Archive for the ‘Tax Rates as applicable’ Category

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).

TDS as Applicable wef 1st June, 2010

June 8, 2010

 

TDS(tax deducted at Source) Rate chart For Financial Year 2010-11
Made To resident Nature of payments Threshhold Limit Company, Firm, Co-op

Society,Local authority

 

 

HUF ,

Individual

Sr No. Section TDS Rates
1 194A Interest from a Banking company 10000 10% 10%
194A Interest other than from a Banking company 5000 10% 10%
2 194B     Winning from Lotteries 10000 30% 30%
3 194 BB Winning from Horse Race 5000 30% 30%
4 194 C Payment to Contractors,Pay to Advt /Sub-

Contractor, Payment to Transportor

30000 (75000 in a year) 2% 1%
5 194 D Insurance Commission 20000 10% 10%
6 194 H Commission/Brokerage 5000 10% 10%
7 194 I Rent-property 180000 10% 10%
194I Rent-Plant / Machinery 180000 2% 2%
8 194J Professional Fees 30000 10% 10%
Note -1 For Section 194C Rs. 20000/30000 for single payment & Rs. 50000/75000 for aggregate Payment during a financial year.
Note -2 Payment Made to Transportor ,Tds is Not required If pan is provided By the Transportor.
Note-3 Surcharge and Cess Is not applicable on tds from 01.04.2009 on any payment made to resident.
Note-4 If pan not provided by the deductee then rate as per above table or 20% which ever is higher is to be charged.(effective from 01.04.2010 section

206AA)

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).

How to Compute Total Income

August 18, 2008

Before filing return in the income tax department a statement showing computation of total income is to be submitted along with the ROI. Here is given a brief presentation of  Computation of Total Income:

 

      Particulars

a)      Income from Salaries

Basic Salary                                         xx

Taxable Allowances                              xx

Taxable Value of Perquisites                 xx

          Gross Salary                                           xx

Less : Entertainment Allowance             xx

           Professional Tax                                    xx                     xx

 

 b)      Income From House Property

Gross Annual Value                              xx

Less: Municipal Taxes paid                     x

            Annual Value                            xx

Less: Deduction u/s 24              xx                                 xx

 

 c)      Profits and Gains of Business

or Profession

      Net Profit as per P/L A/c                      xxx

      Add: Amount shown as expenses

               but not allowed                              xx

                                                                  xxx

      Less: Expenses allowed but not

                claimed.                                        xx      

                                                                  xxx

      Add: Incomes not shown in the P/L

               A/c but taxable                              xx

                                                                  xxx

      Less: Incomes shown in the P/L

               A/c but not taxable                        xx                               xxx

 

d)      Capital Gains

Sale Consideration                                xxx

Less: Expenses on transfer                      xx

Net Sale Consideration             xxx

Less: Cost of acquisition/improve.           xx

            Capital Gains                            xxx

Less: Exemptions (if any)                        xx                               xxx

  

e)      Income From Other Sources                                                       xx

 

Gross Total Income                                                               xxx

Less: Deduction u/s 80CCC to 80U                                            xx

            Total Income                                                              xxx

Types of Income Tax Return Forms

August 13, 2008

To file tax returns Income Tax Department had issued a series of forms applicable to different type of assessees:

ITR 1: This form is applicable for an individual who has no income other than Salary/ Pension and Interest.

ITR 2: This form is applicable for an individual who has income under different heads but not business /profession income.

ITR 3: This form is applicable for an individual who is partner in a partneship firm .

ITR 4: This form is applicable for an individual who has income from business/profession.

ITR 5: This form is applicable for a Firms, AOP,BOI, Local Authority.

ITR 6: This form is applicable for a Company.

ITR 7: This form  is applicable for a Trust.

ITR 8: This form is used for filing only FBT Return.

https://incometaxindiaefiling.gov.in/portal/selectforms.do

The Income Tax Department has given the facility to file tax returns online with the help of softwares awailable at the above link.

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

July 21, 2008

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.