1,300 at a rate of 2% of the tax payable, i.e. From 15 November 2015 to 31 May 2016. On analysis of Budget 2014 and Interpretation of section 87A, it is concluded that Rebate u/s 87A upto Rs 2000/- will be allowed for AY 2015-16 for resident individuals having Total Income up to Rs. If total income other than LTCG is less than zero slab,LTCG over the zero slab only attracts tax at 20%. Service Tax Rates have changed from time to time as shown below. Education cess @ 2% and Secondary and Higher Education Cess @ 1% applicable on tax inclusive of surcharge. Interest 1.5% per month for non-deposit of TDS after TDS deduction. The amount of Income-tax shall be further increased by Education Cess of 3% on Income-tax. Add: Surcharge and Education Cess [see Note] Note: Assessment Year 2016-17 a) Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees. Click here to Download Income tax Calculator for F.Y. TDS rate chart for fy 2015-16 ( ay 2015-16): ***Surcharge, education cess and higher education cess shall be added to the TDS rate while paying to non resident. 12.36%. Section 194DA. Thus for AY 2015-16, till the time full budget is passed, Tax Deducted at Source (TDS) liability would be computed as per these rates. Businesses:For the second category of taxpayers, namely business entities, the following tax rates and slabs are applicable. Local Authority Earlier, the education cess applicable was 3%, however, while presenting the Budget 2018-19, Finance Minister Arun Jaitley announced Customs Act, 1962; Central Excise Act, 1944; Finance Act, 1994; CGST, IGST, UGST Acts, 2017; Businesses:For the second category of taxpayers, namely business entities, the following tax rates and slabs are applicable. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income Domestic Company. Secondary and Higher Education Cess: Rs. Due date to Deposit TDS and TCS. Rate of Service Tax. Education Cess : 3% of the total of Income Tax and Surcharge. 20,000. The amount of Income-tax shall be further increased by Education Cess of 3% on Income-tax. Applicable for AY 2015-16 & 2016-17. Period. Surcharge of 12 % is applicable if total income exceeds 10 crores. Income Tax Slab for FY 2016-17 (AY 2017-18) for Individuals (Men & Women), HUFs, Senior Citizens, Partnership Firm, Domestic Company and Capital Gains Budget 2015 has made No change in the income tax slab. 2.3. 1. 20%. 10%. 3,00,000/- NIL: Total Income Exceeds Rs. Education Cess is 2% on income-tax and surcharge. Assessment Year 2015-16 and 2016-17 Income Tax Slab Rates For Individuals, HUF, Co-Operative Societies, AOP, BOI, Domestic Companies, Foreign Companies, Firms/ LLP/ Local Authority; Applicability of Surcharge AND Education Cess You will received TDS default notice from TDSCPC if case you do not correct your mistake. Super-rich individuals with an annual taxable income of over 1 crore have to pay surcharge of 15 per cent. 2014 2015: 1024: 2015-2016: 1081 [Login Required] Acts and Rules. (Marginal Relief in Surcharge, if applicable) Education Cess : 3% of the total of Income Tax and Surcharge. Payment under life insurance policy (including Bonus) At the time of payment when the amount or the total amount during the whole year exceeds Rs. vi) 3% Education Cess, Secondary & Higher Education Cess will be applicable on income tax & surcharge vi) 3% Education Cess, Secondary & Higher Education Cess will be applicable on income tax & surcharge 2. Above INR 10,00,000. From INR 5,00,000 to INR 10,00,000. Surcharge of 7% is applicable if total income exceeds 1 crore. Income Tax slab rate for FY 2014-15 & AY 2015-16. Educational cess is levied as 2% and SHEC (secondary and higher secondary education cess) is levied at 1%. Surcharge on Income Tax: 10% of the Income Tax payable, in case the total taxable income exceeds Rs.10,000,000. 2. 1,00,000/-. For financial year 2014-2015, additional surcharge called the Education Cess on income-tax and Secondary and Higher Education Cess on income-tax shall continue to be levied at the rate of two per cent and one per cent respectively, on the amount of tax computed, inclusive of surcharge (wherever applicable), in all cases. The revised rate shall come into effect from a date to be notified. You can calculate your 2015 take home pay based of your 2015 gross income, Education Tax, NIS and income tax for 2015/16. The view of the ITO is not correct. Surchage is 10% if income exceeds 1 crore, Education Cess 3%, Interest 1% per month for non deduction of TDS. Many of you already know the budget implications on your finance. 30%. Deduct the TDS as per chart and deposit within due date. Minor changes has been made in TDS rates for FY 2015-16 by Finance Minister in Budget .All these changes are effective from 01.06.2015. 87A. 2014 2015: 1024: 2015-2016: 1081 [Login Required] Acts and Rules. From INR 2,50,000 to INR 5,00,000. This is subjected to marginal relief. (a) Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 10% of such tax, where total income exceeds one crore rupees. 2.50 lakh. 1 crore. Education Cess: 3% of Income Tax plus Surcharge. respectively, on the amount of tax computed, inclusive of surcharge (wherever applicable), in all cases. In case of resident individual and HUF, where tax liability arises only because of the inclusion of long term capital gains, tax to be levied at 20% or 10% as the case may be, on the excess over the minimum exemption limit. 2.50 lakh and not exceeding Rs. Till 31 May 2015. 2%. 2) Education cess at 3%. Replied 07 April 2015. Education cess will apply 3% on the Income tax & Surcharge will apply for all. 1.50 lakhs and additional deduction of Rs.50,000 towards investment in NPS under 80CCD (1b). Above INR 10,00,000. This is subjected to marginal relief. 14%. Firm. Therefore, the process of electronically filing your Income tax returns is known as e-filing of returns.We can know more about ONLINE Education Cess is 2% on income-tax and surcharge. Secondary and higher education cess is 1% of income-tax and surcharge. Surcharge of 12% on Income-tax where taxable income exceeds Rs.1 crore however margin relief in surcharge is available , if applicable. Also, the surcharge on the domestic company and foreign company would be the same as in FY 2012-13 and Education Cess on income-tax and Secondary and Higher Education Cess on income-tax shall continue to be levied at the rate of 2% and 1% respectively. TDS on Insurance Commission. From INR 5,00,000 to INR 10,00,000. 5,00,000: Section 194D. 650 at a rate of 1% of the tax payable. 2016-17 whose total income exceeds 1 crore. TDS on Insurance Commission. The Education Cess and Secondary and Higher Education Cess shall be subsumed in the new service tax rate. Suggested Read: Income tax Slab/rates for the FY year 2022-23 and AS 2023-24 From INR 2,50,000 to INR 5,00,000. 2% of (Income Tax + Surcharge, if any) 2. Income-tax slab rates for Individual for FY 2014-15 / AY 2015-16; Income-tax slab rate for individuals/HUF F.Y. Educational cess is levied as 2% and SHEC (secondary and higher secondary education cess) is levied at 1%. 20%. However, there are few changes to this budget when it comes to tax slabs. 1,00,00,000. This means that the total education cess that will be payable will be Rs. and one per cent. Section 194DA. Download TDS -TCS rates financial year 2014-15 and above details in PDF format. 2016-17 whose total income exceeds 1 crore. 10%. Note: The above rates were proposed in the Vote On Account presented by the UPA government pending Lok Sabha elections and were valid till 30th June 2014. Secondary and Higher Education Cess is applicable 1% on income tax. 65,000. Along with that 2% Education Cess and 1% (SHEC) Secondary and Higher Education Cess will continue. 14.5%. Therefore, I thought to update the Tax Slab Rates for FY 2015-16 (AY 2016-17) considering the Budget 2015. Payment under life insurance policy (including Bonus) At the time of payment when the amount or the total amount during the whole year exceeds Rs. Section 194D. Surcharge of 7% is applicable if total income exceeds 1 crore. Complete Notification is Given Below. Add: Surcharge and Education Cess [see Note] Note: Assessment Year 2016-17 a) Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees. EDUCATION CESS ON INCOME TAX. I have presented here latest TDS rate chart for FY 2015-16 (AY 2016-17) covering amedment in budget 2015. For financial year 2015-2016, additional surcharge called the Education Cess on income-tax and Secondary and Higher Education Cess on income-tax shall continue to be levied at the rate of two per cent. Education Cess. (read more about due date of Income Tax return)Only few days are left now.Many of you are working on filing of your income tax return on time and arranging all the required records.While preparing for return filing some 2016-17 Prepared by Benny Thadathil ALSO READ Hence this provision continues for AY 2015-16 as well. 2%. Education Cess: 3% of Income Tax plus Surcharge Domestic Company. Education Cess is 2% on income-tax and surcharge. D. Local Authority Income Tax 30% Surcharge of 12% on Income-tax where taxable income exceeds Rs.1 crore however margin relief in surcharge is available , if applicable. 1. (Section 80G): 2% on (Income Tax + Surcharge if any) Secondary and higher education cess. Education cess is an additional tax levied on the basic tax liability with the intention to support the government initiatives to finance basic education for children. Domestic Companys Income Tax rate is 30 %; 3% education cess is applicable to domestic company. Section 40 (a) (ii) Recently a case has come to the notice of the Board where the ITO has disallowed the cess paid by the assessee on the ground that there has been no material change in the provisions of Section 10 (4) of the old Act and Section 40 (a) (ii) of the new Act. In Budget 2016, this limit was Cost Inflation is required to calculate Long term capital gain under Income Tax Act. 3% of the total of Income Tax and Surcharge Senior Citizen Individuals age above 60 years but below 80 Years during the previous year Rate of Income Tax F.Y. Higher Secondary Education Cess. Suggested Read: Income tax Slab/rates for the FY year 2022-23 and AS 2023-24 Assessment Year 2015-16 and 2016-17 Income Tax Slab Rates For Individuals, HUF, Co-Operative Societies, AOP, BOI, Domestic Companies, Foreign Companies, Firms/ LLP/ Local Authority; Applicability of Surcharge AND Education Cess Time and mode of payment to Government account of tax deducted at source or tax paid under sub section (1A) of section 192. 10%. Below is the chart about Capital Gain Tax for FY 2015-16 (AY 2016-17) Tax effect on Dividend received by holders Chapter VI A Deductions for FY 2015-16 (AY 2016-17) for Individuals Section Eligible Assessee Particulars Remarks 80C Individual / HUF Sums paid or deposited in PY: - Employee Provident Education Cess. Education Cess: 3% of Income Tax plus Surcharge Tax effect on Dividend received by holders-Equity oriented-NIL and Debt oriented-Nil. CBDT has notified the Cost Inflation Index (CII) for Financial Year 2015-16. Surcharge shall not exceed the amount of income that exceeds Rs.10,000,000. 1,00,000/-. Update :Income Tax department has extend the due date for filing income tax return and tax audit report all over India from 30.09.2015 to 31.10.2015.Notification will soon be notified. Download the ITR Forms for Financial Year 2015-16 (Assessment Year 2016-17).. What is e-Filing of Returns? 2015-16 A.Y. Income tax for Foreign Company. 5.5.10 Deductions on respect of donations to certain funds, charitable institutions, etc. Earlier, the education cess applicable was 3%, however, while presenting the Budget 2018-19, Finance Minister Arun Jaitley announced replacing it with a 4% health and education cess. Income Tax Slab Rates for FY 2015-16 (AY 2016-17) are as under : A) Individuals born on or after 1st April, 1956 (Age less than 60 years): Taxable Income: Percentage: Education Cess: 2% education Cess and 1% higher education Cess is Exclusive of surcharge @ 10% for A.Y. Surcharge : 10% of the Income Tax, where taxable income is more than Rs. Income Tax Slab Rates for FY 2015-16 (AY 2016-17) are as under : A) Individuals born on or after 1st April, 1956 (Age less than 60 years): Taxable Income: Percentage: Education Cess: 2% education Cess and 1% higher education Cess is The education cess on income-tax @ 2% for fulfillment of the commitment of the Government to provide and finance universalized quality based education and 1% of additional surcharge called Secondary and Higher Education Cess on tax and surcharge is proposed to be continued for the financial year 2015-16 for all taxpayers. 30%. Income Tax Structure for Salaried Employees for the Year 2015-16- Full exemption from Income Tax is available up to Rs. For financial year 2014-2015, additional surcharge called the Education Cess on income-tax and Secondary and Higher Education Cess on income-tax shall continue to be levied at the rate of two per cent and one per cent respectively, on the amount of tax computed, inclusive of surcharge (wherever applicable), in all cases. Securities Transaction Tax (STT) Rates for Financial Year 2015-16 Bare reading of section 87A is as follows: Rebate on educational expenses in certain cases. 20,000. Tax Calculator : AY 2015-16Income Tax : 30% of taxable income. 1 Education Cess on Income tax: of above loan the interest claimed during AY 2014-15 is less than Rs. From 1 June 2015 to 14 Nov 2015. Secondary and higher education cess is 1% of income-tax and surcharge. Requirement for obtaining evidence/ particulars by employer for TDSSection 192 :Earlier employer may collect such evidence which he deems fit to allow deduction or set off of house property income from salary income to Hence this provision continues for AY 2015-16 as well. Section 80C gives deduction for various savings schemes upto Rs. Domestic Companys Income Tax rate is 30 %; 3% education cess is applicable to domestic company. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income Surcharge of 12 % is applicable if total income exceeds 10 crores. Surcharge on Income Tax: 10% of the Income Tax payable, in case the total taxable income exceeds Rs.10,000,000. Ans. Education Cess is applicable at the rate of 2%. Income tax for Foreign Company. Income-tax slab rates for Individual for FY 2014-15 / AY 2015-16; Income-tax slab rate for individuals/HUF F.Y. Due date to file Income tax return for Financial year 2014-15 assessment year 2015-16 for cases where audit is not required is 31.08.2015 . 1% of (Income Tax + Surcharge, if any) income tax, income tax return, tax filing, income tax slab, tax rate, tax slab, ay 2015-16, fy 2014-15 This article explains about the various income tax, surcharge and education cess applicable to an Indivudal of different age for the financial year 2014-15 or assessment year 2015-16. Here is a primer on income tax slab rates for AY 2016-17 (FY 2015-16). About the 2015 Tax Calculator. 1,00,000/- then the balance amount is allowed in AY 2015-16. 500000/-. Surcharge has been increased from 10% to 12% where the adjusted total income exceeds Rs. Surcharge shall not exceed the amount of income that exceeds Rs.10,000,000. 2015-16; Income-tax slab rates for Individual for FY 2016-17 / AY 2017-18 Ankur February 09, 2018 04:06 Education Cess and Secondary and Higher Education Cess on Also, the surcharge on the domestic company and foreign company would be the same as in FY 2012-13 and Education Cess on income-tax and Secondary and Higher Education Cess on income-tax shall continue to be levied at the rate of 2% and 1% respectively. 10%. Income Tax Department has introduced a convenient way to file the return of income by the taxpayers using the internet. The education cess on income-tax @ 2% for fulfillment of the commitment of the Government to provide and finance universalized quality based education and 1% of additional surcharge called Secondary and Higher Education Cess on tax and surcharge is proposed to be continued for the financial year 2015-16 for all taxpayers. For the Income in excess of Rs. Tax liability on LTCG to be taken at 20%. IMPORTANT: Education Cess. A surcharge of 12% of income tax will be applicable on the taxpayers with income above INR 1 Cr. 5 lakh will be chargeable to Income Tax at the rate of 20% However it has increased the surcharge from 12% to 15% applicable for income above Rs 1 crore. Rule :30. Exclusive of surcharge @ 10% for A.Y. A surcharge of 12% of income tax will be applicable on the taxpayers with income above INR 1 Cr. Income Tax exceeding Rs. Education cess forms an integral component of the taxation system. NEW TDS RATES FOR FY 2015-16 AY 2016-17 AVAILABLE HERE. Customs Act, 1962; Central Excise Act, 1944; Finance Act, 1994; CGST, IGST, UGST Acts, 2017; 3,00,000 but does not exceed Rs. EDUCATION CESS ON INCOME TAX. On this tax he will pay education cess of: Primary Education Cess: Rs. 2015-16 and @ 12% for A.Y. Rs. All the data listed above is for the FY 2014-15 and AY 2015-16. For the Assessment Year 2014-15 and 2015-16, a local authority is taxable at 30%. 10%. New Tax slabs for FY 2014-15 (AY 2015-16) BasuNivesh July 10, 2014 Share This Post Note-1) In all above cases if income exceeds Rs.1 Cr, surcharge of 10% of income tax is applicable. Higher Secondary Education Cess. All the data listed above is for the FY 2014-15 and AY 2015-16. Penalty on Late filing of Income Tax return ay 2015-16 and Fy 2014-15. 5 lakh Employees will have to pay income tax at the rate of 10%. The Indian 2015 Tax Calculator is updated for the 2015/16 assessment year. 2015-16; Income-tax slab rates for Individual for FY 2015-16 (AY 2016-17) tax2 March 08, 2018 11:27 F. Education Cess and Secondary and Higher Education Cess on Income-tax: Along with that 2% Education Cess and 1% (SHEC) Secondary and Higher Education Cess will continue. 2015-16 and @ 12% for A.Y. Income Tax slab rate for FY 2014-15 & AY 2015-16. 2015-16: The total income is less than Rs. 10%.
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