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Income tax slab

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Income tax slab

  1. 1. Income tax slabs of last 12 years Firms, partnership, Companies, foreign company,(INCOME TAX RATES FOR INDIVIDUAL ,HUF ,BOI,AOP, Cooperative Societies) By Shankar Bose Inspector of Income-tax MSTU, Puri
  2. 2. It is a general demand to know about Income tax slabs of last 12 years. Normally oneneed to remember it in once a year when there is a time to fill return. But if we lookbroad, it is the thing which we need to remember all the year and often some people alsoneed the income tax slabs for the past years also. So there are income tax slabs of thelast 12 financial as well as assessment year which may be very useful. ASSESSMENT YEAR 2012-2013 RELEVANT TO FINANCIAL YEAR 2011-2012I TAX RATES FOR INDIVIDUALS OTHER THAN II, III & IV BELOWUpto 1,80,000 - Nil1,80,000 to 5,00,000 - 10% of the amount exceeding 1,80,0005,00,000 to 8,00,000 - Rs.32,000 + 20% of the amount exceeding 5,00,0008,00,000 & above - Rs.92,000 + 30% of the amount exceeding 8,00,000II TAX RATES FOR RESIDENT WOMEN BELOW 60 YEARSUpto 1,90,000 - Nil1,90,000 to 5,00,000 - 10% of the amount exceeding 1,90,0005,00,000 to 8,00,000 - Rs.31,000 + 20% of the amount exceeding 5,00,0008,00,000 & above - Rs.91,000 + 30% of the amount exceeding 8,00,000III TAX RATES FOR INDIVIDUAL RESIDENTS AGED 60 YRS AND ABOVE & BELOW 80YEARS (SENIOR CITIZEN)Upto 2,50,000 - Nil2,50,000 to 5,00,000 - 10% of the amount exceeding 2,50,0005,00,000 to 8,00,000 - Rs.25,000 + 20% of the amount exceeding 5,00,0008,00,000 & above - Rs.85,000 + 30% of the amount exceeding 8,00,000IV TAX RATES FOR INDIVIDUAL RESIDENTS AGED 80 YRS AND ABOVE (VERY SENIORCITIZEN)Upto 5,00,000 - Nil5,00,000 to 8,00,000 - 20% of the amount exceeding 5,00,0008,00,000 & above - Rs.60,000 + 30% of the amount exceeding 8,00,000There is no surcharge in the case of every individual, Hindu undivided family,Association of persons and body of individuals.EDUCATION CESSThe amount of Income-tax shall be increased by Education Cess of 3% on Income-tax.
  3. 3. INCOME TAX RATES FOR AY 2006-07 TO AY 2011-12 FOR INDIVIDUAL ,HUF ,BOI,AOPAssessment year Rate Resident Resident Sr General/others woman citizen2011-12 Nil Up to 190000 Up to 240000 Up to 160000 10% 190000- 240000-500000 160000-500000 500000 20% 500000- 500000-800000 500000-800000 800000 30% Above 800000 Above 800000 Above 800000 Surcharge: NIL Cess: 3% on Income Tax (2 % education cess ,1% Higher secondary cess)2010-11 Nil Up to 190000 Up to 240000 Up to 160000 10% 190000- 240000-300000 160000-300000 300000 20% 300000- 300000-500000 300000-500000 500000 30% Above 500000 Above 500000 Above 500000 Surcharge: NIL Cess: 3% on Income Tax (2 % education cess ,1% Higher secondary cess)2009-10 Nil Up to 180000 Up to 225000 Up to 150000 10% 180000- 225000-300000 150000-300000 300000 20% 300000- 300000-500000 300000-500000 500000 30% Above 500000 Above 500000 Above 500000 Surcharge: 10 % on Income Tax if income Exceeding Rs 10,00,000 Cess: 3% on Income Tax & surcharge (2 % education cess ,1% Higher secondary cess)2008-09 Nil Up to 145000 Up to 195000 Up to 110000 10% 145000- 195000-300000 110000-300000 300000 20% 300000- 300000-500000 300000-500000 500000 30% Above 500000 Above 500000 Above 500000 Surcharge: 10 % on Income Tax if income Exceeding Rs 10,00,000 Cess: 3% on Income Tax & surcharge (2 % education cess ,1% Higher secondary cess)2006-07 and Nil Up to 135000 Up to 185000 Up to 1000002007-08 10% 135000- 185000-300000 100000-300000 300000 20% 300000- 300000-500000 300000-500000 500000 30% Above 500000 Above 500000 Above 500000 Surcharge: 10 % on Income Tax if income Exceeding Rs 10,00,000 Cess: 2% on Income Tax & surcharge (2 % education cess )
  4. 4. Income Tax Rates/Slabs for A.Y. (2004-05 & 2005-06) Slab (Rs.) Tax (Rs.) Surcharge on Income Tax (If TI > Rs.8.50 Lakhs) (Rs.) less than 50,000 Nil Nil 50,000 to 60,000 (TI – 50,000) * 10% 10% 60,000 to 1,50,000 1,000 + (TI – 60,000) * 20% 10%Greater than 1,50,000 19,000 + (TI – 1,50,000) * 30% 10% Income Tax Rates/Slabs for A.Y. (2003-04) Slab (Rs.) Tax (Rs.) Surcharge on Income Tax (If TI > Rs.60,000) (Rs.) Less than 50,000 Nil Nil 50,000 to 60,000 (TI – 50,000) * 10% 5% 60,000 to 1,50,000 1,000 + (TI – 60,000) * 20% 5%Greater than 1,50,000 19,000 + (TI – 1,50,000) * 30% 5% Income Tax Rates/Slabs for A.Y. (2002-03) Slab (Rs.) Tax (Rs.) Surcharge on Income Tax (If TI > Rs.60,000) Less than 50,000 Nil Nil 50,000 to 60,000 (TI – 50,000) * 10% 2% 60,000 to 1,50,000 1,000 + (TI – 60,000) * 20% 2%Greater than 1,50,000 19,000 + (TI – 1,50,000) * 30% 2% Income Tax Rates/Slabs for A.Y. (2001-02) Slab (Rs.) Tax (Rs.) Surcharge Surcharge TI > 60,000 TI > 1,50,000 Less than 50,000 Nil Nil Nil 50,000 to 60,000 (TI – 50,000) * 10% 12% 17% 60,000 to 1,50,000 1,000 + (TI – 60,000) * 20% 12% 17%Greater than 1,50,000 19,000 + (TI – 1,50,000) * 12% 17% 30%
  5. 5. Firms, partnership, Companies, foreign company, Cooperative SocietiesFirms. Assessment Years 2008-2009, 2009-2010 and 2010-2011. The firm is taxable at 30 percent. Surcharge is 10% of the net income exceeds Rs. 1 crore. The education cess** is 3% ofthe income tax and surcharge*.A partnership is treated as a separate entity for tax purpose. A partnerhip with a properpartnership deed is taxed as a partnerhip, and if no partnership deed exists, it is taxed asAOP. Normally it is better to be taxed as partnership. Partnership can pay salary andallowances to the partners (which partners must report of their individual tax returns) andtake deduction for it. The partnership profit after paying income tax is not taxable in thehands of partners.Companies. Assessment Years 2008-2009, 2009-2010 and 2010-2011. (i) For the domesticcompany the tax rate is 30%. Surcharge is 10% of the net income exceeds Rs. 1 crore. Theeducation cess is 3% of the income tax and surcharge*. For the Assessment Year 2011-12 thesurcharge is 7.5% of the net income exceeds Rs. 1 crore.(ii) For a foreign company the tax rate is 40%. Surcharge is 2.5% of the net income exceeds Rs.1 crore. The education cess** is 3% of the income tax and surcharge*.Cooperative Societies. Assessment Years 2008-2009, 2009-2010 and 2010-2011. Income up toRs. 10,000: 10%; Income Rs. 10,000 to Rs. 20,000: 20%; Income Rs. 20,000 and above: 30%. Nosurcharge is applicable. The education cess** is 3%.*Marginal relief. For net income over Rs. 1 crore, the net amount payable as income tax andsurcharge shall not exceed the total amount payable as income tax on total income of Rs. 1crore by more than the amount of income that exceeds Rs. 1 crore.** Here the term Education Cess includes Education Cess of 2% and Secondary and highereducation cess of 1%. Thanks

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