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Author Topic: Income Tax Rates Financial Year 2007-2008 (Assessment Year 2008-2009)  (Read 36161 times)
MyTaxes_Expert
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« on: May 02, 2008, 09:32:50 AM »

The individual income tax has three slabs. No income tax is applicable on all income up to Rs. 1,10,000 per year. (Rs. 1,45,000 for resident women and Rs. 1,95,000 for resident senior citizens)

I. For Individuals, HUF, AOP and BOI
1. From 1,10,001 to 1,50,000 : 10% of amount greater than Rs. 110,000.
2. From 1,50,001 to 2,50,000 : 20% of amount greater than Rs. 1,50,000 plus Rs. 4000.
3. Above 2,50,000 : 30% of amount greater than Rs. 2,50,000 plus Rs. 24,000.

II. For Resident Women
1. From 1,45,001 to 1,50,000 : 10% of amount greater than Rs. 1,45,000.
2. From 1,50,001 to 2,50,000 : 20% of amount greater than Rs. 1,50,000 plus Rs. 500.
3. Above 2,50,000 : 30% of amount greater than Rs. 2,50,000 plus Rs. 20,500.

III. For Resident Senior Citizen
1. From 1,95,001 to 2,50,000 : 20% of amount greater than Rs. 1,95,000.
2. Above 2,50,000 : 30% of amount greater than Rs. 2,50,000 plus Rs. 11,000.

Education Cess
The total tax amount (including surcharage) is subject to an education cess at 3%.

Surcharge
A 10% surcharge (tax on tax) is applicable if the net income (after all the non-taxable allowances and deductions) is above Rs. 10 lakh. This surcharge is subject to marginal relief. The net income tax and surcharge shall not exceed the total amount payable as on income tax on income of Rs. 10,00,000 by more than the amount of total income that exceeds Rs. 10,00,000.

Statutory Obligation to file return (Section 139(1)).
Every individual has to furnish the return of income if his total income before allowing deduction under Chapter VI-A (that is under sections 10A, 10B, 10BA, 80C to 80U) exceeds the maximum amount which is not chargeable to income tax.
« Last Edit: August 06, 2008, 11:22:37 AM by TaxExpertMyTaxes » Logged
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