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Income Tax Rates for Assessment Year 2009-10

IndianMoney.com Research Team | Posted On Tuesday, May 05,2009, 07:26 PM

Income Tax Rates for Assessment Year 2009-10

 

 

Budget 2009 has brought lot of relief to the income tax payers as there is lot of concession in the income tax rates for the financial year 2009-10. Income tax is still one of the major sources of income of the Government of India. All individuals who have income above certain limit is liable to pay the income tax according to the specified tax rates.

 
Income tax rates vary from one individual to other depending on the status and type of citizenship he/she holds. For the purpose of calculating income tax, Income Tax Act has classified assessees in to following categories, they are:-
 
1.    Individuals & HUFs
2.    AOPs & BOIs
3.    Co-operative Society
4.    Firm
5.    Local Authority
6.    Domestic Company
7.    Other Company
 
The Income Tax rates for A. Y. (Assessment year) 2009-10 are as follows:-
 
1.    In case of individual (other than II and III below) and HUF
 
            Income level
Tax rate
If the total income does not exceed Rs.1, 50,000/-.
NIL
 
If the total income between
Rs.1, 50,000/- to Rs.3, 00,000/-.
 
10% of amount by which the total income exceeds Rs. 1,50,000/-
 
If the total income is betweenRs.3, 00,000/- to Rs.5, 00,000/-.
 
Rs. 15,000/- + 20% of the amount by which the total income exceeds
Rs.3, 00,000/-.
 
Where the total income exceeds
Rs.5, 00,000/-.
 
Rs. 55,000/- + 30% of the amount by which the total income exceeds
Rs.5, 00,000/-.
 
i.      In case of individual being a woman resident in India and below age of 65 years at any time during the previous year.
 

Income level
Tax rate
Where the total income
                                  Nil
Where total income exceeds Rs.1, 80,000/- but exceed Rs.3, 00,000/-.
10% of the amount by which the total income exceeds Rs.1, 80,000/-.
Where the total income exceeds Rs.3, 00, 000/- but exceed Rs.5, 00,000/-.
Rs. 12,000- + 20% of the amount by which the total income exceeds Rs.3, 00,000/-.
Where the total income exceeds Rs.5,00,000/-
Rs.52, 000/- + 30% of the amount by which the total income exceeds Rs.5, 00,000/-.

ii.       In case of an individual resident who is of the age of 65 years or more at anytime during the previous year.

Income level
Tax rate
Where the total income exceed Rs.2, 25,000/-.
Nil
Where the total income exceeds Rs.2,25,000/- but exceed Rs.3,00,000/-
10% of the amount by which the total income exceeds Rs.2, 25,000/-.
Where the total income exceeds Rs.3,00,000/- but exceed Rs.5,00,000/-
Rs.7, 500/- + 20% of the amount by which the total income exceeds Rs.3, 00,000/-.
 
Where the total income exceeds Rs.5,00,000/-
Rs.47, 500/- + 30% of the amount by which the total income exceeds Rs.5, 00,000/-.

 
After being reduced by the amount of tax rebate shall be increased by a surcharge at the rate of 10% of such income tax, provided that the total income exceeds Rs. 10 lacs. Thus, in case of individuals/HUFs no surcharge shall be payable if the total income is below Rs.10 lacs.
 
2.    Association of Persons (AOP) and Body of Individuals (BOI)
i.      Income Tax
 

Income rate
Tax rate
Where the total income exceed
Rs.1, 50,000/-.
 
Nil
Where the total income exceeds
Rs.1, 50,000/- but exceed Rs.3, 00,000/-.
10% of amount by which the total income exceeds Rs. 1,50,000/-
Where the total income exceeds
Rs.3, 00,000/- but exceed Rs.5, 00,000/-.
Rs. 15,000/- + 20% of the amount by which the total income exceeds
Rs.3, 00,000/-.
 
Where the total income exceeds
Rs.5, 00,000/-.
Rs. 55,000/- + 30% of the amount by which the total income exceeds
Rs.5, 00,000/-.

 
ii.    Surcharge
The amount of income tax as computed in accordance with above rates and after being reduced by the amount of tax rebate shall be increased by a surcharge at the rate of 10% of such income tax, provided that the total income exceeds Rs. 10 lacs.
 
iii.   Education Cess
3% of the total of Income-tax and Surcharge
 
3.    Co-operative Society
i.      Income tax 

Income
Tax rate
Where the total income exceed
Rs. 10,000/-.
10% of the income.
Where the total income exceeds Rs.10, 000/- but exceed Rs.20, 000/-.
Rs. 1,000/- + 20% of income in excess of Rs. 10,000/-.
Where the total income exceeds Rs.20,000/-
Rs. 3.000/- + 30% of the amount by which total income exceeds Rs.20, 000/-.

 
 
 
 
 
 
 
 
 
 
ii.    Surcharge : Nill
iii.   Education Cess: 3% of the Income-tax.
 
4.    Firm
·         Income-tax: 30% of total income.
·         Surcharge: The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge at the rate of 10% of such income tax, provided that the total income exceeds Rs. 1 crores.
·         Education Cess: 3% of the total of Income-tax and Surcharge.
 
5.    Local Authority
·         Income-tax: 30% of total income.
·         Surcharge: Nil
·         Education Cess: 3% of Income-tax.
 
6.    Domestic Company
·         Income-tax: 30% of total income.
·         Surcharge: The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge at the rate of 10% of such income tax, provided that the total income exceeds Rs. 1 crores.
·         Education Cess: 3% of the total of Income-tax and Surcharge.
 
7.    Company other than a Domestic Company
i.      Income-tax:
·         50% on so much of the total income as consist of (a) royalties received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st day of March, 1961 but before the 1st day of April, 1976; or (b) fees for rendering technical services received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 29th day of February, 1964 but before the 1st day of April, 1976, and where such agreement has, in either case, been approved by the Central Government;
 
·         40% of the balance
 
ii.    Surcharge:
The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge at the rate of 2.5% of such income tax, provided that the total income exceeds Rs. 1 crore.
 
iii.   Education Cess:
 3% of the total of Income-tax and Surcharge
 
In case where the Total Income exceeds Rs 10,00,000, there would be a surcharge @ 10%.Marginal relief is available to assessee whose income just exceeds Rs. 10,00,000.
 

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