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  • Slab Rates Incometax

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    The document outlines income tax rates in India for various assessment years between 2008-2009 and 2015-2016. It provides tax rates and slabs for individuals below 65 years of age, women assessees, individuals aged 65 years and above, and includes details on surcharge and education cess. The tax rates and slabs vary across assessment years, with exempted amounts and rates generally increasing over time. Surcharge is 10% of income tax payable if total income exceeds Rs. 1,000,000 or Rs. 10,000,000 depending on the assessment year. Education cess is a fixed 3% of income tax plus surcharge.

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    slab rates incometax for many years

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    slab rates incometax

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    The document outlines income tax rates in India for various assessment years between 2008-2009 and 2015-2016. It provides tax rates and slabs for individuals below 65 years of age, women assessees, individuals aged 65 years and above, and includes details on surcharge and education cess. The tax rates and slabs vary across assessment years, with exempted amounts and rates generally increasing over time. Surcharge is 10% of income tax payable if total income exceeds Rs. 1,000,000 or Rs. 10,000,000 depending on the assessment year. Education cess is a fixed 3% of income tax plus surcharge.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    42 views8 pages

    Slab Rates Incometax

    Uploaded by

    PPEARL09
    The document outlines income tax rates in India for various assessment years between 2008-2009 and 2015-2016. It provides tax rates and slabs for individuals below 65 years of age, women assessees, individuals aged 65 years and above, and includes details on surcharge and education cess. The tax rates and slabs vary across assessment years, with exempted amounts and rates generally increasing over time. Surcharge is 10% of income tax payable if total income exceeds Rs. 1,000,000 or Rs. 10,000,000 depending on the assessment year. Education cess is a fixed 3% of income tax plus surcharge.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    of 8

    Assessment Year 2008-09, Relevant to Financial Year 2007-08

    For Individuals below 65 years age, other than Woman Assessees:


    Income Tax Rate
    Upto 110,000 Nil
    110,000 to 150,000 10% of the amount exceeding 110,000
    150,000 to 250,000 Rs.4,000 + 20% of the amount exceeding 150,000
    250,000 & above Rs.24,000 + 30% of the amount exceeding 250,000

    For Woman Assessees below 65 years:


    Income Tax Rate
    Upto 145,000 Nil
    145,000 to 150,000 10% of the amount exceeding 145,000
    150,000 to 250,000 Rs.500 + 20% of the amount exceeding 150,000
    250,000 & above Rs.20,500 + 30% of the amount exceeding 250,000

    For Individuals aged 65 years and above:


    Income Tax Rate
    Upto 195,000 Nil
    195,000 to 250,000 20% of the amount exceeding 195,000
    250,000 & above Rs.11,000 + 30% of the amount exceeding 250,000

    Surcharge on Income Tax: 10% of the Income Tax payable, in case the total taxable income exceeds
    Rs.1,000,000

    Education Cess: 3% of Income Tax plus Surcharge


    Assessment Year 2009-10, Relevant to Financial Year 2008-09

    For Individuals below 65 years age, other than Woman Assessees:


    Income Tax Rate
    Upto 150,000 Nil
    150,000 to 300,000 10% of the amount exceeding 150,000
    300,000 to 500,000 Rs.15,000 + 20% of the amount exceeding 300,000
    500,000 & above Rs.55,000 + 30% of the amount exceeding 500,000

    For Woman Assessees below 65 years:


    Income Tax Rate
    Upto 180,000 Nil
    180,000 to 300,000 10% of the amount exceeding 180,000
    300,000 to 500,000 Rs.12,000 + 20% of the amount exceeding 300,000
    500,000 & above Rs.52,000 + 30% of the amount exceeding 500,000

    For Individuals aged 65 years and above:


    Income Tax Rate
    Upto 225,000 Nil
    225,000 to 300,000 10% of the amount exceeding 225,000
    300,000 to 500,000 Rs.7,500 + 20% of the amount exceeding 300,000
    500,000 & above Rs.47,500 + 30% of the amount exceeding 500,000

    Surcharge on Income Tax: 10% of the Income Tax payable, in case the total taxable income exceeds Rs.1,000,000

    Education Cess: 3% of Income Tax plus Surcharge


    Assessment Year 2010-11, Relevant to Financial Year 2009-10

    For Individuals below 65 years age, other than Woman Assessees:


    Income Tax Rate
    Upto 160,000 Nil
    160,000 to 300,000 10% of the amount exceeding 160,000
    300,000 to 500,000 Rs.14,000 + 20% of the amount exceeding 300,000
    500,000 & above Rs.54,000 + 30% of the amount exceeding 500,000

    For Woman Assessees below 65 years:


    Income Tax Rate
    Upto 190,000 Nil
    190,000 to 300,000 10% of the amount exceeding 190,000
    300,000 to 500,000 Rs.11,000 + 20% of the amount exceeding 300,000
    500,000 & above Rs.51,000 + 30% of the amount exceeding 500,000

    For Individuals aged 65 years and above:


    Income Tax Rate
    Upto 240,000 Nil
    240,000 to 300,000 10% of the amount exceeding 240,000
    300,000 to 500,000 Rs.6,000 + 20% of the amount exceeding 300,000
    500,000 & above Rs.46,000 + 30% of the amount exceeding 500,000

    Surcharge on Income Tax: Nil

    Education Cess: 3% of Income Tax


    Assessment Year 2011-12, Relevant to Financial Year 2010-11

    For Individuals below 65 years age, other than Woman Assessees:


    Income Tax Rate
    Upto 160,000 Nil
    160,000 to 500,000 10% of the amount exceeding 160,000
    500,000 to 800,000 Rs.34,000 + 20% of the amount exceeding 500,000
    800,000 & above Rs.94,000 + 30% of the amount exceeding 800,000

    For Woman Assessees below 65 years:


    Income Tax Rate
    Upto 190,000 Nil
    190,000 to 500,000 10% of the amount exceeding 190,000
    500,000 to 800,000 Rs.31,000 + 20% of the amount exceeding 500,000
    800,000 & above Rs.91,000 + 30% of the amount exceeding 800,000

    For Individuals aged 65 years and above:


    Income Tax Rate
    Upto 240,000 Nil
    240,000 to 500,000 10% of the amount exceeding 240,000
    500,000 to 800,000 Rs.26,000 + 20% of the amount exceeding 500,000
    800,000 & above Rs.86,000 + 30% of the amount exceeding 800,000

    Surcharge on Income Tax: Nil

    Education Cess: 3% of Income Tax

    ===-
    =====================================================================================
    =====================================================================================
    Assessment Year 2012-13, Relevant to Financial Year 2011-12

    For Individuals below 60 years age, other than Woman Assessees:


    Income Tax Rate
    Upto 180,000 Nil
    180,000 to 500,000 10% of the amount exceeding 180,000
    500,000 to 800,000 Rs.32,000 + 20% of the amount exceeding 500,000
    800,000 & above Rs.92,000 + 30% of the amount exceeding 800,000

    For Woman Assessees below 60 years:


    Income Tax Rate
    Upto 190,000 Nil
    190,000 to 500,000 10% of the amount exceeding 190,000
    500,000 to 800,000 Rs.31,000 + 20% of the amount exceeding 500,000
    800,000 & above Rs.91,000 + 30% of the amount exceeding 800,000

    For Individuals aged 60 years and above but below 80 years (Senior Citizen):
    Income Tax Rate
    Upto 250,000 Nil
    250,000 to 500,000 10% of the amount exceeding 250,000
    500,000 to 800,000 Rs.25,000 + 20% of the amount exceeding 500,000
    800,000 & above Rs.85,000 + 30% of the amount exceeding 800,000

    For Individuals aged 80 years and above (Very Senior Citizen):


    Income Tax Rate
    Upto 500,000 Nil
    500,000 to 800,000 20% of the amount exceeding 500,000
    800,000 & above Rs.60,000 + 30% of the amount exceeding 800,000

    Surcharge on Income Tax: Nil


    Assessment Year 2013-14, Relevant to Financial Year 2012-13

    For Individuals below 60 years age (including Woman Assessees):


    Income Tax Rate
    Upto 200,000 Nil
    200,000 to 500,000 10% of the amount exceeding 200,000
    500,000 to 1,000,000 Rs.30,000 + 20% of the amount exceeding 500,000
    1,000,000 & above Rs.130,000 + 30% of the amount exceeding 1,000,000

    For Individuals aged 60 years and above but below 80 years (Senior Citizen):
    Income Tax Rate
    Upto 250,000 Nil
    250,000 to 500,000 10% of the amount exceeding 250,000
    500,000 to 1,000,000 Rs.25,000 + 20% of the amount exceeding 500,000
    1,000,000 & above Rs.125,000 + 30% of the amount exceeding 1,000,000

    For Individuals aged 80 years and above (Very Senior Citizen):


    Income Tax Rate
    Upto 500,000 Nil
    500,000 to 1,000,000 20% of the amount exceeding 500,000
    1,000,000 & above Rs.100,000 + 30% of the amount exceeding 1,000,000

    Surcharge on Income Tax: Nil

    Education Cess: 3% of Income Tax plus Surcharge


    Assessment Year 2014-15, Relevant to Financial Year 2013-14

    For Individuals below 60 years age (including Woman Assessees):


    Income Tax Rate
    Upto 200,000 Nil
    200,000 to 500,000 10% of the amount exceeding 200,000
    500,000 to 1,000,000 Rs.30,000 + 20% of the amount exceeding 500,000
    1,000,000 & above Rs.130,000 + 30% of the amount exceeding 1,000,000

    For Individuals aged 60 years and above but below 80 years (Senior Citizen):
    Income Tax Rate
    Upto 250,000 Nil
    250,000 to 500,000 10% of the amount exceeding 250,000
    500,000 to 1,000,000 Rs.25,000 + 20% of the amount exceeding 500,000
    1,000,000 & above Rs.125,000 + 30% of the amount exceeding 1,000,000

    For Individuals aged 80 years and above (Very Senior Citizen):


    Income Tax Rate
    Upto 500,000 Nil
    500,000 to 1,000,000 20% of the amount exceeding 500,000
    1,000,000 & above Rs.100,000 + 30% of the amount exceeding 1,000,000

    Tax Credit: Rs. 2,000 for every person whose income doesn’t exceed Rs. 500,000

    Surcharge on Income Tax: 10% of the Income Tax payable, in case the total taxable income exceeds
    Rs.10,000,000. Surcharge shall not exceed the amount of income that exceeds Rs.10,000,000.

    Education Cess: 3% of Income Tax plus Surcharge


    Assessment Year 2015-16, Relevant to Financial Year 2014-15

    For Individuals below 60 years age (including Woman Assessees):


    Income Tax Rate
    Upto 250,000 Nil
    250,000 to 500,000 10% of the amount exceeding 250,000
    500,000 to 1,000,000 Rs.25,000 + 20% of the amount exceeding 500,000
    1,000,000 & above Rs.125,000 + 30% of the amount exceeding 1,000,000

    For Individuals aged 60 years and above but below 80 years (Senior Citizen):
    Income Tax Rate
    Upto 300,000 Nil
    300,000 to 500,000 10% of the amount exceeding 300,000
    500,000 to 1,000,000 Rs.20,000 + 20% of the amount exceeding 500,000
    1,000,000 & above Rs.120,000 + 30% of the amount exceeding 1,000,000

    For Individuals aged 80 years and above (Very Senior Citizen):


    Income Tax Rate
    Upto 500,000 Nil
    500,000 to 1,000,000 20% of the amount exceeding 500,000
    1,000,000 & above Rs.100,000 + 30% of the amount exceeding 1,000,000

    Tax Credit: Finance Bill 2014 is silent on the Section 87A, which was introduced by Finance Bill 2013 with effect from
    AY 2014-15 and provides a rebate of Rs. 2,000 for every person whose income doesn’t exceed Rs. 500,000. Hence
    this provision continues for AY 2015-16 as well.

    Surcharge on Income Tax: 10% of the Income Tax payable, in case the total taxable income exceeds Rs.10,000,000.
    Surcharge shall not exceed the amount of income that exceeds Rs.10,000,000.

    Education Cess: 3% of Income Tax plus Surcharge

    Note: The above Income Tax rates have been proposed in the Union Budget for FY 2014-15 presented by the NDA
    government. These rates supersedes the proposal in the Vote On Account presented by the erstwhile UPA
    government pending Lok Sabha elections.

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