The Income Tax rates for A. Y. (Assessment year) 2009-10 are as follows:-
A. Individuals and HUFs
In case of individual (other than II and III below) and HUF:-
Income Level Income Tax Rate
i. Where the total income does not exceed Rs.1,50,000/-. NIL
ii. Where the total income exceeds Rs.1,50,000/- but does not exceed Rs.3,00,000/-. 10% of amount by which the total income exceeds Rs. 1,50,000/-
iii. Where the total income exceeds Rs.3,00,000/- but does not exceed Rs.5,00,000/-. Rs. 15,000/- + 20% of the amount by which the total income exceeds Rs.3,00,000/-.
iv. 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. In case of individual being a woman resident in India and below the age of 65 years at any time during the previous year:-
Income Level Income Tax Rate
i. Where the total income does not exceed Rs.1,80,000/-. NIL
ii. Where total income exceeds Rs.1,80,000/- but does not exceed Rs.3,00,000/-. 10% of the amount by which the total income exceeds Rs.1,80,000/-.
iii. Where the total income exceeds Rs.3,00,000/- but does not exceed Rs.5,00,000/-. Rs. 12,000- + 20% of the amount by which the total income exceeds Rs.3,00,000/-.
iv. 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/-.
III. In case of an individual resident who is of the age of 65 years or more at any time during the previous year:-
Income Level Income Tax Rate
i. Where the total income does not exceed Rs.2,25,000/-. NIL
ii. Where the total income exceeds Rs.2,25,000/- but does not exceed Rs.3,00,000/- 10% of the amount by which the total income exceeds Rs.2,25,000/-.
iii. Where the total income exceeds Rs.3,00,000/- but does not exceed Rs.5,00,000/- Rs.7,500/- + 20% of the amount by which the total income exceeds Rs.3,00,000/-.
iv. 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/-.
Further, 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. Thus, in case of individuals/HUFs no surcharge shall be payable if the total income is below Rs.10 lacs.
The tax and surcharge, if any, are to be further enhanced by education cess levied @ 3% from A. Y. 2008-09 onwards.
B. Association of Persons (AOP) and Body of Individuals (BOI)
i. Income-tax:
Income Level Income Tax Rate
i. Where the total income does not exceed Rs.1,50,000/-. NIL
ii. Where the total income exceeds Rs.1,50,000/- but does not exceed Rs.3,00,000/-. 10% of amount by which the total income exceeds Rs. 1,50,000/-
iii. Where the total income exceeds Rs.3,00,000/- but does not exceed Rs.5,00,000/-. Rs. 15,000/- + 20% of the amount by which the total income exceeds Rs.3,00,000/-.
iv. 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.
C. Co-operative Society
i. Income-tax:
Income Level Income Tax Rate
i. Where the total income does not exceedRs. 10,000/-. 10% of the income.
ii. Where the total income exceeds Rs.10,000/- but does not exceed Rs.20,000/-. Rs. 1,000/- + 20% of income in excess of Rs. 10,000/-.
iii. 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: Nil
iii. Education Cess: 3% of the Income-tax.
D. Firm
i. Income-tax: 30% of total income.
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. 1 crore.
iii. Education Cess: 3% of the total of Income-tax and Surcharge.
E. Local Authority
i. Income-tax: 30% of total income.
ii. Surcharge: Nil
iii. Education Cess: 3% of Income-tax.
F. Domestic Company
i. Income-tax: 30% of total income.
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. 1 crore.
iii. Education Cess: 3% of the total of Income-tax and Surcharge.
G. Company other than a Domestic Company
i. Income-tax:
@ 50% of 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.
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