|
Current
Income Tax Rates ( for A.Y. 2008-09 ) (Companies & Individuals)
| Income
Tax Rates for assessment year 2008-09 |
|
Assessee |
Income
Tax Rate |
Surcharge |
Education
Cess |
Total
Effective Rate |
| Companies |
| A. Where
total income is more than INR Ten Million : |
1.Domestic Co.
(Indian Co. ) |
30% |
10% |
3% |
33.99% |
| 2. Foreign Co. |
40% |
2.5% |
3% |
42.23% |
| B. Where
total income is less than INR Ten Million : |
1.Domestic Co.
(Indian Co. ) |
30% |
Nil |
3% |
30.90% |
| 2. Foreign Co. |
40% |
Nil |
3% |
41.20% |
| |
| Individuals |
| 1.1(A).For woman,resident in India and below the age of
65 years |
| Net
Income |
Tax Rates |
| Up
to INR 1,45,000 |
Nil |
| INR
1,45,001 to INR 1,50,000 |
10% |
| INR
1,50,001 to INR 2,50,000 |
20% |
| Above
INR 2,50,000 |
30% |
| 1.1(B).For an individual (man or woman), resident in India who is of the age of 65 years or more |
| Net
Income |
Tax Rates |
| Up
to INR 1,95,000 |
Nil |
| INR
1,95,001 to INR 2,50,000 |
20% |
| Above
INR 2,50,000 |
30% |
| 1.1(C).Individuals, [other than those mentioned in para 1.1(A) and 1.1(B) above] |
| Net
Income |
Tax Rates |
| Up
to INR 1,10,000 |
Nil |
| INR
1,10,001 to INR 1,50,000 |
10% |
| INR
1,50,001 to INR 2,50,000 |
20% |
| Above
INR 2,50,000 |
30% |
| Surcharge: |
Surcharge is applicable @ 10% on such tax rates provided total income exceeds
INR 10,00,000 (INR 1million) |
| Education Cess: |
| Education Cess is applicable @ 3% on income-tax rates (inclusive of surcharge, if any) |
|
