income tax rate for ay 08-09
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 November 2010
please give the income tax slab for ay 08-09
its urgent.
its urgent.
CA Sanat Pyne
(Expert)
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.
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.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
