Archive for November, 2010

Income Tax rates applicable for A.Y. 2011-12

November 21, 2010
Tax Rates as applicable for different persons for the A.Y. 2011-12 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. 1,90,000       Nil                                           Nil                   Nil
Rs. 1,90,000- Rs.        10% of  (total income             Nil                   3% of Income Tax
5,00,000                      minus Rs. 1,90,000)
Rs. 5,00,000- Rs         Rs. 31,000 + 20% of (total
8,00,000                      income minus Rs. 5,00,000)    Nil                   3% of Income Tax
Above Rs. 8,00,000    Rs. 91,000 + 30% of (total
                                    income minus Rs. 8,00,000)    Nil                   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. 2,40,000       Nil                                           Nil                   Nil
Rs. 2,40,000- Rs.        10% of  (total income             Nil                   3% of Income Tax
5,00,000                      minus Rs. 2,40,000)
Rs. 5,00,000- Rs         Rs. 26,000 + 20% of (total
8,00,000                      income minus Rs. 5,00,000)    Nil                   3% of Income Tax
Above Rs. 8,00,000    Rs. 86,000 + 30% of (total
                                    income minus Rs. 8,00,000)    Nil                   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. 1,60,000       Nil                                           Nil                   Nil
Rs. 1,60,000- Rs.        10% of  (total income             Nil                   3% of Income Tax
5,00,000                      minus Rs. 1,60,000)
Rs. 5,00,000- Rs         Rs. 34,000 + 20% of (total
8,00,000                      income minus Rs. 5,00,000)    Nil                   3% of Income Tax
Above Rs. 8,00,000    Rs. 94,000 + 30% of (total
                                    income minus Rs. 8,00,000)    Nil                   3% of Income Tax
Surcharge on individual, every HUF/AOP/BOI/artificial judicial person abolished.
Firms:-
A firm is taxable at the rate of 30% for the Assessment Year 2011-12.
Surcharge: Nil
Education Cess: 3% of Income Tax + Surcharge( if applicable).
Companies:-
A domestic company is taxable at the rate of 30% for the Assessment Year 2011-12.
Surcharge: 7.5% 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).