Applicable rates of Income Tax Rates for Individuals, Hindu Undivided Family (HUF), Body of Individuals (BOI) and Association of Persons (AOP) in India is as under:
Assessment Year 2016-17, Relevant to Financial Year 2015-16
For Individuals below 60 years age (including Woman Assessees):
|250,001 to 500,000||10% of the amount exceeding 250,000|
|500,001 to 1,000,000||Rs.25,000 + 20% of the amount exceeding 500,000|
|1,000,001 & 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):
|300,001 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):
|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|
Surcharge on Income Tax: 10% 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
The surcharge is increased to 12% for income above 1 crore.
Wealth tax is abolished.