Income Tax India, Income Tax Filing, E-filing, Income Tax Slab, PAN Card, Income Tax, Income Tax Rates, Income Tax for Individuals
PERSONAL INCOME TAX RATES
For individuals, HUF, Association of Persons (AOP) and Body of individuals (BOI):
| For the Assessment Year 2009-10 |
| Taxable income Slab (Rs.) | Rate (%) |
| Up to 1,60,000 Up to 1,90,000 (for women) Up to 2,40,000 (for resident individual of 65 years or above) |
NIL |
| 1,60,001 – 3,00,000 | 10 |
| 3,00,001 – 5,00,000 | 20 |
| 5,00,001 upwards | 30* |
Note : -
* Education cess is applicable @ 3 per cent on income tax, inclusive of surcharge if there is any.
* A marginal relief may be provided to ensure that the additional IT payable, including surcharge, on excess of income over Rs 1,000,000 is limited to an amount by which the income is more than this mentioned amount.
* Agricultural income is exempt from income-tax.
Income Tax Rates for Partnership Firms
Assessment Year 2010-11
* Flat rate of tax @ 30% on total income of the firm.
* Surcharge: Nil
* Education Cess: 2% of the amount of income Tax
* Secondary & Higher Education Cess: 1% on the amount of income Tax
Assessment Year 2008-09 and 2009-10
* Flat rate of tax @ 30 % on total income of the firm
* Surcharge: 10% of income tax (after rebate u/s 88E, if any) if net income exceeds Rs. 1 Crore subject to marginal relief in cases where income has marginally exceeded Rs. 1 Crore.
* Education Cess: 2% of the amount of income Tax and surcharge
* Secondary & Higher Education Cess: 1% on the amount of income Tax and surcharge
Income Tax Rates for Companies (For Asst. Year 2008-09 to 2010-11)
In the case of domestic company in which the public are substantially interested.
* 30% **
In the case of domestic company in which the public are not substantially interested.
* 30%**
In the case of foreign company :
Royalty received from an Indian concern in pursuance of an agreement made by it with the Indian concern after March 31, 1961 but before April 1, 1976 or fees for rendering technical services in pursuance of an agreement made by it after February 29, 1964 but before April 1, 1976 and where such agreement has in either case, been approved by Central Government
* 50%**
Other Income
* 40%**
Surcharge (on income tax minus rebate u/s 80E, if any)
In case of Domestic Company :
** For asst. Years 2008-09 to 2010-11 @ 10% of income tax, only if total income exceeds Rs. 1 Crore.
In case of Foreign Company :
** For asst. Year 2008-09 to 2010-11 @ 2.5% of income tax, only if total income exceeds Rs. 1 Crore.
Education Cess : 2% on the amount of income tax and surcharge.
Secondary and Higher Education Cess (w.e.f astt. Year 2008-09)
1% on the amount of income tax and surcharge.
Tax Rates for Co-operative Societies
Asst. year (A.Y) to 2008-09 to A.Y. 2010-11
* Up to Rs. 10,000 – 10%
* Rs. 10,010 to Rs. 20,000 – 20%
* above Rs. 20,000 – 30%
Surcharge :
For asst. year 2006-07 to 2010-11 – NIL
Education Cess : 2%
SHEC – 1%
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