Rates of tax

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Guest (Querist)

01 September 2009 Plz sir, tell me the rates of tax which will be applied in nov. 2009 pcc exam.

CP Ram

CP Ram (Expert)

01 September 2009 Income Tax Rates applicable for the Nov 09 exam: (P.Y. 08-09) (A.Y. 09-10):

A) Individual, HUF, AOP/BOI and Artificial Juridical Persons:

Upto Rs. 150000 Nil
Above Rs.150000 upto Rs.300000 10%
Above Rs.300000 upto Rs.500000 20%
Above Rs.500000 30%

The above mentioned basic exemption limit of Rs.150000 will get enhanced to Rs.180000 in case of resident women (below 65yrs) and to Rs.225000 in case of resident senior citizens who are 65years or more.

Surcharge is leviable @ 10% if the total income exceeds Rs.1000000.

Education cess @ 2% and Secondary & Higher Education cess @ 1% shall be levied.

B) Rates of tax for Firms & Companies:

a) Firms & Domestic Company:
Basic tax rate 30%
Surcharge 10%
(applicable if the taxable income is more than Rs.1 crore)
Education cess 2%
S & H education cess 1%

Effective rate of tax 33.99%

b) Foreign Company:
Basic tax rate 40%
Surcharge 2.5%
(applicable if the taxable income is more than Rs.1 crore)
Education cess 2%
S & H education cess 1%

Effective rate of tax 42.23%

C) Local Authority:
Basic tax rate 30%
Surcharge Nil
Education cess 2%
S & H education cess 1%

Effective rate of tax 30.90%

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