New Income tax slabs for 2015-16

Discussion in 'Income Tax' started by Ritu Chauhan, Mar 5, 2015.

  1. Ritu Chauhan

    Ritu Chauhan New Member

    Individual, Hindu undivided family, association of persons, body of individuals, artificial juridical person.
    Paragraph A of Part-III of First Schedule to the Bill provides following rates of income-tax:-
    (i) The rates of income-tax in the case of every individual (other than those mentioned in (ii) and (iii) below) or Hindu
    undivided family or every association of persons or body of individuals, whether incorporated or not, or every
    artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act (not being a
    case to which any other Paragraph of Part III applies) are as under:—

    Upto Rs.2,50,000 Nil.

    Rs. 2,50,001 to Rs. 5,00,000 10 per cent.

    Rs. 5,00,001 to Rs. 10,00,000 20 per cent.

    Above Rs. 10,00,000 30 per cent.


    (ii) In the case of every individual, being a resident in India, who is of the age of sixty years or more but less than
    eighty years at any time during the previous year,—

    Upto Rs.3,00,000 Nil.

    Rs. 3,00,001 to Rs. 5,00,000 10 per cent.

    Rs. 5,00,001 to Rs.10,00,000 20 per cent.

    Above Rs. 10,00,000 30 per cent.


    (iii) in the case of every individual, being a resident in India, who is of the age of eighty years or more at anytime
    during the previous year,—

    Upto Rs. 5,00,000 Nil.

    Rs. 5,00,001 to Rs. 10,00,000 20 per cent.

    Above Rs. 10,00,000 30 per cent.


    The amount of income-tax computed in accordance with the preceding provisions of this Paragraph shall be
    increased by a surcharge at the rate of twelve percent. of such income-tax in case of a person having a total
    income exceeding one crore rupees.
    However, the total amount payable as income-tax and surcharge on total income exceeding one crore rupees shall
    not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount
    of income thatexceeds one crore rupees.

    http://www.raaas.com

Share This Page