income tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 March 2010
plz tell me about income tax slab rate applicable for may 2010 in c.a. exam
CA Ravi Sisodia
(Expert)
16 March 2010
Income Tax Rates/Slab for Assesment Year 2010-11 (F Y 2009-10) 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*
*A surcharge of 10 per cent of the total tax liability is applicable where the total income exceeds Rs 1,000,000.
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
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*
*A surcharge of 10 per cent of the total tax liability is applicable where the total income exceeds Rs 1,000,000.
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
CA SANJAY MUKHERJEE
(Expert)
16 March 2010
I think For A.Y 2010-11 there is no surcharge for Individual and Firms.
Please confirm
Please confirm
CA Ashok Kumar Sahu
(Expert)
16 March 2010
yas no surcharge for individual and Firms in a.y. 2010-11
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