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Income Tax Rates applicable for Individuals, Hindu Undivided Family (HUF), Association of Persons (AOP) and Body of Individuals (BOI) in India is as under:
Assessment Year 2016-17, Relevant to Financial Year 2015-16
For Individuals below 60 years age (including Woman Assessees):
|
Income
|
Tax Rate
|
|
Upto 250,000
|
Nil
|
|
250,000 to 500,000
|
10% of the amount exceeding 250,000
|
|
500,000 to 1,000,000
|
Rs.25,000 + 20% of the amount exceeding 500,000
|
|
1,000,000 & above
|
Rs.125,000 + 30% of the amount exceeding 1,000,000
|
For Individuals aged 60 years and above but below 80 years (Senior Citizen):
|
Income
|
Tax Rate
|
|
Upto 300,000
|
Nil
|
|
300,000 to 500,000
|
10% of the amount exceeding 300,000
|
|
500,000 to 1,000,000
|
Rs.20,000 + 20% of the amount exceeding 500,000
|
|
1,000,000 & above
|
Rs.120,000 + 30% of the amount exceeding 1,000,000
|
For Individuals aged 80 years and above (Very Senior Citizen):
|
Income
|
Tax Rate
|
|
Upto 500,000
|
Nil
|
|
500,000 to 1,000,000
|
20% of the amount exceeding 500,000
|
|
1,000,000 & above
|
Rs.100,000 + 30% of the amount exceeding 1,000,000
|
Tax Credit: Finance Bill 2015 is silent on the Section 87A, which was introduced by Finance Bill 2013 with effect from AY 2014-15 and provides a rebate of Rs. 2,000 for every person whose income doesn’t exceed Rs. 500,000. Hence this provision continues for AY 2016-17 as well.
Surcharge on Income Tax: 12% of the Income Tax payable, in case the total taxable income exceeds Rs.10,000,000. Surcharge shall not exceed the amount of income that exceeds Rs.10,000,000.
Education Cess: 3% of Income Tax plus Surcharge
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