Rates of income-tax in respect of income liable to tax for the Financial year 2015-2016 / Assessment Year 2016-2017
There is no change in the basic tax rate and exemption limit for Individual, Hindu Undivided Family, Association of Person, Body Of Individuals and Artificial Juridical Person in Assessment Year 2016-17 in Comparison to A.Y. 2015-16.
Further There is no change in basic tax rate of Co-operative Society, Firms, Local Authorities and Companies. However, it is proposed to reduce the basic tax rate in the case of Companies from 30% to 25% over the next four years, starting from next financial year i.e. FY 2016-17.
There is change in Surcharge which is as under :
| Person | Present Surcharge Rate | Proposed Surcharge Rate |
| Other than Company – | ||
| – Having Total Income exceeding Rs. 1 crore | 10% | 12% |
| Domestic Company‑ | ||
| – Having Total Income exceeding Rs. 1 crore but less than Rs. 10 crore | 5% | 7% |
| – Having Total Income exceeding Rs. 10 crore | 10% | 12% |
| Foreign Company‑ | ||
| – Having Total Income exceeding Rs. 1 crore but less than Rs. 10 crore | 2% | 2% |
| – Having Total Income exceeding Rs. 10 crore | 5% | 5% |
There is no change in the rate of Education Cess and Secondary & Higher Education Cess on Income Tax and accordingly rate of 2% and 1% respectively on the amount of tax computed inclusive of surcharge, wherever applicable would be applied in all cases.
- See more at: http://taxguru.in/income-tax/income-tax-slab-financial-year-201516.html#sthash.5D0WmRwW.dpuf
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