Rates of taxes to be applicable for the A.Y. 2011-12
· For Individual/HUF/AOP/BOI and every other artificial judicial person-
|
Level Of Income |
Rate of Income Tax |
|
Upto 1,60,000 |
Nil |
|
1,60,001 to 5,00,000 |
10% of the amount exceeding 1,60,000 |
|
5,00,001 to 8,00,000 |
34,000+ 20% of the amount exceeding 5,00,000 |
|
Above 8,00,000 |
94,000 + 30% of the amount exceeding 8,00,000 |
· For Resident Women below the age of 65 yrs. at any time during the previous year-
|
Level Of Income |
Rate of Income Tax |
|
Upto 1,90,000 |
Nil |
|
1,90,001 to 5,00,000 |
10% of the amount exceeding 1,90,000 |
|
5,00,001 to 8,00,000 |
31,000+ 20% of the amount exceeding 5,00,000 |
|
Above 8,00,000 |
91,000 + 30% of the amount exceeding 8,00,000 |
· For Resident Individuals of the age of 65 yrs or more at any time during the previous year-
|
Level Of Income |
Rate of Income Tax |
|
Upto 2,40,000 |
Nil |
|
2,40,001 to 5,00,000 |
10% of the amount exceeding 2,40,000 |
|
5,00,001 to 8,00,000 |
26,000+ 20% of the amount exceeding 5,00,000 |
|
Above 8,00,000 |
86,000 + 30% of the amount exceeding 8,00,000 |
· For Co-operative Societies/Firms/LLP/Local Authority/Company-
The rates of tax for A.Y. 2011-12 are the same as that for A.Y. 2010-11.
Surcharge-
The rates of surcharge applicable for A.Y. 2011-12 are as follows-
· For Individual/HUF/AOP/BOI and every other artificial judicial person-
No Surcharge would be leviable in case of such persons.
· For Co-operative Societies/Local Authority-
No Surcharge would be leviable in case of Co-operative Societies/Local Authority.
· For Firms/LLP’s-
No Surcharge would be leviable in case of Firms/LLP’s.
· For Domestic Company-
If total income exceeds ` 1 Crore, Surcharge is payable at the rate of 7.5% of income tax computed. Marginal Relief is also available in case of such companies.
-
For Foreign Company-
If total income exceeds ` 1 Crore, Surcharge is payable at the rate of 2.5% of income tax computed. Marginal Relief is also available in case of such companies.
Education Cess and Secondary and Higher Education Cess-
· Education Cess is calculated at the rate of 2% of such Income tax and surcharge.
· Secondary and Higher Education Cess is calculated at the rate of 1% of such Income tax and surcharge.
· These are leviable in case of all assessees.
· No marginal relief is available in such cases.
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