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INCOME TAX


INCOME-TAX


Income Tax rates for the financial year 2014-15 are given below – Tax Rates for Individuals
ASSESSMENT YEAR 2015-16

INDIVIDUAL - MALE (AGE LESS THAN 60 YEARS)
Upto Rs. 2, 50,000 Nil
Rs. 2,50,001 to Rs. 5,00,000 10%
Rs. 5,00,001 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%

INDIVIDUAL - FEMALE (AGE LESS THAN 60 YEARS)
Upto Rs. 2, 50,000 Nil
Rs. 2,50,001 to Rs. 5,00,000 10%
Rs. 5,00,001 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%

SENIOR CITIZEN (AGE BETWEEN 60 TO 80 YEARS)
Upto Rs. 3,00,000 Nil
Rs.3,00,001 to Rs. 5,00,000 10%
Rs. 5,00,001 to Rs.10,00,000 20%
Above Rs. 10,00,000 30%

SUPER SENIOR CITIZEN (AGE ABOVE 80 YEARS)
Upto Rs. 5,00,000 Nil
Rs. 5,00,001 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
+ SURCHARGE AT 10% IF NET INCOME EXCEEDS Rs.1 CRORE

+ EDUCATION CESS AND SECONDARY & HIGHER EDUCATION CESS AT 3% OF INCOME TAX & SURCHARGE

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Income Tax rates for the financial year 2013-14 are given below – Tax Rates for Individuals
ASSESSMENT YEAR 2014-15

S. No
Total Income
Rate of tax
1 Where the total income does not exceed Rs. 2,00,000/-. Nil
2 Where the total income exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000/- 10 per cent of the amount by which the total income exceeds Rs. 2,00,000/-
3 Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. Rs. 30,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-.
4 Where the total income exceeds Rs. 10,00,000/-. Rs. 1,30,000/- plus 30 Per cent of the amount by which the total income exceeds Rs. 10,00,000/-

B. Rates of tax for every individual, resident in India, who is of the age of sixty years or
more but less than eighty years at any time during the financial year:

S. No
Total Income
Rate of tax
1 Where the total income does not exceed Rs. 2,50,000/- Nil
2 Where the total income exceeds
Rs. 2,50,000 but does not exceed Rs. 5,00,000/-
10 per cent of the amount by which the total income exceeds Rs. 2,50,000/-
3 Where the total income exceeds
Rs. 5,00,000/- but does not exceed
Rs. 10,00,000/-
Rs. 25,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-.
4 Where the total income exceeds
Rs. 10,00,000/-
Rs. 1,25,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-

C. In case of every individual being a resident in India, who is of the age of eighty years or
more at any time during the financial year:

S. No
Total Income
Rate of tax
1 Where the total income does not exceed Rs. 5,00,000/- Nil
2 Where the total income exceeds
Rs. 5,00,000 but does not exceed Rs. 10,00,000/-
20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-
4 Where the total income exceeds
Rs. 10,00,000/-
Rs. 1,00,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-

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Income Tax rates for the financial year 2012-13 are given below – Tax Rates for Individuals
ASSESSMENT YEAR 2013-14

Net income range Income-tax rates Education cess Secondary and higher education cess
Up to Rs. 2,00,000 Nil Nil Nil
Rs. 2,00,001 - Rs. 5,00,000 10% of income
exceeding Rs. 2,00,000
2% of income-tax 1% of income-tax
Rs. 5,00,001 - Rs. 10,00,000 Rs. 30,000 + 20% of income exceeding Rs. 5,00,000 2% of income-tax 1% of income-tax
Above Rs. 10,00,001 Rs. 1,30,000 + 30% of income exceeding Rs. 10,00,000 2% of income-tax 1% of income-tax

Tax Rates for Senior Citizens (60 years and above but less than eighty years…)
Net income range Income-tax rates Education cess Secondary and higher education cess
Up to Rs. 2,50,000 Nil Nil Nil
Rs. 2,50,001 - Rs. 5,00,000 10% of income exceeding Rs. 2,50,000) 2% of income-tax 1% of income-tax
Rs. 5,00,001 - Rs. 10,00,000 Rs. 25,000 + 20% of income exceeding Rs. 5,00,000 2% of income-tax 1% of income-tax
Above Rs. 10,00,001 Rs. 1,25,000 + 30% of income exceeding Rs. 10,00,000 2% of income-tax 1% of income-tax

Tax rates for Very Senior Citizens (80 years or above…)
Net income range Income-tax rates Education cess Secondary and higher education cess
Up to Rs. 5,00,000 Nil Nil Nil
Rs. 5,00,001 - Rs. 10,00,000 20% of income exceeding Rs. 5,00,000 2% of income-tax 1% of income-tax
Above Rs. 10,00,001 Rs. 1,00,000 + 30% of income exceeding Rs.10,00,000 2% of income-tax 1% of income-tax

Note: The aggregate of deduction under sections 80C, 80CCC and 80CCD(I) should not exceed one lakh rupees.

(A sum of Rs.50,000 special deduction for physically handicapped resident persons and Rs.1,00,000 for severe disability persons.)

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Income Tax rates for the assessment year 2011-12 are given below-
ASSESSMENT YEAR 2012-13

Net income range Income-tax rates Education cess Secondary and higher education cess
Up to Rs. 1,80,000 Nil Nil Nil
Rs.1,80,001 - Rs. 5,00,000 10% of (total income minus Rs. 1,80,000) 2% of income-tax 1% of income-tax
Rs. 5,00,001 - Rs. 8,00,000 Rs. 32,000 + 20% of (total income minus Rs. 5,00,000 2% of income-tax 1% of income-tax
Above Rs. 8,00,001 Rs. 92,000 + 30% of (total income minus Rs. 8,00,000 2% of income-tax 1% of income-tax

For a resident woman (who is below 60 years on the last day of the previous year, i.e., born on after April 1, 1952)
Net income range Income-tax rates Education cess Secondary and higher education cess
Up to Rs. 1,90,000 Nil Nil Nil
Rs.1,90,001 - Rs. 5,00,000 10% of (total income minus Rs. 1,90,000) 2% of income-tax 1% of income-tax
Rs. 5,00,001 - Rs. 8,00,000 Rs. 31,000 + 20% of (total income minus Rs. 5,00,000 2% of income-tax 1% of income-tax
Above Rs. 8,00,001 Rs. 91,000 + 30% of (total income minus Rs. 8,00,000 2% of income-tax 1% of income-tax

For a resident senior citizen (who is 60 years or more at any time during the previous year but not more than 80 years on the last day of the previous year, i.e., born during April 1, 1932 and March 31, 1952)
Net income range Income-tax rates Education cess Secondary and higher education cess
Up to Rs. 2,50,000 Nil Nil Nil
Rs.2,50,001 - Rs. 5,00,000 10% of (total income minus Rs. 2,50,000) 2% of income-tax 1% of income-tax
Rs. 5,00,001 - Rs. 8,00,000 Rs. 25,000 + 20% of (total income minus Rs. 5,00,000 2% of income-tax 1% of income-tax
Above Rs. 8,00,001 Rs. 85,000 + 30% of (total income minus Rs. 8,00,000 2% of income-tax 1% of income-tax

For a resident super senior citizen (who is 80 years or more at any time during the previous year, i.e., born before April 1, 1932)
Net income range Income-tax rates Education cess Secondary and higher education cess
Up to Rs. 5,00,000 Nil Nil Nil
Rs.5,00,001 - Rs. 8,00,000 20% of (total income minus Rs. 5,00,000) 2% of income-tax 1% of income-tax
Above Rs. 8,00,001 Rs. 60,000 + 30% of (total income minus Rs. 8,00,000 2% of income-tax 1% of income-tax

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Income Tax rates for the assessment year 2010-11 are given below-
ASSESSMENT YEAR 2011-12

For any other individual, (i.e., born on or after April 1, 1946), every HUF/AOP/BOI/artificial juridical person –
Net income range Income-tax rates Education cess Secondary and higher education cess
Up to Rs. 1,60,000 Nil Nil Nil
Rs.1,60,001 - Rs. 5,00,000 10% of (total income minus Rs. 1,60,000) 2% of income-tax 1% of income-tax
Rs. 5,00,001 - Rs. 8,00,000 Rs. 34,000 + 20% of (total income minus Rs. 5,00,000 2% of income-tax 1% of income-tax
Above Rs. 8,00,001 Rs. 94,000 + 30% of (total income minus Rs. 8,00,000 2% of income-tax 1% of income-tax

For a resident woman (who is below 65 years on the last day of the previous year, i.e., born on or after April 1, 1946)
Net income range Income-tax rates Education cess Secondary and higher education cess
Up to Rs. 1,90,000 Nil Nil Nil
Rs. 1,90,001 - Rs. 5,00,000 10% of (total income minus Rs. 1,90,000) 2% of income-tax 1% of income-tax
Rs. 5,00,001 - Rs. 8,00,000 Rs. 31,000 + 20% of (total income minus Rs. 5,00,000 2% of income-tax 1% of income-tax
Above Rs. 8,00,001 Rs. 91,000 + 30% of (total income minus Rs. 8,00,000 2% of income-tax 1% of income-tax

For a resident senior citizen (who is 65 years or more at any time during the previous year, i.e., born before April 1, 1946)
Net income range Income-tax rates Education cess Secondary and higher education cess
Up to Rs. 2,40,000 Nil Nil Nil
Rs. 2,40,001 - Rs. 5,00,000 10% of (total income minus Rs. 2,40,000) 2% of income-tax 1% of income-tax
Rs. 5,00,001 - Rs. 8,00,000 Rs. 26,000 + 20% of (total income minus Rs. 5,00,000 2% of income-tax 1% of income-tax
Above Rs. 8,00,001 Rs. 86,000 + 30% of (total income minus Rs. 8,00,000 2% of income-tax 1% of income-tax

Notes:
1. Surcharge – Nil
2. Education cess - It is 2 per cent of income-tax.
3. Secondary and higher education cess - It is 1 per cent of income-tax.

Tax rates specified in the Income-tax Act 

The following incomes are taxable at the rates specified by the Income-tax Act as follows...
Section Income Income-tax rates
(1) (2) (3)
111A Short-term capital gains 15
112 Long-term capital gains 20
115A(1) Dividend received by a foreign company or a non-resident(a)(i) non-corporate assessee [*it is not applicable in the case of dividends referred to in section 115-O] 20*
115A(1) Interest received by a foreign company or a non-resident(a)(ii) non-corporate assessee from Government or an Indian concern on moneys borrowed or debt incurred by Government or the Indian concern in foreign currency 20
115A(1) Interest received from an infrastructure debt fund referred (a)(iia) to in section 10(47) (applicable from June 1, 2011, i.e.,assessment year 2012-13) 5
115A Royalty or fees for technical services received by a foreign company or non- -
(1)(b) resident non-corporate assessee from an Indian concern or Government in pursuance of an agreement approved by the Central Government and made after— a. March 31, 1976 but before June 1, 1997 b. May 31, 1997 but before June 1, 2005 c. May 31, 2005 30
20
10
115AB Income of an overseas financial organisation on transfer of units purchased in foreign currency being long-term capital gains 10
115AC Income from bonds or Global Depository Receipts 1 or on bonds or Global Depository Receipts1 of a public sector company sold by the Government and purchased in foreign currency or long-term capital gains arising from their transfer *[not applicable in the case of dividends referred to in section 115-O] 10*
115ACA Income from Global Depository Receipts held by a resident individual who is an employee of an Indian company engaged in information technology software/services** • Dividend [other than dividend referred to in section 115-O] on global Depository Receipts issued under employees stock option scheme and purchased in foreign currency • Long-term capital gain on transfer of such receipts
1010
115AD Income in respect of listed securities received by a Foreign Institutional Investor as specified2 by the Government • Short-term capital gain covered by section 111A • Any other short-term capital gain • Long-term capital gain • Other income [*not applicable in the case of dividends referred to in section 115-O] 15
30
10
20*
115B Profits and gains of life insurance business 12.5
115BB Winnings from lotteries, crossword puzzles, or race including horse race (not being income from the activity of owning and maintaining race horse) or card game and other game of any sort or from gambling or betting of any form or nature 30
115BBA Income of a non-resident foreign citizen sportsman for participation in any game in India or received by way of advertisement or for contribution of articles relating to any game or sport in India or income of a non-resident sport association by way of guarantee money 10
115BBC Anonymous donation 30
115BBD Income of an Indian company by way of dividends declared, distributed or paid by a specified foreign company (in which the Indian company holds 26 per cent or more of equity shares capital) (applicable from the assessment year 2012-13) 15
115E Income from foreign exchange assets and capital gains of non-resident Indian a. income from foreign exchange asset [*not applicable in the case of dividends referred to in section 115-O] b. long-term capital gain 20*
10
115JB Tax on book profits of certain companies - Assessment year 2011-12 - Assessment year 2012-13 18%
18.5%
115JC Alternate minimum tax in the case of limited liability partnerships (applicable from the assessment year 2012-13) 18.5
161(1A) Profits and gains of a business in the case of a trust 30
164 Income of private discretionary trust where shares of beneficiaries are indeterminate 30
164A Income of an oral trust 30
167A Income of a firm 30
167B Income of an association of persons or body of individuals if shares of members are unknown 30
167B(2) Income of an association of persons or body of individuals if total income of any member (excluding share from the association or body) exceeds the maximum amount not chargeable to tax [*if total income of any member of the association or body is chargeable to tax at a rate higher than 30.9 per cent, then tax shall be charged on that portion of the total income of the association/body which is relatable to the share of such member at such higher rate and the balance of the total income is taxable at a rate of 30.9 per cent] 30*

1 comments:

Mani Iyer said...

Good to see an exhaustive exercise for one revenue earning department.
But for a vast landscape of this country,basic awareness among TAN holders will go a long way in compliance and tax realisation.


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