Income Tax Slab Rates for FOR INDIVIDUALS & HUF

The following Income Tax Slabs are applicable for the Financial Year 2014-15 i.e. Assessment Year 2015-16 as well as Financial Year 15-16 i.e. Assessment Year 16-17. Education Cess @ 2% and SHEC @ 1% shall be levied on the Tax computed using the Income Tax Rates given below while filing the Income Tax Return. No Surcharge is applicable in case of Individuals and HUF’s.

It is pertinent to be noted that Budget 2013 introduced Section 87A which provides Income Tax Rebate of Rs. 2000 for all Individuals earning Income less than Rs. 5 Lakh in a Year.

Recommended Read:

• Income Tax Rebate of Rs. 2000 under Section 87A
• Difference between Income Tax Deduction vs Rebate vs Relief

1. For Male Individuals below 60 years of age & HUF

Income Tax Slabs	Income Tax Rates
Where Total Income does not exceed Rs. 2,50,000	NIL
Where the Total Income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000	10% of the Amount by which it exceeds Rs. 2,50,000
Where the Total Income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000	20% of the Amount by which it exceeds Rs. 5,00,000
Where the Total Income exceeds Rs. 10,00,000	30% of the Amount by which it exceeds Rs. 10,00,000

Recommended Read:

• Income Tax Slab Rates for Males since 2001-02
• Capital Gains Tax Rate
• Save Taxes by forming HUF

2. For Female Individuals below 60 years of Age

Income Tax Slabs for Males and Females are the same and are as follows:-

Income Tax Slabs	Income Tax Rates
Where Total Income does not exceed Rs. 2,50,000	NIL
Where the Total Income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000	10% of the Amount by which it exceeds Rs. 2,50,000
Where the Total Income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000	20% of the Amount by which it exceeds Rs. 5,00,000
Where the Total Income exceeds Rs. 10,00,000	30% of the Amount by which it exceeds Rs. 10,00,000

• Recommended Read: Income Tax Slab Rates for Females since 2005-06

3. For all Senior Citizens above 60 years of Age

Income Tax Slabs	Income Tax Rates
Where Total Income does not exceed Rs. 3,00,000	NIL
Where the Total Income exceeds Rs. 3,00,000 but does not exceed Rs. 5,00,000	10% of the Amount by which it exceeds Rs. 3,00,000
Where the Total Income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000	20% of the Amount by which it exceeds Rs. 10,00,000
Where the Total Income exceeds Rs. 10,00,000	30% of the Amount by which it exceeds Rs. 10,00,000

Recommended Read:

• Income Tax Slab Rates for Senior Citizens since 2005-06
• 6 Special Tax benefits for Senior Citizens

4. For all Senior Citizens above 80 Years of Age

Income Tax Slabs	Income Tax Rates
Where Total Income does not exceed Rs. 5,00,000	NIL
Where the Total Income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000	20% of the Amount by which it exceeds Rs. 5,00,000
Where the Total Income exceeds Rs. 10,00,000	30% of the Amount by which it exceeds Rs. 10,00,000

Computation of Age

If an Individual attains the age of 60 years or 80 years during the financial year, his age shall be regarded as 60/80 (as the case may be), for that whole Financial Year.

• Recommended Read: Income Tax Slab Rates for Super Senior Citizens since 2011-12

After the computation of Total Tax Payable computed as per the Income Tax Slabs, the Balance Income Tax payable after the deduction of TDS as shown in Form 16/Form 16A and reflected in Form 26AS shall be payable vide Challan No. 280 in the form of Advance Tax in Installments before the specified Due Dates or else Interest on delay in payment of Income Tax would be liable to be paid.

B. SLABS FOR BUSINESS

The following Income Tax Slab Rates shall be applicable for the Assessment Year 2015-16 & Assessment Year 16-17 i.e Previous Year 2014-15 & Previous Year 15-16 . Education Cess @ 2% and SHEC @1% shall be levied on the Income Tax so computed.

1. For Co-operative Society

Income Tax Slabs	Income Tax Rates
Where the Total Income does not exceed Rs. 10,000	10% of the Income
Where the Total Income exceeds Rs. 10,000 but does not exceed Rs. 20,000	20% of the Amount by which it exceeds Rs. 10,000
Where the Total Income exceeds Rs. 20,000	30% of the Amount by which it exceeds Rs. 20,000

2. For Firms, Local Authority and Domestic Company

Income Tax Slab Rates wont apply in this case and Tax @ 30% flat shall be computed on the Total Income. Surcharge shall not be levied on Income of Firms and Local Authorities but shall be levied on the Total Income Tax of Domestic Companies @ 5% provided that the Total Income of the Domestic Company exceeds Rs. 1 Crore.

 

The following Income Tax Slabs are applicable for the Financial Year 2014-15 i.e. Assessment Year 2015-16 as well as Financial Year 15-16 i.e. Assessment Year 16-17. Education Cess @ 2% and SHEC @ 1% shall be levied on the Tax computed using the Income Tax Rates given below while filing the Income Tax Return. No Surcharge is applicable in case of Individuals and HUF’s.

It is pertinent to be noted that Budget 2013 introduced Section 87A which provides Income Tax Rebate of Rs. 2000 for all Individuals earning Income less than Rs. 5 Lakh in a Year.

Recommended Read:

• Income Tax Rebate of Rs. 2000 under Section 87A
• Difference between Income Tax Deduction vs Rebate vs Relief

1. For Male Individuals below 60 years of age & HUF

Income Tax Slabs	Income Tax Rates
Where Total Income does not exceed Rs. 2,50,000	NIL
Where the Total Income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000	10% of the Amount by which it exceeds Rs. 2,50,000
Where the Total Income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000	20% of the Amount by which it exceeds Rs. 5,00,000
Where the Total Income exceeds Rs. 10,00,000	30% of the Amount by which it exceeds Rs. 10,00,000

Recommended Read:

• Income Tax Slab Rates for Males since 2001-02
• Capital Gains Tax Rate
• Save Taxes by forming HUF

2. For Female Individuals below 60 years of Age

Income Tax Slabs for Males and Females are the same and are as follows:-

Income Tax Slabs	Income Tax Rates
Where Total Income does not exceed Rs. 2,50,000	NIL
Where the Total Income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000	10% of the Amount by which it exceeds Rs. 2,50,000
Where the Total Income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000	20% of the Amount by which it exceeds Rs. 5,00,000
Where the Total Income exceeds Rs. 10,00,000	30% of the Amount by which it exceeds Rs. 10,00,000

• Recommended Read: Income Tax Slab Rates for Females since 2005-06

3. For all Senior Citizens above 60 years of Age

Income Tax Slabs	Income Tax Rates
Where Total Income does not exceed Rs. 3,00,000	NIL
Where the Total Income exceeds Rs. 3,00,000 but does not exceed Rs. 5,00,000	10% of the Amount by which it exceeds Rs. 3,00,000
Where the Total Income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000	20% of the Amount by which it exceeds Rs. 10,00,000
Where the Total Income exceeds Rs. 10,00,000	30% of the Amount by which it exceeds Rs. 10,00,000

Recommended Read:

• Income Tax Slab Rates for Senior Citizens since 2005-06
• 6 Special Tax benefits for Senior Citizens

4. For all Senior Citizens above 80 Years of Age

Income Tax Slabs	Income Tax Rates
Where Total Income does not exceed Rs. 5,00,000	NIL
Where the Total Income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000	20% of the Amount by which it exceeds Rs. 5,00,000
Where the Total Income exceeds Rs. 10,00,000	30% of the Amount by which it exceeds Rs. 10,00,000

Computation of Age

If an Individual attains the age of 60 years or 80 years during the financial year, his age shall be regarded as 60/80 (as the case may be), for that whole Financial Year.

• Recommended Read: Income Tax Slab Rates for Super Senior Citizens since 2011-12

After the computation of Total Tax Payable computed as per the Income Tax Slabs, the Balance Income Tax payable after the deduction of TDS as shown in Form 16/Form 16A and reflected in Form 26AS shall be payable vide Challan No. 280 in the form of Advance Tax in Installments before the specified Due Dates or else Interest on delay in payment of Income Tax would be liable to be paid.

B. SLABS FOR BUSINESS

The following Income Tax Slab Rates shall be applicable for the Assessment Year 2015-16 & Assessment Year 16-17 i.e Previous Year 2014-15 & Previous Year 15-16 . Education Cess @ 2% and SHEC @1% shall be levied on the Income Tax so computed.

1. For Co-operative Society

Income Tax Slabs	Income Tax Rates
Where the Total Income does not exceed Rs. 10,000	10% of the Income
Where the Total Income exceeds Rs. 10,000 but does not exceed Rs. 20,000	20% of the Amount by which it exceeds Rs. 10,000
Where the Total Income exceeds Rs. 20,000	30% of the Amount by which it exceeds Rs. 20,000

2. For Firms, Local Authority and Domestic Company

Income Tax Slab Rates wont apply in this case and Tax @ 30% flat shall be computed on the Total Income. Surcharge shall not be levied on Income of Firms and Local Authorities but shall be levied on the Total Income Tax of Domestic Companies @ 5% provided that the Total Income of the Domestic Company exceeds Rs. 1 Crore.

 

Income Tax Slab Rates for 2014-15 & 2015-16 in India

Budget 2015 Update: Finance Minister Arun Jaitley announced the Budget 2015 on 28th Feb and announced that an individual taxpayer can now claim exemption from Income Tax for Income upto Rs. 4,44,200.

However, he didn’t announce the Slab Rates. A careful read of the Memorandum to the Budget indicates that there is no change in the Slab Rates applicable for 2015-16. The Slab Rates for 2014-15 and 2015-16 are the same.

The Finance Minister very smartly announced that individual taxpayers can claim exemption from Income Tax upto 4,44,200. While announcing this, he had kept into account the various deductions that are allowed to a taxpayer under Section 80C, Section 80D etc. However, there has been no change in the Income Tax Slabs. The applicable Income Tax Slab Rates are detailed below

Income Tax Slab Rates for 2014-15 & 2015-16

The Income Tax Slab Rates for 2014-15 & 2015-16 are the same. The Income Tax Slab Rates are different for different categories of taxpayers.

The Income Tax Slab Rates can be divided in the following categories:-

A.INDIVIDUALS & HUF

1. For Male Individuals below 60 Years of Age and HUF
2. For Female Individuals below 60 Years of Age
3. For all Senior Citizen above 60 years of Age
4. For all Super Senior Citizen above 80 years of Age

B. BUSINESSES

1. Co-operative Society
2. Firms, Local Authority & Domestic Company

Income Tax Slab Rates

A. FOR INDIVIDUALS & HUF

The following Income Tax Slabs are applicable for the Financial Year 2014-15 i.e. Assessment Year 2015-16 as well as Financial Year 15-16 i.e. Assessment Year 16-17. Education Cess @ 2% and SHEC @ 1% shall be levied on the Tax computed using the Income Tax Rates given below while filing the Income Tax Return. No Surcharge is applicable in case of Individuals and HUF’s.

It is pertinent to be noted that Budget 2013 introduced Section 87A which provides Income Tax Rebate of Rs. 2000 for all Individuals earning Income less than Rs. 5 Lakh in a Year.

Recommended Read:

• Income Tax Rebate of Rs. 2000 under Section 87A
• Difference between Income Tax Deduction vs Rebate vs Relief

1. For Male Individuals below 60 years of age & HUF

Income Tax Slabs	Income Tax Rates
Where Total Income does not exceed Rs. 2,50,000	NIL
Where the Total Income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000	10% of the Amount by which it exceeds Rs. 2,50,000
Where the Total Income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000	20% of the Amount by which it exceeds Rs. 5,00,000
Where the Total Income exceeds Rs. 10,00,000	30% of the Amount by which it exceeds Rs. 10,00,000

Recommended Read:

• Income Tax Slab Rates for Males since 2001-02
• Capital Gains Tax Rate
• Save Taxes by forming HUF

2. For Female Individuals below 60 years of Age

Income Tax Slabs for Males and Females are the same and are as follows:-

Income Tax Slabs	Income Tax Rates
Where Total Income does not exceed Rs. 2,50,000	NIL
Where the Total Income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000	10% of the Amount by which it exceeds Rs. 2,50,000
Where the Total Income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000	20% of the Amount by which it exceeds Rs. 5,00,000
Where the Total Income exceeds Rs. 10,00,000	30% of the Amount by which it exceeds Rs. 10,00,000

• Recommended Read: Income Tax Slab Rates for Females since 2005-06

3. For all Senior Citizens above 60 years of Age

Income Tax Slabs	Income Tax Rates
Where Total Income does not exceed Rs. 3,00,000	NIL
Where the Total Income exceeds Rs. 3,00,000 but does not exceed Rs. 5,00,000	10% of the Amount by which it exceeds Rs. 3,00,000
Where the Total Income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000	20% of the Amount by which it exceeds Rs. 10,00,000
Where the Total Income exceeds Rs. 10,00,000	30% of the Amount by which it exceeds Rs. 10,00,000

Recommended Read:

• Income Tax Slab Rates for Senior Citizens since 2005-06
• 6 Special Tax benefits for Senior Citizens

4. For all Senior Citizens above 80 Years of Age

Income Tax Slabs	Income Tax Rates
Where Total Income does not exceed Rs. 5,00,000	NIL
Where the Total Income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000	20% of the Amount by which it exceeds Rs. 5,00,000
Where the Total Income exceeds Rs. 10,00,000	30% of the Amount by which it exceeds Rs. 10,00,000

Computation of Age

If an Individual attains the age of 60 years or 80 years during the financial year, his age shall be regarded as 60/80 (as the case may be), for that whole Financial Year.

• Recommended Read: Income Tax Slab Rates for Super Senior Citizens since 2011-12

After the computation of Total Tax Payable computed as per the Income Tax Slabs, the Balance Income Tax payable after the deduction of TDS as shown in Form 16/Form 16A and reflected in Form 26AS shall be payable vide Challan No. 280 in the form of Advance Tax in Installments before the specified Due Dates or else Interest on delay in payment of Income Tax would be liable to be paid.

B. SLABS FOR BUSINESS

The following Income Tax Slab Rates shall be applicable for the Assessment Year 2015-16 & Assessment Year 16-17 i.e Previous Year 2014-15 & Previous Year 15-16 . Education Cess @ 2% and SHEC @1% shall be levied on the Income Tax so computed.

1. For Co-operative Society

Income Tax Slabs	Income Tax Rates
Where the Total Income does not exceed Rs. 10,000	10% of the Income
Where the Total Income exceeds Rs. 10,000 but does not exceed Rs. 20,000	20% of the Amount by which it exceeds Rs. 10,000
Where the Total Income exceeds Rs. 20,000	30% of the Amount by which it exceeds Rs. 20,000

2. For Firms, Local Authority and Domestic Company

Income Tax Slab Rates wont apply in this case and Tax @ 30% flat shall be computed on the Total Income. Surcharge shall not be levied on Income of Firms and Local Authorities but shall be levied on the Total Income Tax of Domestic Companies @ 5% provided that the Total Income of the Domestic Company exceeds Rs. 1 Crore.

 

ITR Form 5: For Firms, AOP’s, BOI’s

This Income Tax Form can be used by a person being a firm, LLP, AOP, BOI, Artificial Judicial Person, Co-operative Society or a Local Authority.

ITR 5 for AY 2015-16 have not yet been released by the Govt. They would be uploaded on the following links once released by the Govt.

• ITR 5: Download PDF File for Physical Filing in 2015
• ITR 5: Download Java Utility for Online Filing in 2015

Assessee’s whose Total Sales/ Total Turnover/ Gross Receipts exceeds Rs. 1 Crore from Business or Rs. 25 Lakhs from Profession are mandatorily required to get their Tax Audit done under section 44AB by a Chartered Accountant and the due date of submitting the Income Tax Form for Financial Year 2014-15 shall be 30^th September 2015. For all other assessees the due date for submitting the ITR Form is 31^st August 2015. Usually the last date for filing income tax return is 31st July but as the income tax forms for this year have been released late – the due date has been extended to 31st August. (Refer: Official Announcement)

ITR Form 4S: Sugam – Presumptive Income Tax Form

This Income Tax Form (ITR Form 4S) can be used by an Individual or HUF whose Total Income includes

1. Business Income where such Income is computed in accordance with special provisions referred to in Section 44AD and 44AE for the computation of Business Income, or
2. Income from Salary/Pension, or
3. Income from 1 House Property (excl. cases where the loss is brought forward from previous years)
4. Income from Other Sources (excl. Winning from Lottery and Income from Horse Races)

The Income computed above shall be deemed to have been computed after giving full effect to every loss, allowance, depreciation under the Income Tax Act

• ITR 4S: Download PDF File for Physical Filing in 2015
• ITR 4S: Download Excel File for Online Filing in 2015
• ITR 4S: Download Java File for Online Filing in 2015

ITR Form 4: For Individuals earning Income from Proprietorship

This Income Tax Form (ITR Form 4) can be used by any Individuals who is earning Income from any Proprietary Business or Profession.

ITR 4 for AY 2015-16 have not yet been released by the Govt. They would be uploaded on the following links once released by the Govt.

• ITR 4: Download PDF File for Physical Filing in 2015
• ITR 4: Download Java Utility for Online Filing in 2015

ITR 4 also contains Schedule AL for mandatory disclosure of assets of taxpayers with income more than Rs. 25 Lakhs

ITR Form 3: For Individuals and HUF being partners in Firm but not carrying business under Proprietorship

This Income Tax Form (ITR Form 3) can be used by an Individual or a HUF who is a

1. Partner in a Firm

However, ITR Form 3 cannot be used by Individuals who are also earning Income from any Proprietorship Firm. ITR 3 for AY 2015-16 have not yet been released by the Govt. They would be uploaded on the following links once released by the Govt.

• ITR 3: Download PDF File for Physical Filing in 2015
• ITR 3: Download Java Utility for Online Filing in 2015

ITR Form 3 also contains Schedule AL for the mandatory disclosure of all assets of taxpayers with income more than Rs. 25 Lakhs.

ITR Form 2: For Individuals and HUF not having Income from Business or Profession

This Income Tax Form (ITR Form 2) can be used by Individuals or HUF whose Total Income includes:-

1. Income from Salary/Pension, or
2. Income from House Property, or
3. Income from Capital Gains, or
4. Income from Other Sources

This Income Tax Form (ITR Form 2) can be used by all individuals specified above but cannot be used by Individuals earning Income from Business or Profession.

ITR 2 for AY 2015-16 have not yet been released by the Govt. They would be uploaded on the following links once released by the Govt.

• ITR 2: Download PDF File for Physical Filing in 2015
• ITR 2: Download Java Utility for Online Filing in 2015
• ITR 2: Download Excel Utility for Online Filing in 2015

• Recommended Read: All about furnishing ITR Form 2 in 2015