Income Tax Rates: AY 2007-08 (FY 2006-07)

Personal Income Tax Rates

Income Tax Rates given below pertains to past period. Please click here for the latest Income Tax Rates.

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 2007-08, Relevant to Financial Year 2006-07

For Individuals below 65 years age, other than Woman Assessees:

Income
Tax Rate
Upto 100,000
Nil
100,000 to 150,000
10% of the amount exceeding 100,000
150,000 to 250,000
Rs.5,000 + 20% of the amount exceeding 150,000
250,000 & above
Rs.25,000 + 30% of the amount exceeding 250,000

For Woman Assessees below 65 years:

Income
Tax Rate
Upto 135,000
Nil
135,000 to 150,000
10% of the amount exceeding 135,000
150,000 to 250,000
Rs.1,500 + 20% of the amount exceeding 150,000
250,000 & above
Rs.21,500 + 30% of the amount exceeding 250,000

For Individuals aged 65 years and above:

Income
Tax Rate
Upto 185,000
Nil
185,000 to 250,000
20% of the amount exceeding 185,000
250,000 & above
Rs.13,000 + 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: 2% of Income Tax plus Surcharge

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