Individuals and HUFs
Income Level | Income Tax Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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i. | Where the total income does not exceed Rs.1,50,000/-. | NIL | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ii. | Where the total income exceeds Rs.1,50,000/- but does not exceed Rs.3,00,000/-. | 10% of amount by which the total income exceeds Rs. 1,50,000/- | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
iii. | Where the total income exceeds Rs.3,00,000/- but does not exceed Rs.5,00,000/-. | Rs. 15,000/- + 20% of the amount by which the total income exceeds Rs.3,00,000/-. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
iv. | Where the total income exceeds Rs.5,00,000/-. | Rs. 55,000/- + 30% of the amount by which the total income exceeds Rs.5,00,000/-. II. In case of individual being a woman resident in India and below the age of 65 years at any time during the previous year:-
The tax and surcharge, if any, are to be further enhanced by education cess levied @ 3% from A. Y. 2008-09 onwards. B. Association of Persons (AOP) and Body of Individuals (BOI)i. Income-tax:
iii. Education Cess: 3% of the total of Income-tax and Surcharge. C. Co-operative Societyi. Income-tax:
iii. Education Cess: 3% of the Income-tax. D. Firmi. Income-tax: 30% of total income. ii. Surcharge: The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge at the rate of 10% of such income tax, provided that the total income exceeds Rs. 1 crore. iii. Education Cess: 3% of the total of Income-tax and Surcharge. E. Local Authorityi. Income-tax: 30% of total income. ii. Surcharge: Nil iii. Education Cess: 3% of Income-tax. F. Domestic Companyi. Income-tax: 30% of total income. ii. Surcharge: The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge at the rate of 10% of such income tax, provided that the total income exceeds Rs. 1 crore. iii. Education Cess: 3% of the total of Income-tax and Surcharge. G. Company other than a Domestic Companyi. Income-tax:
iii. Education Cess: 3% of the total of Income-tax and Surcharge. |
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