Individual, Hindu undivided family, association of persons, body of individuals, artificial juridical person.
Paragraph A of Part-III of First Schedule to the Bill provides following rates of income-tax:-
(i) The rates of income-tax in the case of every individual (other than those mentioned in (ii) and (iii) below) or Hindu
undivided family or every association of persons or body of individuals, whether incorporated or not, or every
artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act (not being a
case to which any other Paragraph of Part III applies) are as under:-
Upto ₹ 2,50,000 | Nil. |
Rs. 2,50,001 to ₹ 5,00,000 | 10 per cent. |
Rs. 5,00,001 to ₹ 10,00,000 | 20 per cent. |
Above ₹ 10,00,000 | 30 per cent. |
(ii) In the case of every individual, being a resident in India, who is of the age of sixty years or more but less than
eighty years at any time during the previous year,-
Upto ₹ 3,00,000 | Nil. |
Rs. 3,00,001 to ₹ 5,00,000 | 10 per cent. |
Rs. 5,00,001 to ₹ 10,00,000 | 20 per cent. |
Above ₹ 10,00,000 | 30 per cent. |
(iii) in the case of every individual, being a resident in India, who is of the age of eighty years or more at anytime
during the previous year,-
Upto ₹ 5,00,000 | Nil. |
Rs. 5,00,001 to ₹ 10,00,000 | 20 per cent. |
Above ₹ 10,00,000 | 30 per cent. |
The amount of income-tax computed in accordance with the preceding provisions of this Paragraph shall be
increased by a surcharge at the rate of twelve percent. of such income-tax in case of a person having a total
income exceeding one crore rupees.
However, the total amount payable as income-tax and surcharge on total income exceeding one crore rupees shall
not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount
of income that exceeds one crore rupees.
http://www.raaas.com
Income Tax Slabs for 2015-16: Rates and Surcharges for Individuals and Senior Citizens Explained The discussion outlines the income tax slabs for the financial year 2015-16 in India. For individuals, Hindu undivided families, associations of persons, bodies of individuals, and artificial juridical persons, the tax rates are: nil for income up to 2,50,000, 10% for 2,50,001 to 5,00,000, 20% for 5,00,001 to 10,00,000, and 30% for income above 10,00,000. For residents aged 60-79, the nil rate applies up to 3,00,000, and for those 80 and above, up to 5,00,000. A 12% surcharge applies for incomes exceeding one crore rupees. A forum participant thanked the original poster for the information. (AI Summary)
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