 whichever less.
Surcharge : 12% for Individual having taxable Income exceeding 1 Crore
Education Cess : 2% on income-tax plus surcharge.
Secondary and Higher Education cess : 1%  on income-tax plus surcharge
Long-Term Capital Gains: 20% on income-tax plus surcharge.
Short-Term Capital Gains u/s 111A:15% on income-tax plus surcharge.		 Surcharge : 10% for Individual having taxable Income exceeding 1 Crore
Education Cess : 2% on income-tax plus surcharge.
Secondary and Higher Education cess : 1%  on income-tax plus surcharge
Long-Term Capital Gains: 20% on income-tax plus surcharge.
Short-Term Capital Gains u/s 111A:15% on income-tax plus surcharge.
Firms Firms
Income tax : 30%.
Surcharge :12% of the Income Tax, where total taxable income is more than Rs. 1 crore.
Education Cess : 2% on income-tax plus surcharge
Secondary and Higher Education cess : 1%  on income-tax plus surcharge		 Income tax : 30%.
Surcharge :10%

Education Cess : 2% on income-tax plus surcharge
Secondary and Higher Education cess : 1%  on income-tax plus surcharge
Companies Companies

(A) Domestic Companies
Income tax : 30%
Surcharge: 7% if the taxable income exceeds Rs. 1 crore & 12% if the taxable income exceeds 10 crores
Education Cess: 2% on income-tax plus surcharge.
Secondary and Higher Education cess : 1%  on income-tax plus surcharge

 (A) Domestic Companies
Income tax : 30%
Surcharge: 5% if the taxable income exceeds Rs. 1 crore & 10% if the taxable income exceeds 10 crores
Education Cess: 2% on income-tax plus surcharge.
Secondary and Higher Education cess : 1%  on income-tax plus surcharge
(B) Foreign Companies
Income tax : 40% (in general )
Surcharge : 2% if the taxable income exceeds Rs. 1 crore & 5% if the taxable income exceeds 10 crores
Education Cess : 2% on income-tax plus surcharge
Secondary and Higher Education cess : 1%  on income-tax plus surcharge
(B) Foreign Companies
Income tax : 40% (in general )
Surcharge : 2% if the taxable income exceeds Rs. 1 crore & 5% if the taxable income exceeds 10 crores
Education Cess : 2% on income-tax plus surcharge
Secondary and Higher Education cess : 1%  on income-tax plus surcharge
Cooperative Societies Cooperative Societies
Upto Rs. 10,000 10%
Rs. 10,001 to Rs. 20,000 20%
Rs. 20,001 to Above 30%
Upto Rs. 10,000 10%
Rs. 10,001 to Rs. 20,000 20%
Rs. 20,001 to Above 30%
Surcharge : 12% of the Income Tax, where total taxable income is more than Rs. 1 crore.
Education Cess : 2% on income-tax.
Secondary And Higher EducationCess : 1% on income tax plus surcharge		 Surcharge : 10%
Education Cess : 2% on income-tax.
Secondary And Higher EducationCess : 1% on income tax plus surcharge
Local Authorities Local Authorities
Income tax : 30%.
Surcharge :12% of the Income Tax, where total taxable income is more than Rs. 1 crore
Education Cess : 2% on income-tax plus surcharge.
Secondary and Higher Education cess : 1%  on income-tax plus surcharge		 Income tax : 30%.
Surcharge :10%
Education Cess : 2% on income-tax plus surcharge.
Secondary and Higher Education cess : 1%  on income-tax plus surcharge

Rates Of Income Tax (Assessment year : 2014 - 15, P.Y-2013-14)