Income Tax Rates-Individuals & Businesses (AY 2009-10):             A] Individuals:         1. In case of Individual and NRIs         Income Level Tax Rate     Upto Rs. 1,50,000/- NIL     1,50,000/- to 3,00,000/- @10%     3,00,000/- to 5,00,000/- 15,000/- + 20% on amount in excess Rs. 1,50,000/-     Above Rs. 5,00,000/- 55,000/- + 20% on amount in excess Rs. 5,00,000/-     2. In case of Woman         Income Level Tax Rate     Upto Rs. 1,80,000/- NIL     1,80,000/- to 3,00,000/- @10%     3,00,000/- to 5,00,000/- 12,000/- + 20% on amount in excess Rs. 1,80,000/-     Above Rs. 5,00,000/- 52,000/- + 20% on amount in excess Rs. 5,00,000/-     3. In case of Senior Citizen (Age 65 & above)         Income Level Tax Rate     Upto Rs. 2,25,000/- NIL     2,25,000/- to 3,00,000/- @10%     3,00,000/- to 5,00,000/- 7,500/- + 20% on amount in excess Rs. 1,80,000/-     Above Rs. 5,00,000/- 47,500/- + 20% on amount in excess Rs. 5,00,000/-     Surcharge: If taxable income exceeds Rs. 10, 00,000, add surcharge @ 10% of income tax.     Education cess: Further add education cess @ 3% of income tax & surcharge.     B] Firms:         A firm is taxable @30% on firm’s income after deduction for interest and salary to its partners.     Surcharge: If net income exceeds Rs.1 crore, add surcharge @ 10% of income tax.     Education cess: Further add education cess @ 3% of income tax & surcharge.     C] Companies:         I) In case of domestic company-30%     II) In case of foreign company-40%     MAT- Minimum alternative tax rate in both the cases is 10%.     Surcharge:     I) In case of domestic company-If net income exceeds Rs.1 crore, add surcharge @ 10% of income tax.     II) In case of foreign company- If net income exceeds Rs.1 crore, add surcharge @ 2.5% of income tax.     Education cess: In both the cases, further add education cess @ 3% of income tax & surcharge.     D] Specified rates:     In case of following incomes, tax rates are specified under the Income Tax Act and above rates will not apply:     1] Short term capital gains on equity shares or equity oriented mutual funds- 15% (+Surcharge + Education cess) 2] Long term capital gains on equity shares or equity oriented mutual funds- 20% (+Surcharge + Education cess) with indexation and 10% (+Surcharge + Education cess) without indexation 3] Winning from lotteries, races, gambling etc.- 30% 4] NRIs- In case of non-resident Indians, interest income is taxed at 20%. Also, NRIs may consider applying tax rates provided under Tax Treaties if these are more beneficial.