Income tax rates Ass Yr 2011-12

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Querist : Anonymous

Querist : Anonymous (Querist)

09 August 2010 Can some one provide income tax rtaes for the Ass Yr.2011-12

Thanks

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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09 August 2010 http://multiutils.com/itax/rates11_12.htm

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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09 August 2010 http://aisha.caclubindia.com/share_files/files_download.asp?files_id=25876

please check above file.

Check this link for tax rates applicable on all asseesses---

http://kwatraonline.com/OtherpageTheme6.aspx?TYPE=HORIZONTAL&CompanyID=0&PAGENAME=Rates%20of%20Income%20Tax&Parent=Utilities&Current=Rates%20of%20Income%20Tax

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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09 August 2010 http://www.simpletaxindia.org/2010/02/income-tax-calculator-after-budget-2010.html

PANKAJ KHURANA

PANKAJ KHURANA (Expert)
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09 August 2010 www.dsaca.in> utilities> Rate of income tax

CA Sanat Pyne

CA Sanat Pyne (Expert)
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09 August 2010 These rates are subject to enactment of the Finance Bill 2010. The rates are for the Financial Year 2010-11.

1. Income Tax Rates

1.1 For Individuals, Hindu Undivided Families, Association of Persons and Body of Individuals

(a) In the case of a resident woman below the age of 65 years, the basic exemption limit is INR 190,000

(b) In the case of a resident individual of the age of 65 years or above, the basic exemption limit is INR 240,000

(c) Surcharge is not applicable

(d) Education cess is applicable @ 3 percent on income-tax

Tax Slab For Individuals, Hindu Undivided Families, Association of Persons and Body of Individuals are as follows:-

Total Income Tax Rates
Up to INR 160,000 (a)(b) NIL
INR 160,001 to INR 500,000 10%
INR 500,001 to INR 800,000 20%
INR 800,001 and above(c) 30%
1.2 For Co-operative Societies

Total Income Tax rates
Up to INR 10,000

10%
INR 10,001 to INR 20,000

20%
INR 20,001 and above

30%

On the above, surcharge is not applicable. Education cess is applicable @ 3 percent on income-tax.

1.3 For Local Authorities

Local Authorities are taxable @ 30 percent. Surcharge is not applicable. Education cess is applicable @ 3 percent on income-tax.

1.4 For Firms [(including Limited Liability Partnership (LLP)]

Firms (including LLP) are taxable @ 30 percent
Surcharge is not applicable
Education cess is applicable @ 3 percent on income-tax.
1.5 For Domestic Companies

Domestic companies are taxable @ 30 percent
Special method for computation of total income of insurance companies. The rate of tax on profits from life insurance business is 12.5 percent
Surcharge is applicable @ 7.5 percent if total income is in excess of INR 10,000,000. Marginal relief may be available
Education cess is applicable @ 3 percent on income-tax (inclusive of surcharge, if any).
1.6 For Foreign Companies

Foreign companies are taxable @ 40 percent
Surcharge is applicable @ 2.5 percent if total income is in excess of INR 10,000,000.Marginal relief may be available
Education cess is applicable @ 3 percent on income-tax (inclusive of surcharge, if any).
2. Minimum Alternate Tax

Minimum Alternate Tax (MAT) is levied @ 18 percent of the adjusted book profits in the case of those companies where income-tax payable on the taxable income according to the normal provisions of the Income-tax Act, 1961 (the Act), is less than 18 percent of the adjusted book profits.
MAT credit is available for 10 years
Surcharge is applicable @ 7.5 percent in the case of domestic companies if the adjusted book profits are in excess of INR 10,000,000. Marginal relief may be available
Education cess is applicable @ 3 percent on income-tax (inclusive of surcharge, if any).