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What is the cuurent rate of income tax in india? |
What is the cuurent rate of income tax in india? The present Income Tax Rates for Financial Year 2005-2006 are as follows - For Individuals ( Women ) Income not exceeding Rs.1,35,000/- -- Nil Income exceeding Rs.1,35,000/- but does not exceed Rs.1,50,000/- -- 10% of excess over Rs.1,35,000/- Income exceeding Rs.1,50,000/- but does not exceed Rs.2,50,000/- -- Rs.1,500/- + 20% of excess over Rs.1,50,000/- Income exceeding Rs.2,50,000/- -- Rs.21,500/- + 30% of excess over Rs.2,50,000/- If Income exceed Rs.10,00,000/- Surcharge @10% of Income Tax Education Cess @2% of Income Tax and Surcharge, if any For Individuals ( Senior Ceitizan-Attains 65 years ) Income not exceeding Rs.1,80,000/- -- Nil Income exceeding Rs.1,80,000/- but does not exceed Rs.2,50,000/- -- 20% of excess over Rs.1,80,000/- Income exceeding Rs.2,50,000/- -- Rs.14,000/- + 30% of excess over Rs.2,50,000/- If Income exceed Rs.10,00,000/- Surcharge @10% of Income Tax Education Cess @2% of Income Tax and Surcharge, if any For Individuals ( Others ) / HUF / AOP / BOI Income not exceeding Rs.1,00,000/- -- Nil Income exceeding Rs.1,00,000/- but does not exceed Rs.1,50,000/- -- 10% of excess over Rs.1,00,000/- Income exceeding Rs.1,50,000/- but does not exceed Rs.2,50,000/- -- Rs.5,000/- + 20% of excess over Rs.1,50,000/- Income exceeding Rs.2,50,000/- -- Rs.25,000/- + 30% of excess over Rs.2,50,000/- If Income exceed Rs.10,00,000/- Surcharge @10% of Income Tax Education Cess @2% of Income Tax and Surcharge, if any For Firm On whole of Income -- 30% Surcharge @10% of Income Tax Education Cess @2% of Income Tax and Surcharge For Domestic Company On whole of Income -- 30% Surcharge @10% of Income Tax Education Cess @2% of Income Tax and Surcharge Source(s): http://www.meraconsultant.com Check on Department of Finance of India. you should be able to file it through - http://nic.gov.in/ You can get lot more information there. The current rate orIncom e Tax in India is For Individual (Male) upto 100000/- - Nil 100000 to 150000/- - 10% 150000 to 250000/- - 20% 250000 and above - 30% Add to the above 2% of tax education cess. If Income more than 10 Lakhs add 10% of Income tax as surcharge for corporate tax the IT is 30% plus 10% sercharge plus educational cess. for example your corporate tax is 20 lacs the tax will Be 20*33.66@=6.732 lacs |
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