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Home Articles Tax Rates for the Financial year 2007-08

Tax Rates for the Financial year 2007-08

Mr. C.S. Sudheer | Posted On Tuesday, June 24,2008, 07:12 AM

Tax Rates for the Financial year 2007-08

 

 

Income tax rates vary from one individual to other depend 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 three categories, they are:-

Resident Senior Citizen or Assessee

- All individuals, whose age is above 65 years.

Resident Female citizen or Assessee

 – All women aged below 65 years.

Ordinary citizen or others

All individuals, who do not fall under above two categories.

Tax Rates:

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.

Education Cess on Income Tax

Education Cess @ 3% will be payable on the amount of income tax (including surcharge).

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