INCOME TAX RATES FOR A.

Y: 2015-16/ 2016-17

INDIVIDUALS
HUF
CO-OPERATIVE SOCIETIES
DOMESTIC COMPANIES
FOREIGN COMPANIES
FIRMS
LLP
LOCAL AUTHORITY

APPLICABILITY OF SURCHARGE & EDUCATION CESS

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Individuals (10%/20%/30%)

H.U.F

(10%/20%/30%)

Foreign Companies (40%)

Local Authority (30%)
Partnership Firms (30%)
Limited Liability Partnership (30%)

Co-Operative Societies (10%/20%/30%)

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INDIVIDUALS & HUF

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SENIOR CITIZEN

GENERAL/NRI
UP TO INR.250,000
INR.250,000 TO
INR.500,000 #
INR.500,000 TO
INR.10,00,000
ABOVE INR.10,00,000

(RESIDENT INDIVIDUAL
OF 60 YEARS TILL 79
YEARS)
UP TO INR.300,000
INR.300,000 TO
INR.500,000 #
INR.500,000 TO
INR.10,00,000
ABOVE INR.10,00,000

*1.EXCLUSIVE OF EDUCATION CESS @ 3%

SUPER SENIOR CITIZEN

(RESIDENT INDIVIDUAL OF 80

RATE *

YEARS AND ABOVE AT ANY

TIME DURING THE YEAR)

UP TO INR.500,000

NIL

10%

INR.500,000 TO
INR.10,00,000
ABOVE INR.10,00,000

20%
30%

2. EXCLUSIVE OF SURCHARGE @ 10% FOR A.Y. 2015-16 AND @ 12% FOR A.Y. 2016-17 WHOSE TOTAL INCOME EXCEEDS RS. 1
CRORE.

# Tax Credit as per Sec. 87 A will be provided to First Bracket Resident Individual i.e. Net Income upto INR.
5,00,000. Credit will be equal to the Actual Tax Payable or INR. 2,000 whichever less.

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Co-Operative Societies
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Amount
Up to INR. 10,000
From INR.10,001 to INR. 20,000
More than INR.20,000

Rate of Tax *
10%
20%
30%

1. EXCLUSIVE OF EDUCATION CESS @ 3%

2. EXCLUSIVE OF SURCHARGE @ 10% FOR A.Y. 2015-16 AND @ 12% FOR A.Y. 2016-17 WHOSE
TOTAL INCOME EXCEEDS RS. 1 CRORE.

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DOMESTIC, FOREIGN COMPANIES, FIRMS/ LLP/ LOCAL AUTHORITY

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Other Assesses

Domestic Companies
Foreign Companies
Firms/ LLP/ Local Autho.

Income
Tax Rate

MAT Rate

30%
40%
30%

18.50%
18.50%
Note-1

Dividend
Distribution Tax
Rate *

20.358%
-

Inclusive of Education Cess @ 3% & Surcharge of 12% of Income tax

Notes:

Alternate Minimum Tax (AMT) is applicable to all persons (other than companies) claiming profit
linked deductions under chapter VI-A (80-H to 80RRB excluding 80P) and Section 10AA, provided
the adjusted income exceeds INR. 20 lacs.
Marginal Relief is available in case income exceeds INR.1 Crore or INR.10 Crore, as the case
may be, to the extent marginal tax exceeds marginal income.

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APPLICABILITY OF SURCHARGE & EDUCATION CESS

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Particulars

Surcharge

A.Y.
A.Y.
2015-16 2016-17

Applicable to Companies

Total
Income

Education Cess

< INR. 1 cr
All
INR.1 cr to INR.10 Domestic
cr
Foreign
Domestic
> INR. 10 cr
Foreign

NIL
5%
2%
10%
5%
3%

NIL
7%
2%
12%
5%
3%

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For AOP and BOI

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Shares of Members are Determinate
Member is an
Individual /
HUF

Member is a Company

When total income

When None of When any of the
of member
the member
member have
company is taxable
has income in
income in
at rate higher than
excess Basic Excess of Basic
the Maximum
exemption limit. Exemption limit. Marginal Rates (i.e.
in Companies)
AOP/BOI will
AOP/BOI will be
Tax will be charged
be taxed at the
taxed at the
on that portion of
slab rates
Maximum
AOP /BOI at such
specified in
Marginal Rate of
higher rate.
1.1.1
34.61% *

Share of Member are

Indeterminate
Member is an
Individual/HUF

Member is a
Company

Tax will be
charged on the
Total income of
AOP/BOI at
MMR of
34.61%*

Where income
of AOP/BOI is
taxable at rate
higher than the
MMR then, the
Total Income of
AOP/BOI will
be taxed at
such higher
rate. (i.e. in
case of Foreign
Companies)

* Maximum Marginal Rate is 33.99% for A.Y. 2015-16.

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