Wednesday, April 8, 2015

Residential Status Of Every Other Person [Section 6(4)]

Residential Status Of Every Other Person [Section 6(4)]

Every Other Person includes Body Of individuals, A Local Authority and an Artificial Juridical Person. They are either ‘Resident’ or “Non-Resident” but they cannot be Not ordinarily resident.
The test to be applied shall be the of control and management. If it is situated wholly outside India, the assessee will be non-resident. If the control and management is wholly or partially situated in India, the status will be that of ‘Resident’.
Ordinary Resident
Not Ordinary Resident
Non-Resident
COMPANY :Every Indian company [i.e. which is incorporated under Indian Law or is is deemed as comapny under any law of the country] is Resident company. In case of any other company, which is incorporated outside India but has its control or management in India during relevant previous year it is also a resi- dent company.
Acompany cannot enjoy this status.
Any company, which is incorporated outside India and has its control or management outside India during relevant previous year is non-resident company. n
IN CASE OF EVERY OTHER PERSON :In case of every other person, which has its control or management wholly in India during relevant previous year is resident.
Any other person cannot enjoy this status.
Any other person, who has its control or management wholly outside India during relevant previous year is non-resident.

Residential Status Of FIRM And AOP Or BOI

Residential Status Of FIRM And AOP Or BOI

1. Ordinary Resident [Section 6(2)]
A Firm, an Association of persons (AOP) or body of individuals (BOl) is said to be resident in every case except where during that year the control and management of its affairs is situated wholly outside India. It means that if A firm, an association of persons (AOP) or body of individuals (BOl) is controlled from India even partially it will be resident assessee.
The control and management of affairs refers to the controlling and directing power, the head and the brain. It means that decision-making power for vital affairs is situated in India. The control and management means de-factocontrol and management and not merely the right to control or manage.
In case of a firm, it is said that the control and management of firm is situated at a place where partners meet to decide the affairs of the firm. If such place is outside India, it will be said that the control and management is outside India.
There may be a situation where all the partners of a firm are resident in India but even then that firm may be non-resident if its full control and management lies outside India.
2. Not Ordinarily Resident
A firm, an Association of Persons (AOP) or body of individuals (BOl) cannot claim the status of Not Ordinarily Resident. All these assessees shall be either resident in India or non-resident in India.
3. Non-Resident [Section 2(30)]
A firm, or association of persons shall be non-resident if the control and management of affairs is situated wholly outside India.
Ordinary Resident
Not Ordinarily Resident
Non-Resident
If control or management of such a firm, an Association of Persons(AOP) or body of individuals (BOI) was wholly or partially in India during the relevant previous year.
A firm, an Association of Persons (AOP) or body of individuals (BOI) cannot claim this status.
If control or management of such a firm, an Association of Persons(AOP) or body of individuals (BOI) was wholly outside India during relevant previous year.

Residential Status Of A Company

Residential Status Of A Company

The residential status of a company is to be determined on the basis of its incorporation or registration. Section 6(3) provides the following tests in this connection.
1. Resident [Section 6(3)]
A company is resident in India if:
(i) it is an India company, or
(ii) during the previous year, control and management of its affairs is situated wholly in India.
2. Not Ordinarily Resident
A company cannot have this status. It can either be resident or non-resident.
3. Non-Resident [Section 2(30)]
A company shall be ‘non-resident’ if it is not resident in India during the relevant accounting year.
It means that, a company whose control and management is situated wholly or partially outside India, will be non-resident company.

Residential Status Of HUF (Hindu Undivided Family)

Residential Status Of HUF (Hindu Undivided Family)

Residential Status of HUF
1. Ordinary Resident [Section 6(2)]
HUF, is said to be resident in every case except where during that year the control and management of its affairs is situated wholly outside India. It means that if a HUF is controlled from India even partially it will be resident assessee.
The control and management of affairs refers to the controlling and directing power, the head and the brain. It means that decision making power for vital affairs is situated in India. The control and management means de-facto control and management and not merely the right to control or manage.
2. Not Ordinarily Resident [Section 6(6)(b)]
It is only HUF besides individual, which can claim the advantageous status of Not Ordinarily Resident. A HUF will be ‘Not Ordinarily Resident’ if :
  1.  its manager (Karta) has not been resident in India in nine out of ten previous years preceding the relevantaccounting year; or
  2. the manager had not, during the seven previous years preceding the relevant previous year been present in India for a period or periods amounting in all to 730 days. [Section 6(6)(b)j.
These two tests have to be applied in case of manager (Karta) of such HUF. In case the Karta has been succeeded by some other man, for computing the presence in India, the length of presence in India of each succeeding Karta will be added.
While determining the residential status of a HUF it should be noted that residential status of co-parceners of a HUF is of immaterial consideration. What is important to note is that from where the business of HUF is being controlled.
Not ordinarily resident status of HUF is linked with the status of its Karta. So if Karta taken as an individual is not ordinarily resident then the status of his HUF shall also be not ordinarily resident.
3. Non-Resident [Section 2(30)]
HUF, shall be non-resident in India if the control and management of affairs is situated wholly outside India.
Ordinary Resident
Not Ordinarily Resident
Non-Resident
If control or management of such HUF was wholly or partially in India during relevant the previous year
This status is allowed only to HUF along with individuals. HUF shall be NOR if its Karta can fulfill any one of the two tests given u/s 6(6) for an individual
If control or management of such HUF was wholly outside India during relevant the previous year.

Residential Status Of An Individual

Residential Status Of An Individual

Residential Status of an Individual
1.       Resident (Ordinary Resident) [Section 6(1)]
To determine the residential status of an individual, section 6(1) prescribes two tests. An individual who fulfils any one of the following two tests is called Resident under the provisions of this Act. These tests are :
(a)        If he is in India during the relevant previous year for a period amounting in all to 182 days or more.
(b)        If he was in India for a period or periods amounting in all to 365 days or more during the four years preceding the relevant previous year and he was in India for a period or periods amounting in all to 60 days or more in that relevant previous year.
Explanation—
(a)        In case of individual being a citizen of India who leaves India in any previous year as a member of the crew of an Indian ship as defined i.n clause (18) of section 3 of the Merchant Shipping Act 1958 (44 of 1958) or for the purposes of employment outside India the provisions of sub clause (b) as given above shall apply in relation to that year as if the words “sixty days” have been Substituted by “182 days “.
(b)        In case of an individual being a citizen of India, or a person of Indian origin within the meaning of explanation to clause (e) of section 115 C, who being outside India, comes on a visit to India in any previous year, the provisions of sub-clause (b) shall apply in relation to that year as if for he words. ‘Sixty days occurring therein the words One hundred and eighty two days had been substituted.’
After fulfilling one of the above two tests, an individual becomes resident of India but to become an ordinary resident of India an individual has to fulfill both the following two conditions :
            (1)        He has been resident of India (fulfilling at least one test given above) in at least 2 previous years out of 10 previous years immediately prior to the previous year in question.
            (2)        He has stayed in India for at least 730 days in 7 previous years immediately preceding the previous year in question.
This means that an individual will not become an ordinary resident of India by simply staying in India for a period of 182 days or more in a previous year. He will become ordinary resident only if. he fulfills one of these two tests and was also fulfilling one of the tests in at least 2 previous years pieceding the relevant previous year and did stay in India for at least 730 days in 7 previous years preceding the relevant previous year.
While calculating number of days for stay in India, day of departure was not included. But now as per decision of Authority for Advance Rulings, both, day of departure from India and day of arrival in India are to be counted as stay in India.
Tests Explained
Test No. 1. Stay in India for 182 days or more  :
If an individual is to become resident of India during any previous year, his/her personal stay in India during that year is a must although the number of days of stay differs in the two tests. It means that if an individual does not stay in India at all in any previous year, he cannot be resident of India in that year. Stay in India means that the individualshould have stayed in Indian territory and anywhere (cities, villages, hills, even Indian territorial waters) for such number of days.
The period of 182 days need not be at a stretch. But physical presence for an aggregate of 182 days in the relevant previous year is enough. The status of resident is not linked with any particular place or town or house.
The onus to prove the number of days of stay in India lies on the assessee. It is for him to prove, if he desires to be taxed as non-resident or not ordinarily resident.
Test No. 2. Presence for 365 days during the four preceding previous years :
A person may be a frequent visitor to India. In his case, the residential status will be determined on the basis of his presence in India for 365 days in four years immediately preceding the relevant previous year. Along with this his presence for 60 days during the relevant previous year is another essential condition to be fulfilled. The purpose, object or reason of visit to and stay in India has nothing to do with the determination of residential status.
For Indian citizen going abroad on a job or as a member of crew of an Indian ship [Explanation (a)]
In case of an Indian citizen :
(a)        Who is going outside India for a job and his contract for such employment outside India has been approvedby the Central Government ; or
(b)       He is a member of crew of an Indian ship ;
test (a) u/s 6(1) remains the same but in test (b) 60 days have been replaced by 182 days.
The practical effect of this explanation is that in case of persons of Indian citizenship going abroad on a job approvedby the Central Government only test (a) is to be applied during the year he is leaving India.
For Indian citizens and persons of Indian origin [Explanation (b)]
For such persons test (a) remains the same but in test (b) words ‘60 days’ have been replaced by 182 days.
The practical effect of this provision is that those persons who are Indian citizens or persons of Indian origin living outside India and when they come to visit India only test (a) of 6 (1) is to be applied.
A person shall be deemed to be of Indian origin if he or either of his parents or any of his grand parents was born in India or undivided India [Section 115 (c) explanation to clause (c)]
2.       Resident But Not Ordinarily Resident
An individual who is resident u/s 6(1) can claim the beneficial status of N.O.R. if he can prove that :
(a) He was non resident in India for 9 previous years out of 10 previous years preceding the relevant previous year.
OR
(b) He was in India for a period or periods aggregating in all to 729 days or less during seven previous years preceding the relevant previous year.
An individual who is Resident u/s 6(1) can be subdivided into two categories :
(a) Ordinary Resident ; or (b) Not ordinarily Resident
Ordinary Resident
Resident But Not Ordinarily Resident
(a) He was in India for a period or periods totaling in all to 182 days or more during relevant previous year.

OR

(b) He was in India for a period or periods totaling in all to 60 days or more during relevant previous year and 365 days or more during four previous years preceding the relevant previous year.

And

Must be resident of India (by fulfilling at least one of two above mentioned tests) in at least 2 out of 10 previous years preceding the relevant previous year.

And

Must have stayed in India for 730 days or more during 7 previous years preceding the relevant previous year.
(a) He was in India for a period or periods totaling in all to 182 days or more during relevant previous year

OR

(b) He was in India for a period or periods totaling in all to 60 days or more during relevant previous. year and 365 days or more during four previous years preceding the relevant previous year.

And

Was non-resident in India in 9 or 10 previous years out of 10 previous years preceding the relevant previous year.


OR

Was in India for less than 730 days during 7 previous years preceding the relevant previous year.

To Summarise :
Ordinary Resident = Satisfying any one of two conditions given u/s 6(1) + Satisfying both the additional conditions of Sec. 6(6)(a)&(b)
Not Ordinarily Resident = Satisfying any one of the two conditions u/s 6(1) + Satisfying none or any one of the additional conditions
3.       Non-resident [Section 2(30)]
Under section 2(30) of the Income-tax Act, 1961 an assessee who does not fulfil any of the two conditions given in section 6(1)(a) or (b) would be regarded as ‘Non-resident’ assessee during the relevant previous year for all purposes of this Act.
Important Points
(i)        Meaning of Stay in India
It means stay any where within Indian geographical territory, i.e., any where in Indian villages, towns, cities, waters or mountains.
(ii)       Stay may be continuous or intermittant
Stay in India for specified days should not necessarily be continous. It means a person is not required to stay 182 days at a stretch as per Sec. 6(1), i.e., a person stays in India in the months of April, May and June and then left India and stayed for 5 months in a foreign country and then came back and stayed in India upto 31st March. In such a case the stay in India will be counted by adding stay in India on each different occasion.
(iii)      Stay need not be at one place
A person must stay within Indian territory and where he stays is not an important cods4deration.
(iv)      Object of stay is not important
It is immaterial whether he stays in India for business purposes or on a personal purposes or visits India as a tourists.
(v)       Calculation of ‘period of stay’ in India
The ‘period of stay’ in India is to be calculated on the basis of actual stay of an individual in India during the relevant previous year. Thus, if a person stays in India for a part of the day (i.e., for certain hours etc. only) then period of stay in India is to be calculated on hourly basis. Thus, a stay of 24 hours will be taken as stay of one day and total hourly stay in India will be converted into days.
However, if detail of hourly stay in India is not available then period of stay in India is to be calculated in days. It is important to note that while calculating the period of stay in India (in days), both the day of departure from India and the day of arrival in India are to be counted as stay in India. [As per the decision of Authority for Advance Rulings—P.No. 7 of 1995).

Introduction and Meaning of Residential Status- under the 'Income Tax Act.'

Introduction and Meaning of Residential Status - Under Income Tax Act.

Tax is levied on total income of assessee. Under the provisions of Income-tax Act, 1961 the total income of each person is based upon his residential status. Section 6 of the Act divides the assessable persons into three categories
  1. Ordinary Resident;          
  2. Resident but Not Ordinarily Resident; and       
  3. Non-Resident.
Residential status is a term coined under Income Tax Act and has nothing to do with nationality or domicile of a person. An Indian, who is a citizen of India can be non-resident for Income-tax purposes, whereas an American who is a citizenof America can be resident of India for Income-tax purposes. Residential status of a person depends upon the territorialconnections of the person with this country, i.e., for how many days he has physically stayed in India.
The residential status of different types of persons is determined differently. Similarly, the residential status of the assessee is to be determined each year with reference to the “previous year”. The residential status of the assessee may change from year to year. What is essential is the status during the previous year and not in the assessment year.
Important Points
1. Residential Status in a previous year.    Residential status is to be determined for each previous year.
It implies that—
            (a)        Residential status of assessment year is not important.
            (b)        A person may be resident in one previous year and a non-resident in India in another previous year, e.g.,Mr. A is resident in India in the previous year 2008-09 and in the very next year he becomes a non-resident in India.
2. Duty of Assessee.             It is assessee’ s duty to place relevent facts, evidence and material before the Income Tax Authorities supporting the determination of Residential status.
3.         Dual Residential Status is possible. A person may be resident of one or more countries in a relevant previous year e.g., Mr. X may be resident of India during previous year 2Ol-14 and he may also be resident/non-resident in England in the same previous year. The emergence of such a situation depends upon the following
            (a)        the existence of the Residential status in countries under considerations
            (b)        the different set of rules having laid down for determination of residential status.
Determination of Residential status of different ‘Persons’
As we know that Income tax is charged on every person. The term ‘Person’ has been defined under section 2(31) includes :
(i)         An individual
(ii)        Hindu Undivided Family
(iii)       Firm
(iv)       Company
(v)        AOP/BOI
(vi)       Local authority
(vii)      Every other artificial juridical person not falling in preceding six sub-classes.
Therefore, it is essential to determine the residential status of above various types of persons and now we shall learn thecalculation of residential status of each type of person.
Types of Residential Status

Income Tax Rates / Tax Slabs (AY-2014-2015 & 2015-2016)

Income Tax Rates / Tax Slabs (AY-2014-2015 & 2015-2016)

(AY-2014-2015 & 2015-2016)

(I)
For Individuals (Males and Females both below the age of 60 years), HUFs, AOPs, BOls
(II)
For Senior Citizens (individuals who is age of 60 years or more but less than 80 years)
(III)
For senior citizens (individuals who is age of 80 years or more).
(IV)
For Partnership Firm
(V)For Companies
(VI)Minimum Alternate Tax [MAT]
(VII)Co-operative Society
(VIII)Wealth Tax Rate
(IX)
Section-wise Other Income Tax Rates Specified In The Income Tax Act.
(I) For Individuals (Males and Females both below the age of 60 years), HUFs, AOPs, BOls
For A.Y. 2014-2015
Income Slab
Rates of income tax
(1)
where the total income does not exceed Rs. 2,00,000
Nil;
(2)
where the total income exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000 10% of the amount by which the total incomeexceeds Rs. 2,00,000;
(3)
where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000Rs. 30,000 plus 20%  of the amount by which the total income exceeds Rs. 5,00,000;
(4)
where the total income exceeds Rs. 10,00,000Ps. 1,30,000 plus 30% of the amount by which the total income exceeds Rs. 10,00,000

Important Note : For F. Y. -2013-2014 (A. Y .2014-2015), Tax Rebate of 2000 for individuals havingtotal income upto 5 Lakh. This credit will not be available to HUF, AOP, BOl, etc
For A.Y. 2015-2016

Income Slab
Rates of income tax -
(1)
where the total income does not exceed Rs. 2,50,000Nil;
(2)
where the total income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,00010% of the amount by which the total incomeexceeds Rs. 2,50,000;
(3)
where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000Rs. 25,000 plus 20% of the amount by which income exceeds Rs. 5,00,000;
(4)
where the total income exceeds Rs. 10,00,000Rs. 1,25,000 plus 30% of the amount by which the total income exceeds Rs. 10,00,000.

(II) For Senior Citizens
(individuals who is age of 60 years or more but less than 80 years).
For A.Y. 2014-2015

Income Slab
Rates of income tax
(1)
where the total income does not exceed As. 2,50,000Nil;
(2)
where the total income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,00010%  of the amount by which the total incomeexceeds Rs. 2,50,000.
(3)
where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000Rs. 25,000 pIus 20% of the amount by which the total income exceeds Rs. 5,00,000.
(4)
where the total income exceeds Rs. 10,00,000As. 1,25,000 pIus 30%  of the amount by which the total income exceeds Rs. 10,00,000.

For A.Y. 2015-2016

Income Slab
Rates of Income Tax
(1)
where the total income does not exceed Rs. 3,00,000Nil
(2)
where the total income exceeds Rs. 3,00,000 but does not exceed Rs. 5,00,00010% of the amount by which the total income exceeds Rs. 3,00,000
(3)
where the total income exceeds Rs. 5,00,000 but does exceed Rs. 10,00,000Rs. 20,000 pIus 20% of the amount by which the total income exceeds Rs. 5,00,000
(4)
where the total income exceeds Rs. 10,00,000Rs. 1,20,000 pIus 30%, of the amount by which thetotal income exceeds As. 10,00,000.
 
(III) For senior citizens (individuals who is age of 80 years or more).
For A.Y. 2014-2015 & A.Y. 2015-2016
Income Slab
Rates of income tax
(1)
where the total income does not exceed Rs. 5,00,000Nil;
(2)
where the total income exceeds Rs. 5,00,001 but does not exceed Rs. 10,00,00020% of the amount by which the total incomeexceeds Rs. 5,00,000;
(3)
where the total income exceeds Rs. 10,00,000Rs. 1,00,000 plus 30% of the amount by which the total income exceeds Rs. 10,00,000.
Notes:— (1)      Surcharge— ForA.Y. 2014-2015 &201 5-2016,10% Surcharge on Individual, HUF, AOP, BOl, if total income exceeds 1 crore.
(2)      Education Cess — 2% of Income-tax.
(3)      Secondary & Higher Education Cess —1% of Income-tax.
Marginal Relief: In the case of person mentioned above having total income exceeding one crore rupees 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
 
(IV) For Partnership Firm
For A.Y. 2014-2015 & A.Y. 2015-2016
Rate of income tax
surcharge
Education Cess
30% on whole of the incomeFor A. Y. 2014-15 & 2015-2016, 10% Surcharge of IT., if total income exceed `  1 Crore2% of incometax and Additional Secondary & Higher Education Cess @1%isalsolevied on all assessees.
Marginal Relief: In the case of firms having total income exceeding `  1 Crore, the total amount payable as income- tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of `  1 Crore rupees by more than the amount of income that exceeds `  1 Crore.
 
(V) For Company
For A.Y. 2014-2015 & A.Y. 2015-2016
Type of Company
Rates of Income-tax
1. A Domestic Company
30%
2. A Foreign Company where income consists of :-
(i)      royalties received from Government or an Indian concern under an agreement made after March31, 1961, but before April 1, 1976, or fees for rendering technical services received from Government or an Indian concern under an agreement made after February 29, 1964, but before April 1, 1976, and where such agreement has, in either case, been approved by the Central Government.
(ii)     where agreement referred above is made between 1.4.1 976 to3l .5.1997.
(iii)    where agreement referred above is made after 31.5.1997.
(iv)    on the balance, if any, of the total income.


50% 




NIL 

NIL 

40%
Surcharge for A.Y. 2014-2015 & A.Y. 2015-2016
Type of assessee
Rate of surcharge
(I) Domestic Company
(i) 5% of Income-tax, if income exceeds 1 crore but does not exceed Rs. 10 crore.
(ii) 10% of Income-tax, if income exceeds 1 0 crore
(ii) Foreign Company
(i) 2% of Income-tax, if income exceeds 1 crore but does not exceed Rs. 10 crore
(ii) 5% of Income-tax, if income exceeds 10 crore.
Education Cess : — 2% of income-tax (including surcharge thereon)
Secondary & Higher Education cess—1 % of income tax (including surcharge thereon).
Marginal Relief: In the case of every company having a total income exceeding Rs. 1 crore & 10 crore, the total amount payable as income tax and surcharge on such income shall not exceed the total amount payable as income tax on a total income of Rs. 1 crore & 10 crore by more than the amount of income that exceeds Rs. 1 crore & 10 crore respectively.
(VI) Minimum Alternate Tax [MAT]
For A.Y. 2014-2015 & A.Y. 2015-2016
Type of assessee
Rate of surcharge
Domestic Company
18.5%
Foreign Company
18.5%
S.C.— If a book profit of a company exceeds Rs. 1 crore then the MAT cannot exceed the following (P.S. -18.5 lakh + Book profit - 1 crore) + EC+SHEC)
 
(VII) Co-operative Society
For AY. 2014-2015 & A.Y. 2015-2016
Income Slab
Rates of income tax
(1)
where the total income does not exceed Rs. 10,000
10% of the total income;
(2)
where the total income exceeds Rs. 10,000 but does not exceed Rs. 20,000
Rs. 1,000 pIus 20% of the amount by which thetotal income exceeds Rs. 10,000;
(3)
where the total income excees Rs. 20,000
Rs. 3,000 pIus 30%  of the amount by which the total income exceeds Rs. 20,000.
Surcharge:— For A. Y. 2014-2015 & 2015-2016, 10% Surcharge on Income Tax, if total income exceeds 1 crore
Education Cess:- 2% of income tax.
Secondary & Higher Education Cess:- 1% of Income-tax.
Marginal Relief: In the case of cooperative society having total income exceeding one crore rupees the total amount payable asincome tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees
 
(VIII) WEALTH TAX:
For A.Y. 2014-2015 & A.Y. 2015-2016
Income Slab
Rates of income tax
(a) an individual or a HUFs:
(i) Where the net wealth does not exceed
Rs. 30,00,000
(ii) Where the net wealth exceeds Rs. 30,00,000


NIL;
1% of the amount by which the netwealth exceeds Rs. 30,00,000.
(b) a company
(i) Where the net wealth does not exceed Rs. 30,00,000
(ii) Where the net wealth exceeds Rs. 30,00,000

NIL;
1% of the amount bywhich the net wealth exceeds Rs. 30,00,000.
 
Section-wise Other Income Tax Rates Specified In TheIncome Tax Act.
SECTIONS
INCOME
RATE OF INCOME TAX for A.Y. 2014-2015 & 2015-2016
111A
Short term Capital Gains from Securitieslisted on a recognised stock exchange
15%
112
Long Term Capital Gains :
- If assessee is a resident individual or H.U.F. [Also see proviso to section 112(1 )(a)]

20%

- If assessee is a non-resident individual
20%
- If assessee is a domestic company
20%
- If assessee is a foreign company
20%
- In any other case of a resident
20%
115A
Tax on dividends, royalty and technical service fees in the case of Foreign companies-
(a)(i)Dividends [other than dividends referred to in section 115-0]; or


20%

(ii)lnterest received from Government concern on moneys borrowed or debts incurred by Government or the Indian concern in foreign currency not being interest of the nature referred to in clause (ha) or (iiaa)

20%


(ha) Interest received from an infrastructure debt fund referred to under section 1 0(47);or      

5%

(iiaa) Interest of the nature and extent referred to in section 1 94LC; or
5%

(ilab) Interest of the nature and extent referred to in section 194LD;or(we.f. 01.4 .2014) 

5%

(iiac) distributedincome being intere st referred to in section 194LBA(2) i.e. for certain income from units of a buiness trust (Inserted by the Finance (No.2)BiII, 2014w.e.f. 01.04.2015)
5%



(iii)lncome received in respect of units, purchased in foreign currency, of a mutual fund specified u/s 1 0(23D) or of the Unit Trust of India.
(b)Income from royalty or fee for technical services other than income referred to in section 44DA(1)from Indian concern or government of India under approved agreement.

20%



(i) the amount of income tax calculated on the income by way of royalty, if any included in the total income [Substituted by theFinance Act, 2013, wet. 01 .04.2014

25%

(ii) the amount of income tax calculated on the income by way of fees for technical services if any included in the total income [Substituted by the Fnance Act, 2013, w.e.f 01.04.2014].

25%
115A
Income of an Overseas Financial Organisation (offshore fund) from units purchased in foreign currency or capital gains there from
10%
115AC
Income of non-resident from bonds or Global Depository Receipts purchased in foreign currenc or capital gains thereof. [Not applicable in case o dividends referred to in section 115-0].
10%
115ACA
115ACA Income of resident employees from Global Depository Receipts purchased in foreign currency
10%
115AD
In case of income of a foreign institutional investor:
  1. ncome from listed securities (other than Sec. 115AB  


20%
  1. From short-term gains of such securities (u/s. 111A)
15%

  1. From long-term capital gains
10%
  1. From securities other than referred u/s 111A
30%

  1. Income by way of interest on certain bonds & Govt. Securities referred in section 194LD, w.e.f. 01 .4.2014.
5%
  1. Other income [not applicable in the case of dividends referred in section 115-0]

20%
115B
Income from life insurance business
12.5%
115BB
On income in respect of winnings from lotteries, cross word puzzles, races and horse races, card games, gambling or betting –
-where assessee is a non-corporate resident



30%
-where assessee is a domestic company 30%
30%
30%
- where assessee is a non-resident 30%

115BBA
On Income of a non - resident foreign sportsman from any game in India, advertisement or winnings or contribution of an article relatin9 to games or sports in India or income of non-resident sports association from guarantee money.
20%
115BBB
Income from units of an open ended equity oriented fund of U.T.I. or a Mutual Fund
10%
115BBC
Anonymous donations received by a person in certain cases. (applicable from A.Y. 2007-2008)
30%
115BBD
Tax on certain dividend received from Foreign Company
15%
115BBE
Income referred to in sections 68, 69, 69A, 69B, 69C & 69D
30%
115E
On Investment income from Foreign Exchange Assets & Long-term Capital gains of non-resident Indians.
[ 10% Long-Term Capital Gains]
115JB
Special provision for payment of tax by certain companies
18.5%
115JC
Alternate minimum tax on non-corporate tax payer
18.5%
115O
On distributed profits of domestic companies
15%
161(1A)
On Income from business when assessee is a trust as per terms of the section.
30%
164
On Income of private discretionary trust where shares of beneficiary are not known.
30%
164A
Income of Oral trusts
30%
167A
Income of a Firm
30%
167B(1)
On Income of A.0.P. or Body of Individuals where shares of members are not known. (Provided if income of any member is chargeable at a higher rate than the higher rate shall be applicable)
30%
167B(2)(i)
Income of A.0.P. or Body of Individuals not cover’d u/s 167B(1) while other income of any member exceeds the thresh hold limit.
30%
167B(2)(ii)
On Income of A.0.P. or Body of Individuals where income of a member is chargeable at a rate higher than the maximum chargeable rate then on that portion of income of the A.0.P. or Body of individuals that relate to such person the tax shall be calculated on such higher rate and on balance of total income.
30%
Notes: (1) Education Cess @2% & Additional Secondary & Higher Education Cess @1% of Income-tax and surcharge thereon shall be levied.
(2) For F. Y. 2013-2014 (A. Y. 2014-2015), 5% Surcharge continue to pay by the domestic company having total income exceeding 1 crore. However, if income exceeds 10 crore, surcharge will be 10% and foreign Co. having total income of above 10 crore will pay surcharge at the higher rate of 5%.
(3) (i) The amount of Income-tax calculated @30% of the aggregate of anonymous donation as exceeds 5% of the total income or Rs. 1,00,000.

(ii) The amount of income-tax with which the assessee would have been chargeable had his total income been reduced by the a9gregate of anonymous donations received in excess of the amount referred above in point (i), as the case may be (w.e.f. 01-04-2015).