| Income Tax Rate - Individual & Business ( FY 2010-11 ): |
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Exemption and Tax Rates |
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Basic exemption limit for Individual assessee is Rs.160000 |
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A] Individuals: |
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1. In case of Individual and NRIs |
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Income Level |
Tax Rate |
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Upto Rs. 1,60,000/- |
NIL |
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1,60,001/- to 5,00,000/- |
10% |
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5,00,001/- to 8,00,000/- |
Rs.34000 + 20% on 300000 or income excess Rs.500000 |
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Above Rs. 8,00,000/- |
Rs.94000+ 30% on income excess Rs.800000 |
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2. In case of Resident woman |
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Income Level |
Tax Rate |
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Upto Rs. 1,90,000/- |
NIL |
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1,90,001/- to 5,00,000/- |
@10% |
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5,00,001/- to 8,00,000/- |
Rs.31000+ 20% on 300000 or Income Excess Rs.500000 |
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Above Rs. 8,00,000/- |
Rs.91000+ 30% on Income excess Rs.800000 |
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3. In case of Resident Senior Citizen (Age 65 & above) |
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Income Level |
Tax Rate |
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Upto Rs. 2,24,000/- |
NIL |
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2,24,001/- to 5,00,000/- |
@10% |
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5,00,001/- to 8,00,000/- |
Rs.26000+ 20% on 300000 or Income Excess Rs.500000 |
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Above Rs. 8,00,000/- |
Rs.86000+ 30% on Income excess Rs.800000 |
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Surcharge: N/A |
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Education cess: 3 % on Income Tax |
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B] Firms: |
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A firm is taxable @30% on firm’s income after deduction for interest and salary to its partners. |
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Surcharge: N/A |
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Education cess: 3% on Income Tax |
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C] Companies: |
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I) In case of domestic company - 30% |
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II) In case of foreign company - 40% |
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Surcharge: |
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| Companies |
Net income does not exceed Rs.1 Crore |
Net income exceed Rs.1 Crore |
| Domestic Company |
Nil |
7.50% |
| Foreign Company |
Nil |
2.50% |
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D] Minimum Alternate Tax (MAT): |
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If book profit does not exceed Rs. 1 Crore |
If book profit exceeds Rs. 1 Crore |
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IT |
SC |
EC |
SHEC |
Total |
IT |
SC |
EC |
SHEC |
Total |
| Domestic company |
18 |
0 |
0.4 |
0.18 |
18.54 |
18 |
1 |
0.4 |
0.19 |
19.931 |
| Foreign Company |
18 |
0 |
0.4 |
0.18 |
18.54 |
18 |
0 |
0.4 |
0.18 |
19.004 |
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E] Special Rate: |
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| 1] |
Short term capital gain on equity shares or equity oriented mutual funds – 15% (+Surcharge + Education cess) with indexation and 10% (+Surcharge + Education cess). |
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Long Term Capital Gain - 20% (+Surcharge + Education cess) with indexation and 10% (+Surcharge + Education cess) without indexation |
| 3] |
Winning from lotteries, races, gambling etc.- 30% |
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