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Rates of Income Tax
Assessment year : 2016 - 17
Previous year : 2015 - 16
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| 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% |
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| 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% |
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| 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% |
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| 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. 2000 whichever less. |
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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.
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| 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
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| Companies |
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(A) Domestic Companies
Income tax : 30% (29% if turnover or gross receipt does not exceed Rs.5 Crore)
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
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| (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 |
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| Cooperative Societies |
| Upto Rs. 10,000 |
10% |
| Rs. 10,001 to Rs. 20,000 |
20% |
| Rs. 20,001 to Above |
30% |
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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
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| Local Authorities |
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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
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