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A. Individuals and HUFs
In case of individual (other than II and III below) and HUF:-
|
Income Level / Slab |
Income Tax Rate |
i. |
Where the total income does not exceed Rs.1,50,000/-. |
NIL |
ii. |
Where the total income exceeds Rs.1,50,000/- but does not exceed Rs.3,00,000/-. |
10% of amount by which the total income exceeds Rs. 1,50,000/- |
iii. |
Where the total income exceeds Rs.3,00,000/- but does not exceed Rs.5,00,000/-. |
Rs. 15,000/- + 20% of the amount by which the total income exceeds Rs.3,00,000/-. |
iv. |
Where the total income exceeds Rs.5,00,000/-. |
Rs. 55,000/- + 30% of the amount by which the total income exceeds Rs.5,00,000/-. |
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II. In case of individual being a woman resident in India and below the age of 65 years at any time during the previous year:- |
|
Income Level / Slab |
Income Tax Rate |
i. |
Where the total income does not exceed Rs.1,80,000/-. |
NIL |
ii. |
Where total income exceeds Rs.1,80,000/- but does not exceed Rs.3,00,000/-. |
10% of the amount by which the total income exceeds Rs.1,80,000/-. |
iii. |
Where the total income exceeds Rs.3,00,000/- but does not exceed Rs.5,00,000/-. |
Rs. 12,000- + 20% of the amount by which the total income exceeds Rs.3,00,000/-. |
iv. |
Where the total income exceeds Rs.5,00,000/- |
Rs.52,000/- + 30% of the amount by which the total income exceeds Rs.5,00,000/-. |
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III. In case of an individual resident who is of the age of 65 years or more at any time during the previous year:- |
|
Income Level / Slab |
Income Tax Rate |
i. |
Where the total income does not exceed Rs.2,25,000/-. |
NIL |
ii. |
Where the total income exceeds Rs.2,25,000/- but does not exceed Rs.3,00,000/- |
10% of the amount by which the total income exceeds Rs.2,25,000/-. |
iii. |
Where the total income exceeds Rs.3,00,000/- but does not exceed Rs.5,00,000/- |
Rs.7,500/- + 20% of the amount by which the total income exceeds Rs.3,00,000/-. |
iv. |
Where the total income exceeds Rs.5,00,000/- |
Rs.47,500/- + 30% of the amount by which the total income exceeds Rs.5,00,000/-. |
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Further, the amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge at the rate of 10% of such income tax, provided that the total income exceeds Rs. 10 lacs. Thus, in case of individuals/HUFs no surcharge shall be payable if the total income is below Rs.10 lacs. |
The tax and surcharge, if any, are to be further enhanced by education cess levied @ 3% from A. Y. 2008-09 onwards. |
