Income Tax Rates For Individual For Asst. Years 2016-17 and 2015-16

Income Tax Calculator

Financial Year 2014-15

Asst Year 2015-16

Total Income

(After Deductions)

Age

Tax at Normal Rate

Less: Rebate

Add: Surcharge

Add: Education Cess @ 3%

Less: Marginal Relief

Net Tax Liability

A. TAXES AT NORMAL RATES:

 

A.1: In case of Men/Women Less than 60 yrs. and HUF, Non Residents (of any age), AOP, BOI, AJP :

Income Level
Income Tax Rate
i. Where the total taxable income does not exceed Rs.2,50,000/-
.i.e. if [Total Income <= 2,50,000]
NIL
i.e. Gross Tax Liability = Nil or “0”
ii. If the total taxable income exceeds Rs.2,50,000/- but does not exceed Rs.5,00,000/-
i.e, if 2,50,000 < Total Income <= 5,00,000
10% of the amount by which the total taxable income exceeds Rs.2,50,000/-
.i.e. Gross Tax Liability = (Total Income-2,50,000)*0.1
iii. If the total taxable income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/-
i.e., if 5,00,000 <Total Income <= 10,00,000
Rs.25,000/- + 20% of the amount by which the total taxable income exceeds Rs.5,00,000/-
.i.e. Gross Tax Liability = 25,000+[(Total Income-5,00,000)*0.2]
iv. If the total taxable income exceeds Rs.10,00,000/-
i.e. if Total Income>10,00,000
Rs.1,25,000/- + 30% of the amount by which the total taxable income exceeds Rs.10,00,000/-
.i.e. Gross Tax Liability = 1,25,000 + [ (Total Income-10,00,000)*0.3]


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A.2. In case of an Individual Resident who is of age 60 or more but less than 80 yrs at any time during the previous year:-

 

Income Level
Income Tax Rate
i. Where the total taxable income does not exceed Rs.3,00,000/-
[Total Income <= 3,00,000]
NIL
i.e. Gross Tax Liability = Nil or “0”
ii. If the total taxable income exceeds Rs.3,00,000/- but does not exceed Rs.5,00,000/-
i.e. 3,00,000 < Total Income <= 5,00,000
10% of the amount by which the total taxable income exceeds Rs.2,50,000/-
i.e. Gross Tax Liability = (Total Income-3,00,000)*0.1
iii. If the total taxable income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/-
i.e. if 5,00,000 <Total Income <= 10,00,000
Rs.20,000/- + 20% of the amount by which the total taxable income exceeds Rs.5,00,000/-
i.e. Gross Tax Liability = 20,000+[(Total Income-5,00,000)*0.2]
iv. If the total taxable income exceeds Rs.10,00,000/-
Total Income>10,00,000
Rs.1,20,000/- + 30% of the amount by which the total taxable income exceeds Rs.10,00,000/-
i.e. Gross Tax Liability = 1,20,000 + [ (Total Income-10,00,000)*0.3]

 

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A.3. In case of an Individual Resident who is of the age of 80 years or more at any time during the previous year:-

 

Income Level
Income Tax Rate
i. Where the total taxable income does not exceed Rs.500,000/-i.e. Total Income <= 5,00,000 NIL
i.e. Gross Tax Liability = Nil or “0”
ii. If the total taxable income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/-
i.e., If 5,00,000 <Total Income <= 10,00,000
20% of the amount by which the total taxable income exceeds Rs.10,00,000/-
i.e.Gross Tax Liability = (Total Income-5,00,000)*0.2
iii. If the total taxable income exceeds Rs.10,00,000/-
i.e. Total Income>10,00,000
1,00,000/- + 30% of the amount by which the total taxable income exceeds Rs.10,00,000/-
i.e. Gross Tax Liability =1,00,000 + [ (Total Income-8,00,000)*0.3]

 

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B. TAXES AT SPECIAL RATE:

Source of Income Special Rate
Long Term Capital Gains 20%
Short Term Capital Gains on Share suffering Securities
Transaction Tax (STT)
15%
Long Term Capital Gains on Share suffering SecuritiesTransaction Tax (STT) Fully Exempt
Winnings from Lottery, Horse Race, Gambling, etc. 30%

 

C. Rebate u/s 87A:

Use our Online Rebate Calculation Utility here

Rebate u/s 87A Applicablity
Type of Assessee Resident Individual
Age Less than 80 years
Income Limit Not more than 5,00,000

 

D. SURCHARGE:

For the Asst. Year 2016-2017:

If Individual’s Total Income Exceeds Rs. 1,00,00,000 then Surcharge of 12%  will be applicable on [A. Tax at Normal Rate + B. Tax at Special Rate – C.Rebate u/s 87A (if any)]

 

For the Asst. Year 2015-2016:

If Individual’s Total Income Exceeds Rs. 1,00,00,000 then Surcharge of 10%  will be applicable on [A. Tax at Normal Rate + B. Tax at Special Rate – C.Rebate u/s 87A (if any)]

E. CESS: (Applicable for all):

Education Cess:2% of the Income-tax calculated above

Secondary and Higher Education Cess:1% of the Income Tax calculated above

i.e.  [A. Tax at Normal Rate + B. Tax at Special Rate – C. Rebate u/s 87A (if any) + D. Surcharge (if applicable) ] x 3%

 

NET TAX LIABILITY:

 

Net Tax Liability
A. Tax at Normal Rate A
B. Tax at Special Rate B
Less: C. Rebate u/s 87A (C)
Add: D. Surcharge (if applicable) D
Add: E. Cess E
NET TAX LIABILITY A+B-C+D+E

Last updated on 26th December 2015

Dilip Kumar

+Dilip Kumar (Author and Editor of The Tax Info) is a CA Student from Hyderabad, Loves Blogging on Tax related matter.

You can Subscribe for his updates on Facebook & Google+

 

One thought on “Income Tax Rates For Individual For Asst. Years 2016-17 and 2015-16

  • April 16, 2015 at 4:18 pm
    Permalink

    Sir,

    if a person gets rs. 809708 as gross income

    his deductions are
    1) Tax on emp – 2346/-

    2) LIP-16742/-, 3) HL principal – 20264/- 4) HL interest 177310 and

    5) mediclaim – 15,000

    his deductions totalling rs. 231662/-

    therefore his taxable salary comes to rs. 578046

    Can you pls help me to calculate his tax liability please ?

    regards

    Reply

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