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Income Tax Rates applicable for Individuals, Hindu Undivided Family (HUF), Association of Persons (AOP) and Body of Individuals (BOI) in India is as under :
Assessment Year 2008-09, Relevant to Financial Year 2007-08
For Individuals below 65 years age, other than Woman Assessees:
|
Income
|
Tax Rate
|
|
Upto 110,000
|
Nil
|
|
110,000 to 150,000
|
10% of the amount exceeding 110,000
|
|
150,000 to 250,000
|
Rs.4,000 + 20% of the amount exceeding 150,000
|
|
250,000 & above
|
Rs.24,000 + 30% of the amount exceeding 250,000
|
For Woman Assessees below 65 years:
|
Income
|
Tax Rate
|
|
Upto 145,000
|
Nil
|
|
145,000 to 150,000
|
10% of the amount exceeding 145,000
|
|
150,000 to 250,000
|
Rs.500 + 20% of the amount exceeding 150,000
|
|
250,000 & above
|
Rs.20,500 + 30% of the amount exceeding 250,000
|
For Individuals aged 65 years and above:
|
Income
|
Tax Rate
|
|
Upto 195,000
|
Nil
|
|
195,000 to 250,000
|
20% of the amount exceeding 195,000
|
|
250,000 & above
|
Rs.11,000 + 30% of the amount exceeding 250,000
|
Surcharge on Income Tax: 10% of the Income Tax payable, in case the total taxable income exceeds Rs.1,000,000
Education Cess: 3% of Income Tax plus Surcharge
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