TaxTMI 
TaxTMI 
Question- What are the rates of income tax in respect of income liable to tax for the assessment year 2015-2016 ?
Rates of Income Tax for the A.Y. 2015-16
28 Feb 2015 
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Income tax rate and surcharge framework updated for the assessment year, adjusting surcharge bands and retaining education cess charges.
Income-tax slab rates for the assessment year 2015-2016 apply to individuals, HUFs, associations, bodies of individuals and artificial juridical persons with age-based nil and graded rates; a surcharge regime applies above high-income thresholds for individuals, companies, cooperatives, firms and local authorities with marginal relief limiting surcharge impact, while education cess and secondary and higher education cess continue to be levied on tax inclusive of surcharge. (AI Summary)
Income-tax slab rates for the assessment year 2015-2016 apply to individuals, HUFs, associations, bodies of individuals and artificial juridical persons with age-based nil and graded rates; a surcharge regime applies above high-income thresholds for individuals, companies, cooperatives, firms and local authorities with marginal relief limiting surcharge impact, while education cess and secondary and higher education cess continue to be levied on tax inclusive of surcharge. (AI Summary)