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| Income Tax Rates-Individuals & Businesses (AY 2009-10): |
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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. 1,50,000/- |
NIL |
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1,50,000/- to 3,00,000/- |
@10% |
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3,00,000/- to 5,00,000/- |
15,000/- + 20% on amount in excess Rs. 1,50,000/- |
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Above Rs. 5,00,000/- |
55,000/- + 20% on amount in excess Rs. 5,00,000/- |
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2. In case of Woman |
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Income Level |
Tax Rate |
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Upto Rs. 1,80,000/- |
NIL |
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1,80,000/- to 3,00,000/- |
@10% |
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3,00,000/- to 5,00,000/- |
12,000/- + 20% on amount in excess Rs. 1,80,000/- |
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Above Rs. 5,00,000/- |
52,000/- + 20% on amount in excess Rs. 5,00,000/- |
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3. In case of Senior Citizen (Age 65 & above) |
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Income Level |
Tax Rate |
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Upto Rs. 2,25,000/- |
NIL |
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2,25,000/- to 3,00,000/- |
@10% |
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3,00,000/- to 5,00,000/- |
7,500/- + 20% on amount in excess Rs. 1,80,000/- |
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Above Rs. 5,00,000/- |
47,500/- + 20% on amount in excess Rs. 5,00,000/- |
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Surcharge: If taxable income exceeds Rs. 10, 00,000, add surcharge @ 10% of income tax. |
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Education cess: Further add education cess @ 3% of income tax & surcharge. |
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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: If net income exceeds Rs.1 crore, add surcharge @ 10% of income tax. |
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Education cess: Further add education cess @ 3% of income tax & surcharge. |
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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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MAT- Minimum alternative tax rate in both the cases is 10%. |
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Surcharge: |
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I) In case of domestic company-If net income exceeds Rs.1 crore, add surcharge @ 10% of income tax. |
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II) In case of foreign company- If net income exceeds Rs.1 crore, add surcharge @ 2.5% of income tax. |
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Education cess: In both the cases, further add education cess @ 3% of income tax & surcharge. |
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D] Specified rates: |
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In case of following incomes, tax rates are specified under the Income Tax Act and above rates will not apply: |
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| 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 |
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Winning from lotteries, races, gambling etc.- 30% |
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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. |
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