I. For Individuals, Hindu Undivided Families, Association of Persons and Body of Individuals for AY 2015-2016/FY 2014-2015

Total Income Tax Rate
Upto Rs. 250,000*           Nil
250,001 to 500,000        10%
500,001 to 10,00,000        20%
Above Rs. 10,00,000        30%

*In the case of a resident individual of sixty years or more but less than eighty years, the basic exemption limit is INR 300,000

The category of women below the age of 65 years has been removed.

In the case of a resident individual of the age of eighty years or above

 

Total Income     Tax Rate
Upto Rs. 500,000*           Nil
500,001 to 10,00,000        20%
Above Rs. 10,00,000        30%

 

Surcharge is Nil

Education cess is applicable @ 3 percent on income tax

II. For Partnership Firms

•  Partnership Firms are taxable @ 30 percent

•  Surcharge –

if Income upto 1 Crore  Nil

1 Crore to 10 Crore  5%

above 10 Crore 10%

•  Education cess is applicable @ 3 percent on income tax

III. For Domestic Companies

•  Domestic companies are taxable @ MAT 18.5%

•  Surcharge

at same rule same as partnership firm

•  Education cess is applicable @ 3 percent on income tax (inclusive of surcharge, if any)

IV. For Foreign Companies

•  Foreign companies are taxable @ 40 percent

•  Surcharge is applicable @ 2 percent if total income is in excess of INR 10,000,000

•  Education cess is applicable @ 3 percent on income tax (inclusive of surcharge, if any)