New Income tax slabs for 2015-16

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..... New Income tax slabs for 2015-16
Query (Issue) Started By: - Ritu Chauhan Dated:- 5-3-2015 Last Reply Date:- 5-3-2015 Income Tax
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Income Tax
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 .....

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..... 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:- Upt .....

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..... o ₹ 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 ₹ 3,00,00 .....

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..... 0 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 ₹ .....

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..... 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 o .....

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..... n 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 Reply By MARIAPPAN GOVINDARAJAN: The Reply: Thanks for the information furnished by you.
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