Income Tax Rates

Submitted by eLagaan on Sun, 02/28/2010 - 16:58

FINANCIAL YEAR 2010-11 ASSESSMENT YEAR 2011-12

Resident Senior Citizens Firms & LLPs
Resident Women/ Female Domestic Companies
Any other Individuals, HUF, AOP, BOI, AJP Foreign Companies
Co-operative Society Marginal Relief
Local Authority

 

Resident Senior Citizen (65 years or more at any time during the financial year)
Taxable Income Tax Payable
Upto Rs.240,000 NIL
From Rs.240,001 to Rs.500,000 10% of income above Rs.240,000
From Rs.500,001 to Rs.800,000 Rs.26,000 + 20% of income above Rs.500,000
Above Rs.800,000 Rs.86,000 + 30% of income above Rs.800,000
Surcharge NIL
Education Cess 2% of Total tax payable
Secondary & Higher Education Cess 1% of Total tax payable

 

 

Resident Women/ Female
Taxable Income Tax Payable
Upto Rs.190,000 NIL
From Rs.190,001 to Rs.500,000 10% of income above Rs.190,000
From Rs.500,001 to Rs.800,000 Rs.31,000 + 20% of income above Rs.500,000
Above Rs.800,000 Rs.91,000 + 30% of income above Rs.800,000
Surcharge NIL
Education Cess 2% of Total tax payable
Secondary & Higher Education Cess 1% of Total tax payable

 

 

Any other Resident Individual, any HUF (Hindu Undivided Family), AOP(Association of Persons), BOI (Body of Individuals), Artificial Juridical Person, NRI (non Resident Indian), RNOR (Resdient but not ordinarily Resident)
Taxable Income Tax Payable
Upto Rs.160,000 NIL
From Rs.160,001 to Rs.500,000 10% of income above Rs.160,000
From Rs.500,001 to Rs.800,000 Rs.34,000 + 20% of income above Rs.500,000
Above Rs.800,000 Rs.94,000 + 30% of income above Rs.800,000
Surcharge NIL
Education Cess 2% of Total tax payable
Secondary & Higher Education Cess 1% of Total tax payable

 

 

Co-operative Society
Taxable Income Tax Payable
Upto Rs.10,000 10%
From Rs.10,001 to Rs.20,000 Rs.1,000 + 20% of income above Rs.10,000
Above Rs.20,000 Rs.3,000 + 30% of income above Rs.20,000
Surcharge NIL
Education Cess 2% of Total tax payable
Secondary & Higher Education Cess 1% of Total tax payable

 

 

Local Authorities
Taxable Income Tax Payable
Tax Rate 30% of taxable income
Surcharge NIL
Education Cess 2% of Total tax payable
Secondary & Higher Education Cess 1% of Total tax payable

 

 

 

Firms & LLPs (Limited Liability Partnerships)
Taxable Income Tax Payable
Tax Rate 30% of taxable income
Surcharge NIL
Education Cess 2% of Total tax payable
Secondary & Higher Education Cess 1% of Total tax payable

 

 

Domestic Companies
Taxable Income Tax Payable
Tax Rate 30% of taxable income
Surcharge (if taxable income exceeds Rs.10,000,000) 7.5% of total tax payable
Education Cess 2% of (Total tax payable + Surcharge)
Secondary & Higher Education Cess 1% of (Total tax payable + Surcharge)

 

 

Foreign Companies
Taxable Income Tax Payable
For Royalties received from Government of India, or an Indian concern in pursuance of an agreement made by it with the Indian concern after 31-Mar-1961 but before 01-Apr-1976, or FEES for rendering technical services in pursuance of an agreement made by it after 29-Feb-1964 but before 01-Apr-1976 and where such agreement has in either case been approved by the central government 50% of this income
Any other taxable income 40% of taxable income
Surcharge (if taxable income exceeds Rs.10,000,000) 2.5% of total tax payable
Education Cess 2% of (Total tax payable + Surcharge)
Secondary & Higher Education Cess 1% of (Total tax payable + Surcharge)

 

 

Marginal Relief

The net amount payable as income tax and surcharge shall not exceed the total amount payable as income tax on total income of "Surcharge limit" by more than the amount of income that exceeds the "Surcharge limit"

 

Note: Surcharge Limit :
For Firms, Domestic Companies and Foregin Companies (Rs.10,000,000)