Income Tax rate for PY ended on 31.03.06

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CA. Satish Singla (Querist)

11 December 2007 Please tell me the Income Tax rate for PY ended on 31.03.06 for Individual along with surcharge & cess applicable

CA. Vineet Grover

CA. Vineet Grover (Expert)

11 December 2007 Income Tax Rates
For General For Year 2005-2006
Taxable Annual Income Slab (In Rs.) Tax Rate (In %)
0 - 1,00,000 Nil
1,00,001 - 1,50,000 10%
1,50,001 - 2,50,000 20%
More than 2,50,001 30%

For Women
For Year 2005-2006
Taxable Annual Income Slab (In Rs.) Tax Rate (In %)
0 - 1,35,000 Nil
1,35,001 - 1,50,000 10%
1,50,001 - 2,50,000 20%
More than 2,50,001 30%

For Senior Citizen
For Year 2005-2006
Taxable Annual Income Slab (In Rs.) Tax Rate (In %)
0 - 1,85,000 Nil
1,85,001 - 2,50,000 20%
More than 2,50,001 30%

Note:
Surcharge @ 10% applicable if total income exceeds Rs. 8.5 lakh for A.Y. 2005-06 and Rs. 10 lakh for A.Y. 2006-07.
There is a new section 80C according to which a person can get rebate upto Rs. 1,00,000 against insurance premium, PF contributions and other such schemes.
In case of higher education there is a deduction in tax for a maximum period of 8 years.
Marginal relief would be provided to ensure that the additional income tax payable including surcharge, on the excess of income over Rs. 10,00,000 (Rs. 8.5 lakh for A.Y. 2005-06) is limited to the amount by which the income is more than Rs. 10 lakh (Rs. 8.5 lakh for A.Y. 2005-06).
Education cess @ 2% on tax plus surcharge.

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