Direct Tax Rate in Bharat for AY 2008 - 2009
June 17th, 2008Income tax is a tax imposed on fiscal income of a soul, corporation or other sound entities. The slab and rate of income tax for individual and corporation are afforded to a lower place harmonising to Indian Income Tax Act for AY 2008-2009 OR FY 2007-2008.
(i) INCOME TAX FOR INDIVIDUAL:
1) For individuals other than adult females and senior citizen:
(1) For nonexempt income less than Bureau of Intelligence and Research 110,000: Tax is nil.
(2) For next Bureau of Intelligence and Research 40,000 rate is 10%,
(3) For next Bureau of Intelligence and Research 100,000 tax rate is 20%, For amount more than Bureau of Intelligence and Research 250,000 rate is 30%
(4) For nonexempt income more than INR 1,000,000 a plume of 10% of income tax is appended to the tax payable amount.
2) For dames other than senior citizen:
(1) For first Bureau of Intelligence and Research 145,000 tax is nil.
(2) For next Bureau of Intelligence and Research 5,000 rate is 10%
(3) For next Bureau of Intelligence and Research 100,000 rate is 20%, For amount more than Bureau of Intelligence and Research 250,000 rate is 30%.
(4) For nonexempt income more than Bureau of Intelligence and Research 1,000,000 an overcharge of 10% of income tax is appended to the tax payable amount.
3) For senior citizen:
(1) For first Bureau of Intelligence and Research 195,000 tax is nil.
(2) For next INR 55,000 rate is 20%,
(3) For nonexempt income more than Bureau of Intelligence and Research 250,000 rate is 30%.
4) For other individual i.e. HUF, AOP, BOI:
For such individuals tax slabs are like as individuals other than adult females and senior citizen. i.e.
(1) For first Bureau of Intelligence and Research 110,000 tax is nil.
(2) For next Bureau of Intelligence and Research 50,000 rate is 10%,
(3) For next Bureau of Intelligence and Research 100,000 rate is 20%, For amount more than Bureau of Intelligence and Research 250,000 tax rate is 30%.
(4) For nonexempt income more than Bureau of Intelligence and Research 1,000,000 a hook of 10% of income tax is supplied to the tax payable amount.
(ii) Embodied Revenue enhancement:
1) For domestic companies having nonexempt income less than Bureau of Intelligence and Research 1 crore (10 000 000): Income is assessed at a flat rate of 30% with a 3% education cess so total 30.9%.
2) For domestic companies having nonexempt income more than Bureau of Intelligence and Research 1 crore (10 000 000): Income is assessed at a flat rate of 30% with a 10% gazump on tax and 3% education cess on tax plus rob so total 33.99%.
3) For strange companies: Income is assessed at a flat rate of 40% with a 3% education cess so total 41.2%.