Rates of income-tax2015-16


Rates of income-tax2015-16

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Rates of income-tax in respect of income liable to tax for the assessment year 2015-2016

Rates of income-tax in respect of income liable to tax for the assessment year 2015-2016.

 
In respect of income of all categories of assessees liable to tax for the assessment year 2015-2016, the rates of incometax
have been specified in Part I of the First Schedule to the Bill. These are the same as those laid down in Part III of the First
Schedule to the Finance (No.2) Act, 2014, for the purposes of computation of “advance tax”, deduction of tax at source from
“Salaries” and charging of tax payable in certain cases.

(1) Surcharge on income-tax—
 
Surcharge shall be levied in respect of income liable to tax for the assessment year 2015-2016, in the following cases:—
 

(a) In the case of every individual 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, 1961 (hereinafter referred to as ‘the Act’), cooperative societies, firms or           local authorities, the amount of income-tax shall be increased by a surcharge for the purposes of the Union at the rate of ten percent. of such income-tax in case of a person having a total income exceeding one crore rupees.

 
However, marginal relief shall be allowed in all these cases to ensure that 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.
 
Also, in the case of persons mentioned in (a) above having total income chargeable to tax under section 115JC of the Income-tax Act and where such income exceeds one crore rupees, surcharge at the rate mentioned above shall be levied and marginal relief shall also be provided.
 
(b) In the case of a domestic company-
 
(i) Having total income exceeding one crore rupees but not exceeding ten crore rupees, the amount of income-tax computed shall be increased by a surcharge for the purposes of the Union calculated at the rate of five percent of such income tax;
 
(ii) Having total income exceeding ten crore rupees, the amount of income-tax computed shall be increased by a
surcharge for the purposes of the Union calculated at the rate of ten per cent. of such income-tax.
 
(c) In the case of a company, other than a domestic company,-
 
(i) Having total income exceeding one crore rupees but not exceeding ten crore rupees, the amount of income-tax computed shall be increased by a surcharge for the purposes of the Union calculated at the rate of two per cent of such income tax;
 
(ii) Having total income exceeding ten crore rupees, the amount of income-tax computed shall be increased by a
surcharge for the purposes of the Union calculated at the rate of five per cent. of such income tax.
 
However, marginal relief shall be allowed in all these cases to ensure that the total amount payable as income-tax and surcharge on total income exceeding one crore rupees but not exceeding ten 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.
 
The total amount payable as income-tax and surcharge on total income exceeding ten crore rupees, shall not exceed the total amount payable as income-tax and surcharge on a total income of ten crore rupees, by more
than the amount of income that exceeds ten crore rupees.
 
Also, in the case of every company having total income chargeable to tax under section 115JB of the Act and where such income exceeds one crore rupees but does not exceed ten crore rupees, or exceeds ten crore rupees, as the case may be, surcharge at the rates mentioned above shall be levied and marginal relief shall also be provided.
 
(d) In other cases (including sections 115-O, 115QA, 115R or 115TA), the surcharge shall be levied at the rate of ten percent.
 
 
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