Friday, August 29, 2008

Income Tax Rates for FY 2008-09 in India

Here are the rates at which one will be taxed this year on the basis of their income.


Taxable income slab

Tax Rate (%)

Men


Up to 1,50,000

NIL

1,50,001 - 3,00,000

10

3,00,001 - 5,00,000

20

5,000,001 upwards

30*

Women


Up to 1,80,000

NIL

1,80,001 - 3,00,000

10

3,00,001 - 5,00,000

20

5,000,001 upwards

30*

Senior Citizen (65 Years or above)


Up to 2,25,000

NIL

2,25,001 - 3,00,000

10

3,00,001 - 5,00,000

20

5,000,001 upwards

30*


*A surcharge of 10 per cent of the total tax liability is applicable where the total income exceeds Rs 1,000,000.

Note:
  • Education cess is applicable @ 3 per cent on income tax, inclusive of surcharge if there is any.
  • A marginal relief may be provided to ensure that the additional IT payable, including surcharge, on excess of income over Rs 1,000,000 is limited to an amount by which the income is more than this mentioned amount.
  • Agricultural income is exempted from income-tax.

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