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RATES
OF INCOME TAX |
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The rates of personal income-tax or corporate
income-tax for the assessment year 2008-09 are as under: -
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1.
For woman, resident in India and below the age of
65 years at any time during the previous year. |
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Upto Rs. 1,45,000 |
Nil |
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Rs. 1,45,001 to Rs. 1,50,000 |
10% |
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Rs. 1,50,001 to Rs. 2,50,000 |
20% |
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Above Rs. 2,50,000 |
30% |
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2.
For an individual (man or woman), resident in
India who is of the age of 65 years or more at
any time during the previous year. |
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Upto Rs. 1,95,000 |
Nil |
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Rs. 1,95,001 to Rs. 2,50,000 |
20% |
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Above Rs. 2,50,000 |
30% |
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3.
Individuals, [other than those mentioned above, HUF, AOP/BOI
(other than co-operative societies). |
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Upto Rs. 1,10,000 |
Nil |
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Rs. 1,10,001 toRs. 1,50,000 |
10% |
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Rs. 1,50,001 to Rs. 2,50,000 |
20% |
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Above Rs. 2,50,000 |
30% |
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Surcharge:
The amount of income-tax
computed in accordance with the above provisions or in
section 111A or
section 112 shall, in the case of every individual or
Hindu undivided family or association of
persons or body of
individuals having a total income exceeding Rs.
10,00,000, be reduced by the amount of
rebate (if any) of
income-tax calculated under Chapter VIIIA, and the
income-tax as so reduced, be increased by a
surcharge for purposes of the Union calculated at the
rate of 10% of such income-tax.
Hence, no
surcharge is to be levied if the total income does not
exceed Rs. 10,00,000.
Education
Cess:
Education Cess at the rate of 2% on income-tax and
surcharge continues to be
levied in the proposed
rate structure.
Higher Secondary Education Cess(HSEC): HSEC at the rate of 1% on income tax and surcharge continues to be
levied in the proposed rate structure
In case of Firms or
Companies the rate of tax is 30%.
Education Cess of 2% and HSEC of 1% is
also leviable on the income tax calculated.
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