New Income tax slabs for 2015-16, Income Tax

[Ritu Chauhan]

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.

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Posts / Replies

[MARIAPPAN GOVINDARAJAN]

Thanks for the information furnished by you.