TAXATION

RATES OF TAX

ASSESSMENT YEAR 2009-10
FOR INDIVIDUALS [OTHER THAN FEMALES AND SENIOR CITIZENS], HUF, AOP, BOI AND ARTIFICIAL PERSON
 
If total income is up to Rs. 1,50,000 : NIL
     
If total income exceeds Rs. 1,50,000
but does not exceed Rs. 3,00,000
: 10% of income exceeding Rs. 1,50,000
     
If total income exceeds Rs. 3,00,000
but does not exceed Rs. 5,00,000
: Rs. 15,000 + 20% of income exceeding Rs. 3,00,000
     
If total income exceeds Rs. 5,00,000 : Rs. 55,000 + 30% of income exceeding Rs. 5,00,000
     

 

 
FOR FEMALE ASSESSEE [BELOW THE AGE OF 65 YEARS]
 
If total income is up to Rs. 1,80,000 : NIL
     
If total income exceeds Rs. 1,80,000
but does not exceed Rs. 3,00,000
: 10% of income exceeding Rs. 1,80,000
     
If total income exceeds Rs. 3,00,000
but does not exceed Rs. 5,00,000
: Rs. 12,000 + 20% of income exceeding Rs. 3,00,000
     
If total income exceeds Rs. 5,00,000 : Rs. 52,000 + 30% of income exceeding Rs. 5,00,000
     

 

 
FOR SENIOR CITIZEN ASSESSEE
 
If total income is up to Rs. 2,25,000 : NIL
     
If total income exceeds Rs. 2,25,000
but does not exceed Rs. 3,00,000
: 10% of income exceeding Rs. 2,25,000
     
If total income exceeds Rs. 3,00,000
but does not exceed Rs. 5,00,000
: Rs. 7,500 + 20% of income exceeding Rs. 3,00,000
     
If total income exceeds Rs. 5,00,000 : Rs. 47,500 + 30% of income exceeding Rs. 5,00,000
     

 

For Individuals

a. It is to be levied only if total income exceeds Rs. 10,00,000.

b. Rate of surcharge is 10% of tax.

c. The total amount of income tax and surcharge on total income exceeding Rs. 10,00,000 cannot exceed the amount payable as income tax on a total income of Rs. 10,00,000 by more than the income that exceeds Rs. 10,00,000. Principle of marginal relief shall apply.

 

EDUCATION CESS

It is to be levied @ 2% of tax and surcharge for all persons irrespective of income plus Secondary and Higher Education cess @ 1% of tax and surcharge, if any.

 

SPECIAL RATES

For short term capital gain on shares which are subject to Security Transaction Tax 15%

For long term capital gains 20%

For casual incomes (Lotteries, races, puzzles etc.) 30%