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

Personal Income Tax Rates

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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 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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