Income Tax Slabs & Rates for FY 2015-16, AY 2016-17
Income tax slabs and rates applicable for Financial Year 2015-16 and Assessment Year 2016-17 are presented below for different categories of taxpayers for the period from April 1, 2015 to March 31, 2016, as stated in the source page.
Historical tax-year reference: This page relates specifically to FY 2015-16 and AY 2016-17. The tax-year information has been retained as historical content and has not been updated to later-year provisions.
I. Resident Individual Aged Below 60 Years
Born on or after 1.4.1957.
| Income slab | Rate of income tax FY 2015-16 |
|---|---|
| Total income less than ₹2,50,000 | Nil |
| Total income exceeds ₹2,50,000 but does not exceed ₹5,00,000 | 10% of the amount exceeding ₹2,50,000. Tax Credit u/s 87A - 10% of taxable income up to a maximum of ₹2,000. |
| Total income exceeds ₹5,00,000 but does not exceed ₹10,00,000 | ₹25,000 + 20% of the amount exceeding ₹5,00,000 |
| Total income exceeds ₹10,00,000 | ₹1,25,000 + 30% of the amount exceeding ₹10,00,000 |
Surcharge: 12% of income tax if taxable income exceeds ₹1 crore.
Education Cess: 3% of income tax and surcharge.
Education Cess: 3% of income tax and surcharge.
II. Senior Citizen
Individual resident who is 60 years or more but below 80 years at any time during the previous year, i.e. born on or after April 1, 1937 but before April 1, 1957.
| Income slab | Rate of income tax FY 2015-16 |
|---|---|
| Total income less than ₹3,00,000 | Nil |
| Total income exceeds ₹3,00,000 but does not exceed ₹5,00,000 | 10% of the amount exceeding ₹3,00,000. Tax Credit u/s 87A - 10% of taxable income up to a maximum of ₹2,000. |
| Total income exceeds ₹5,00,000 but does not exceed ₹10,00,000 | ₹20,000 + 20% of the amount exceeding ₹5,00,000 |
| Total income exceeds ₹10,00,000 | ₹1,20,000 + 30% of the amount exceeding ₹10,00,000 |
Surcharge: 12% of income tax if taxable income exceeds ₹1 crore.
Education Cess: 3% of income tax and surcharge.
Education Cess: 3% of income tax and surcharge.
III. Super Senior Citizen
Individual resident who is 80 years or more at any time during the previous year, i.e. born before April 1, 1937.
| Income slab | Rate of income tax FY 2015-16 |
|---|---|
| Total income less than ₹5,00,000 | Nil |
| Total income exceeds ₹5,00,000 but does not exceed ₹10,00,000 | 20% of the amount exceeding ₹5,00,000 |
| Total income exceeds ₹10,00,000 | ₹1,00,000 + 30% of the amount exceeding ₹10,00,000 |
Surcharge: 12% of income tax if taxable income exceeds ₹1 crore.
Education Cess: 3% of income tax and surcharge.
Education Cess: 3% of income tax and surcharge.
IV. Non-Resident Indian / HUF / AOP / BOI / Artificial Judicial Person
| Income slab | Income tax rate |
|---|---|
| Taxable income does not exceed ₹2,50,000 | Nil |
| Taxable income exceeds ₹2,50,000 but does not exceed ₹5,00,000 | 10% of the amount exceeding ₹2,50,000 |
| Taxable income exceeds ₹5,00,000 but does not exceed ₹10,00,000 | ₹25,000 + 20% of the amount exceeding ₹5,00,000 |
| Taxable income exceeds ₹10,00,000 | ₹1,25,000 + 30% of the amount exceeding ₹10,00,000 |
Surcharge: 12% of income tax where taxable income is more than ₹1 crore.
Education Cess: 3% of income tax and surcharge.
Education Cess: 3% of income tax and surcharge.
V. Co-operative Society
| Income slab | Income tax rate |
|---|---|
| Total income less than ₹10,000 | 10% of income |
| Total income exceeds ₹10,000 but does not exceed ₹20,000 | ₹1,000 + 20% of the amount exceeding ₹10,000 |
| Total income exceeds ₹20,000 | ₹3,000 + 30% of the amount exceeding ₹20,000 |
Surcharge: 12% of income tax if taxable income exceeds ₹1 crore.
Education Cess: 3% of income tax and surcharge.
Education Cess: 3% of income tax and surcharge.
VI. Partnership Firm
Income Tax: 30% of taxable income.
Surcharge: 12% of income tax where taxable income is more than ₹1 crore.
Education Cess: 3% of income tax and surcharge.
Surcharge: 12% of income tax where taxable income is more than ₹1 crore.
Education Cess: 3% of income tax and surcharge.
VII. Local Authority
Income Tax: 30% of taxable income.
Surcharge: 12% of income tax where taxable income is more than ₹1 crore.
Education Cess: 3% of income tax and surcharge.
Surcharge: 12% of income tax where taxable income is more than ₹1 crore.
Education Cess: 3% of income tax and surcharge.
VIII. Domestic Company
Income Tax: 30% of taxable income.
Surcharge: The amount of income tax computed at the above rate, after reduction by the amount of tax rebate, is increased by surcharge:
- 7% of such income tax where taxable income exceeds ₹1 crore.
- 12% of such income tax where taxable income exceeds ₹10 crore.
Education Cess: 3% of income tax and surcharge.
IX. Company Other Than a Domestic Company
Income Tax:
- 50% on so much of taxable income as consists of royalties received from Government or an Indian concern under an agreement made after March 31, 1961 but before April 1, 1976; or fees for rendering technical services received from Government or an Indian concern under an agreement made after February 29, 1964 but before April 1, 1976, where such agreement was approved by the Central Government.
- 40% of the balance.
Surcharge:
- 2% of such income tax where taxable income exceeds ₹1 crore.
- 5% of such income tax where taxable income exceeds ₹10 crore.
Education Cess: 3% of income tax and surcharge.