Income Tax Rates in India

The following INCOME TAX RATES ARE applicable for the Financial Year ending March 31, 2015 (Financial Year 2014-15)-Assessment Year 2015-16):

Every year the income tax rates are changed and it is important to get the latest income tax rates. We give below the Income Tax Rates and Slabs applicable for the FY 2014-15 or AY 2015-16.  

Income Range	General (non-senior citizens) Category	Women (Below 60 years of age) (This category is abolished from this year and is thus is same as that of  General Category	Senior Citizens (Men and Women above 60 years of age), but below 80 years	Very Senior Citizens (Men and Women above 80 years of age)
Upto Rs. 2,50,000	Nil	Nil	Nil	Nil
Rs. 2,50,001 to Rs. 3,00,000	10% *	10% *	Nil	Nil
Rs. 3,00,001 to Rs. 5,00,000	10% *	10% *	10% *	Nil
Rs. 5,00,001 to Rs. 10,00,000	20%	20%	20%	20%
Above Rs. 10,00,000	30% **	30% **	30% **	30%**

* A tax rebate of Rs 2,000 from tax calculated will be available for people having an annual income upto Rs 5 lakh.   However, this benefit of Rs2,000 tax credit will not be available if you cross the income range of Rs 5 lakh.  Thus we can say that tax payable in 10% slab will be maximum Rs23,000 (taking into account Rs 2000 tax credit), but for people who fall in income range of Rs5 lakh and above, the tax will be Rs25,000 + 20% tax on income above Rs 5 lakh;

The education cess to continue at 3 percent.

The Corporate Tax Rate in India stands at 34 percent. Corporate Tax Rate in India averaged 33.61 percent from 2006 until 2014, reaching an all time high of 34 percent in 2014 and a record low of 32.44 percent in 2011. Corporate Tax Rate in India is reported by the Ministry of Finance, Government of India.

     

In India, the Corporate Income tax rate is a tax collected from companies. Its amount is based on the net income companies obtain while exercising their business activity, normally during one business year. The benchmark we use refers to the highest rate for Corporate Income. Revenues from the Corporate Tax Rate are an important source of income for the government of India. This page provides - India Corporate Tax Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Content for - India Corporate Tax Rate - was last refreshed on Thursday, February 12, 2015.

India Taxes		Last	Previous	Highest	Lowest	Unit
Corporate Tax Rate		34.00	33.99	38.95	32.44	percent	[+]
Personal Income Tax Rate		33.99	33.99	33.99	30.00	percent	[+]
Sales Tax Rate		12.36	12.36	12.50	12.36	percent	[+]
Social Security Rate		24.00	24.00	24.00	24.00	percent	[+]
Social Security Rate For Companies		12.00	12.00	12.00	12.00	percent	[+]
Social Security Rate For Employees		12.00	12.00	12.00	12.00	percent	[+]

		Corporate Tax Rate	Reference	Previous	Highest	Lowest	Unit
Australia		30.00	Jan/14	30.00	49.00	30.00	percent	[+]
Brazil		34.00	Jan/14	34.00	37.00	25.00	percent	[+]
Canada		26.00	Jan/14	26.10	50.90	26.00	percent	[+]
China		25.00	Jan/14	25.00	33.00	25.00	percent	[+]
France		33.30	Jan/14	33.30	50.00	33.30	percent	[+]
Germany		29.60	Jan/14	29.60	56.80	29.40	percent	[+]
India		34.00	Jan/14	33.99	38.95	32.44	percent	[+]
Indonesia		25.00	Jan/14	25.00	39.00	25.00	percent	[+]
Italy		31.40	Jan/14	31.40	53.20	31.40	percent	[+]
Japan		33.11	Apr/15	35.62	52.40	33.11	percent	[+]
Mexico		30.00	Jan/14	30.00	42.00	28.00	percent	[+]
Netherlands		25.00	Jan/14	25.00	48.00	25.00	percent	[+]
Russia		20.00	Jan/14	20.00	43.00	20.00	percent	[+]
South Korea		24.20	Jan/14	24.20	30.80	22.00	percent	[+]
Spain		30.00	Jan/14	30.00	35.00	30.00	percent	[+]