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Rashmin Sanghvi & Associates

Chartered Accountants

220, 2nd Floor, Arun Chambers,
Tardeo Road,
Mumbai - 400 034,
Maharashtra, India.

Tel. Nos.: (+91 22) 2351 1878, 2352 5694.

Fax : (+91 22) 2351 5275.

Email : [email protected]

 
Home Articles Taxation         Share :

Budget 2016 Annexure I

Annexure I

Income-tax rates
 

Person

Income limits

Tax rate
(basic rate; surcharge; cess)

Resident - Individual, HUF, AOP, BOI, Artificial juridical person

Upto Rs. 1 crore

Maximum rate 30.9% (30%; 0%; 3%)

Above Rs. 1 crore

Maximum rate 35.54% (30%; 15%; 3%)

Non-resident - Individual, HUF, AOP, BOI, Artificial juridical person

Upto Rs. 1 crore

Maximum rate 30.9% (30%; 0%; 3%)

Above Rs. 1 crore

Maximum rate 35.54% (30%; 15%; 3%)

Firm and LLP

Upto Rs. 1 crore

30.9%

(30%; 0%; 3%)

Above Rs. 1 crore

34.6%

(30%; 12%; 3%)

Indian company

(Turnover or gross receipts do not exceed Rs. 5 crores in FY 2014-15)

Upto Rs. 1 crore

29.9%

(29%; 0%; 3%)

Above Rs. 1 crore and upto Rs. 10 crores

31.9%

(29%; 7%; 3%)

Above Rs. 10 crores

33.5%

(29%; 12%; 3%)

Indian company

(Turnover or gross receipts exceed Rs. 5 crores in FY 2014-15)

Upto Rs. 1 crore

30.9%

(30%; 0%; 3%)

Above Rs. 1 crore and upto Rs. 10 crores

33.1%

(30%; 7%; 3%)

Above Rs. 10 crores

34.6%

(30%; 12%; 3%)

Foreign company

Upto Rs. 1 crore

41.2%

(40%; 0%; 3%)

Above Rs. 1 crore and upto Rs. 10 crores

42.0%

(40%; 2%; 3%)

Above Rs. 10 crores

43.3%

(40%; 5%; 3%)