income tax rate for ay 08-09

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Querist : Anonymous

Querist : Anonymous (Querist)

09 November 2010 please give the income tax slab for ay 08-09
its urgent.

CA Sanat Pyne

CA Sanat Pyne (Expert)
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09 November 2010 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.

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