Income tax rates Ass Yr 2011-12
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 August 2010
Can some one provide income tax rtaes for the Ass Yr.2011-12
Thanks
Thanks
09 August 2010
https://multiutils.com/itax/rates11_12.htm
09 August 2010
https://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---
https://kwatraonline.com/OtherpageTheme6.aspx?TYPE=HORIZONTAL&CompanyID=0&PAGENAME=Rates%20of%20Income%20Tax&Parent=Utilities&Current=Rates%20of%20Income%20Tax
please check above file.
Check this link for tax rates applicable on all asseesses---
https://kwatraonline.com/OtherpageTheme6.aspx?TYPE=HORIZONTAL&CompanyID=0&PAGENAME=Rates%20of%20Income%20Tax&Parent=Utilities&Current=Rates%20of%20Income%20Tax
09 August 2010
https://www.simpletaxindia.org/2010/02/income-tax-calculator-after-budget-2010.html
09 August 2010
www.dsaca.in> utilities> Rate of income tax
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).
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).
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