Income Tax Rates: AY 2008-09 (FY 2007-08)

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 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

Be the first to comment

Leave a Reply