Income Tax rates applicable for A.Y. 2008-09

Tax Rates as applicable for different persons for the A.Y. 2008-09 are as under:

 

For resident woman (who is below 65 years of age at any time during the previous year:

 

Net Income range      Income Tax rates                   Surcharge       Education Cess

 

Upto Rs. 1,45,000       Nil                                            Nil                    Nil

Rs. 1,45,000- Rs.         10% of  (total income               Nil                    3% of Income Tax

1,50,000                      minus Rs. 1,45,000)

Rs. 1,50,000- Rs          Rs. 500 + 20% of (total

2,50,000                      income minus Rs. 1,50,000)      Nil                    3% of Income Tax

Rs. 2,50,000- Rs          Rs. 20,500 + 30% of (total

10,00,000                    income minus Rs. 2,50,000)      Nil                    3% of Income Tax

Above Rs.                    Rs. 2,45,500 + 30% of (total

10,00,000                    income minus Rs. 10,00,000)    10% of I. Tax   3% of Income Tax

 

For resident senior citizen (who is 65 years or more of age at any time during the previous year:

 

Net Income range      Income Tax rates                   Surcharge       Education Cess

 

Upto Rs. 1,95,000       Nil                                            Nil                    Nil

Rs. 1,50,000- Rs          20% of (total

2,50,000                      income minus Rs. 1,95,000)      Nil                    3% of Income Tax

Rs. 2,50,000- Rs          Rs. 11,000 + 30% of (total

10,00,000                    income minus Rs. 2,50,000)      Nil                    3% of Income Tax

Above Rs.                    Rs. 2,36,000 + 30% of (total

10,00,000                    income minus Rs. 10,00,000)    10% of I. Tax   3% of Income Tax

 

 

 

For any other individual, every HUF/AOP/BOI/artificial judicial person-

 

Net Income range      Income Tax rates                   Surcharge       Education Cess

 

Upto Rs. 1,10,000       Nil                                            Nil                    Nil

Rs. 1,10,000- Rs.         10% of  (total income               Nil                    3% of Income Tax

1,50,000                      minus Rs. 1,45,000)

Rs. 1,50,000- Rs          Rs. 4,000 + 20% of (total

2,50,000                      income minus Rs. 1,50,000)      Nil                    3% of Income Tax

Rs. 2,50,000- Rs          Rs. 24,000 + 30% of (total

10,00,000                    income minus Rs. 2,50,000)      Nil                    3% of Income Tax

Above Rs.                    Rs. 2,49,000+ 30% of (total

10,00,000                    income minus Rs. 10,00,000)    10% of I. Tax   3% of Income Tax

 

 

Firms:-

A firm is taxable at the rate of 30% for the Assessment Year 2008-09.

Surcharge: 10% of Income Tax if net income exceeds Rs. 1 crore.

                   Nil if income does not exceed Rs. 1 Crore.

 

Companies:-

A domestic company is taxable at the rate of 30% for the Assessment Year 2008-09.

Surcharge: 10% of Income Tax if net income exceeds Rs. 1 crore.

                   Nil if income does not exceed Rs. 1 Crore.

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