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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 2009-10, Relevant to Financial Year 2008-09
For Individuals below 65 years age, other than Woman Assessees:
|
Income
|
Tax Rate
|
|
Upto 150,000
|
Nil
|
|
150,000 to 300,000
|
10% of the amount exceeding 150,000
|
|
300,000 to 500,000
|
Rs.15,000 + 20% of the amount exceeding 300,000
|
|
500,000 & above
|
Rs.55,000 + 30% of the amount exceeding 500,000
|
For Woman Assessees below 65 years:
|
Income
|
Tax Rate
|
|
Upto 180,000
|
Nil
|
|
180,000 to 300,000
|
10% of the amount exceeding 180,000
|
|
300,000 to 500,000
|
Rs.12,000 + 20% of the amount exceeding 300,000
|
|
500,000 & above
|
Rs.52,000 + 30% of the amount exceeding 500,000
|
For Individuals aged 65 years and above:
|
Income
|
Tax Rate
|
|
Upto 225,000
|
Nil
|
|
225,000 to 300,000
|
10% of the amount exceeding 225,000
|
|
300,000 to 500,000
|
Rs.7,500 + 20% of the amount exceeding 300,000
|
|
500,000 & above
|
Rs.47,500 + 30% of the amount exceeding 500,000
|
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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