Rate of Tax as per Finance (No.2) Act, 2014 which are applicable for A.Y. 2015-16 :-
(A) (i) Individual/ HUF/ AOP/ BOI and every artificial juridical person :
Level of Income Rate of Tax
Where the total income does not exceed Rs. 250000 Nil
Where total income is between Rs. 250001-500000 10%
Where total income is between Rs. 500001-1000000 20%
Where total income exceeds Rs. 1000000 30%
(ii) For resident individual of the age of 60 years or more but less than 80 years:
Where the total income does not exceed Rs. 300000 Nil
Where total income is between Rs. 300001-500000 10%
Where total income is between Rs. 500001-1000000 20%
Where total income exceeds Rs. 1000000 30%
(iiii) For resident individual of the age of 80 years or more:
Where the total income does not exceed Rs. 500000 Nil
Where total income is between Rs. 500001-1000000 20%
Where total income exceeds Rs. 1000000 30%
(B) Co-operative societies:
Where the total income does not exceed Rs. 10000 10%
Where total income is between Rs. 10001-20000 20%
Where total income exceeds Rs. 20000 30%
(C) Firm/ Limited Liability Partnership (LLP): 30% on the whole of the total income of the firm/ LLP.
(D) Local Authority: 30% on the whole of the total income of the local authority.
(E) Company:
In case of Domestic Company – 30%
In case of Foreign Company – 40%
Surcharge :-
(a) Individual/HUF & every person other than company: In case if income exceeds Rs.10crore surcharge is applicable @ 10% of income computed.
(b) Domestic Company:
(i) Total Income more than Rs.1 crore but less than Rs.10 crore – 5% surcharge
(ii) Total income exceeds Rs.10 crores – 10% surcharge
(b) Foreign Company:
(i) Total Income more than Rs.1 crore but less than Rs.10 crore – 2% surcharge
(ii) Total income exceeds Rs.10 crores – 5% surcharge
Education cess is applicable same as last year.
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