Archive for January, 2009

Income Tax rates applicable for A.Y. 2009-10

January 30, 2009

Tax Rates as applicable for different persons for the A.Y. 2009-10 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. 1,80,000       Nil                                            Nil                    Nil

Rs. 1,80,000- Rs.         10% of  (total income               Nil                    3% of Income Tax

3,00,000                      minus Rs. 1,80,000)

Rs. 3,00,000- Rs          Rs. 12,000 + 20% of (total

5,00,000                      income minus Rs. 3,00,000)      Nil                    3% of Income Tax

Above Rs. 5,00,000     Rs. 52,000 + 30% of (total

                                    income minus Rs. 5,00,000)      Nil                    3% of Income Tax

 

Note : Surcharge @ 10% is applicable if Net Income Exceeds Rs. 10 lacs

 

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. 2,25,000       Nil                                            Nil                    Nil

Rs. 2,25,000- Rs.         10% of  (total income               Nil                    3% of Income Tax

3,00,000                      minus Rs. 2,25,000)

Rs. 3,00,000- Rs          Rs. 7,500 + 20% of (total

5,00,000                      income minus Rs. 3,00,000)      Nil                    3% of Income Tax

Above Rs. 5,00,000     Rs. 47,500 + 30% of (total

                                    income minus Rs. 5,00,000)      Nil                    3% of Income Tax

 

Note : Surcharge @ 10% is applicable if Net Income Exceeds Rs. 10 lacs

 

 

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

 

Net Income range      Income Tax rates                   Surcharge       Education Cess

 

Upto Rs. 1,50,000       Nil                                            Nil                    Nil

Rs. 1,50,000- Rs.         10% of  (total income               Nil                    3% of Income Tax

3,00,000                      minus Rs. 1,50,000)

Rs. 3,00,000- Rs          Rs. 15,000 + 20% of (total

5,00,000                      income minus Rs. 3,00,000)      Nil                    3% of Income Tax

Above Rs. 5,00,000     Rs. 55,000 + 30% of (total

                                    income minus Rs. 5,00,000)      Nil                    3% of Income Tax

 

 

Firms:-

A firm is taxable at the rate of 30% for the Assessment Year 2009-10.

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

                   Nil if income does not exceed Rs. 1 Crore.

Education Cess: 3% of Income Tax + Surcharge( if applicable).

 

Companies:-

A domestic company is taxable at the rate of 30% for the Assessment Year 2009-10.

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

                   Nil if income does not exceed Rs. 1 Crore.

Education Cess: 3% of Income Tax + Surcharge( if applicable).

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