Income tax rates Ass Yr 2011-12

This query is : Resolved

Share Report Follow Query Ask a Query

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)
Follow

09 August 2010 https://multiutils.com/itax/rates11_12.htm

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

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

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
Follow

09 August 2010 https://www.simpletaxindia.org/2010/02/income-tax-calculator-after-budget-2010.html

PANKAJ KHURANA

PANKAJ KHURANA (Expert)
Follow

09 August 2010 www.dsaca.in> utilities> Rate of income tax

CA Sanat Pyne

CA Sanat Pyne (Expert)
Follow

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).

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now